Seattle Mortgage Reel Weekly Kick Off August 3, 2009
We apologize for skipping the past week. New regulations have been released and mandatory trainings have been taking place almost everyday to make sure we follow the new guidelines. These new changes are going to impact the Home Buyer, Home Owner, Realtor, and Loan Originator.
The Mortgage Disclosure Improvement Act (MDIA) effective with loan applications taken on and after July 30, 2009!
A quick close on a home loan is non existent in today’s market. The fastest you can complete a transaction is 19 business days if all is perfect and smooth.
Here are a few highlights
* All retail/brokers must comply
* No application deposits can be taken after initial waiting period (3 or 6 days)
* Mandatory waiting periods are in place to allow enough time for redisclosure
* If you are in a purchase contract allow enough time to close
* Stick with your current lender or the entire process starts over which can lead to multiple extensions
* If any guideline is broken, the loan will not fund/close!
We will post an example on the website soon.
This week the S&P broke 1000 and the Dow Jones topped 9300. These are signs that the economy is coming out of a recession. The unemployment rates are down but usually they do not show signs of improvement until 6 months after recovery.
A interest rate killer is going to be the sale of treasuries next week. Just the annoucement alone creates volatility. The over supply is a sign interest rates might go up so prepare yourself!!
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Thanks
The Mortgage Reel