04.26.16

Preparing for Millennials Entering the Mortgage Market

We cannot ignore the transformation that is occurring in the residential housing market today. Relatively unchanged since the 1950s, the housing market will soon (and in some markets is already) be catering to a new breed of American homeowners, Millennials. Young professionals, who have never lived in a world without a global, online information network, are the future of the mortgage industry. They have widely different concerns from their predecessors. The mortgage industry needs to be prepared to address all of these concerns at every level of the mortgage process.

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03.24.16

Sign on the Digital Dotted Line: TRID’s Impact on eSign Adoption

Image_1.pngFive months after the CFPB’s TRID rules went into effect, mortgage lenders across the country are still struggling with how to best manage the changes. Outside of the physical changes to the documents, the biggest impact has been in the waiting periods mandated for both the initial “good faith” estimates and the closing costs disclosures. 

 

The rules are well known by now – a three-day requirement for all loan document disclosures and a seven day advanced notice for all material changes to the Loan Estimate. Closing delays due to disclosure errors can be extremely costly – impacting realtor relations and the ability of a homebuyer to move in and maybe even own the home if the rate locks and the deal falls through because of mistakes.

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