1. CFPB credit estimation
* The mortgage industry seems to be full of rules and regulations, and there seems to be no end.
– Why change a system that already works with new forms and new regulations?
– Mortgage regulators are creating new laws and changes to mortgage laws to protect consumers, but many industry representatives think differently
– Many mortgage industry experts believe that thanks to new changes, such as the new credit estimate, consumers are more mixed up
– They also believe that this causes more work for mortgage companies and lenders, which translates into higher fees for consumers
* CFPB currently imposes an obligation and requires that title insurance fees do not reflect any rebates.
2. Disclosure of insurance title
* The amount of the title premium for mortgage lender insurance must be disclosed without any adjustment to the premium price that can be made while purchasing the owner’s insurance policy.
– This means that instead of disclosing the borrower’s simultaneous interest rate when buying a home, borrowers will review the overall planned rate
– This rate is much higher
– For example, a loan amount of USD 400,000, the simultaneous issuing of a fee of USD 700 will be disclosed in the old system
– For the new CFPB LE, lenders will have to submit an overall USD 1,400 price offer, although borrowers will not pay a higher rate
– Simultaneous emissions are usually systematically delivered to home buyers when there are an owner and lender policy
– If you buy a house with a loan, the borrowers will receive a simultaneous rate of issue
* The property seller pays for most owner’s policies. Title policies must be disclosed in the new CFPB loan forecast. According to estimates made in good faith by the old HUD, this disclosure was also required.
* This new law is marked as ridiculous by many mortgage specialists. This is because mortgage initiators must explain to borrowers that they are providing a fake $ 1,400 fee while paying $ 700. The reason for mentioning the higher fee is the CFPB government regulations.
Read more https://gustancho.com/loan-estimate
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