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ByGustan Cho
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Updated FHA Loan Requirements for 2024: What You Need to Know Are you considering an FHA loan to buy a home? FHA loans are popular because they’re one of the easiest types of mortgages to qualify for, especially if you’re a first-time buyer or have had credit issues. In this guide, we’ll review everything you…
ByLauren Wright
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This guide covers Great Content Authority FORUMS and Sub-FORUMS, commonly referred to GCA FORUMS. Great Content Authority FORUMS (GCA FORUMS) was established as an all-in-one online community where consumers, viewers, and members can get answers to frequently asked questions (FAQs) based on the community’s mortgage and real estate foundation. When people sell and purchase a…
ByGustan Cho
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This guide covers how qualified mortgages affect borrowers and lenders on residential loans. To avoid another 2008 financial crisis, Congress under the Dodd-Frank Wall Street Reform and Consumer Protection Act created qualified mortgages. Qualified mortgages are also referred to as QM. QM is a mortgage that needs to meet certain guidelines in order to protect…
ByGustan Cho
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This article explores the differences between Fannie Mae And Freddie Mac Versus HUD Guidelines. Acknowledging the complexity of the mortgage business, even for professionals, reflects on the comprehensive overhaul following the 2008 Real Estate and Financial Collapse. This period saw the emergence of new government-sponsored agencies, accompanied by the implementation of Dodd-Frank legislation, the launch…
ByGustan Cho
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In this blog, we will cover and discuss the statute of limitations on collection accounts and charge-offs. We will go into detail on how older collection accounts affect qualifying for a mortgage. The Great Recession of 2008 has affected the financial lives of many Americans in this country as well as globally. Hard-working Americans not…
ByAlex Carlucci
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Closing costs on the Loan Estimate versus Closing Disclosure will most likely be different. The itemized closing costs on the Loan Estimate (LE) is normally over-disclosed since most costs and fees were estimated on the very high end. If closing costs are higher than 10% of the disclosed amount, the loan officer/lender is liable for…
ByAli
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This guide covers how holidays affect the mortgage process and can delay home closings. As the holidays come around our lives get very hectic. If you are in the process of obtaining a mortgage loan, you may have realized the process does slow down around the holidays. The support staff at mortgage companies are human…
ByGustan Cho
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This guide covers the truth in lending disclosure during the mortgage process. Mortgage disclosures are required to be disclosed to all mortgage loan applicants by federal law. The Truth In Lending Disclosure is one of the most important mortgage disclosures that need to be disclosed to all mortgage loan applicants in a timely manner. On…
ByJohn Strange
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In this blog, we will discuss and extensively cover everything you need to know about the loan estimate. The Loan Estimate, also known by mortgage industry professionals borrowers as the GFE, was created by the United States Department of Housing and Urban Development in 2010. The Good Faith Estimate is being replaced by the newly…
ByAlex Carlucci
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This guide covers home title insurance policy guidelines by lenders. A home title insurance policy is a contract of indemnity between the insured and the insurance company relating to the title to the land described in the policy. A Home Title Insurance Policy protects the insured against loss or damage because of defects, liens, or…
ByApril Ramirez
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This guide will cover the recent trends and issues in mortgage regulations for homebuyers and homeowners. We now have an update on recent trends and issues in mortgage regulations. Recent Trends And Issues In Mortgage Regulations for RESPA and HUD are ongoing. The implementation of the Consumer Financial Protection Bureau to be the enforcement agency of…
BySapna Sharma
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In this mortgage guide in Gustan Cho Associates we will cover what predatory lending laws are. Predatory Lending is the practice where the mortgage lender benefits and the borrowers are taken advantage of. This type of lending is against the law. It benefits the lender and the borrower’s ability to repay their mortgage loan is…
ByDale Elenteny
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Lenders are really strict and can nit-pick during the mortgage process due to tough mortgage regulations. Mortgage regulators can fine lenders. If lenders do not follow mortgage regulations, the mortgage loans the lender closes, and funds may not be able to get sold on the secondary market.
ByGustan Cho
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It has been over a dozen years since the 2008 financial crisis. Skyrocketing home prices is no doubt scaring mortgage regulators of another potential housing bubble and crisis. However, strong extensive mortgage regulations were implemented to avoid another housing crash and mortgage crisis.
ByAlex Carlucci
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This BLOG On Understanding Mortgage Disclosures And Regulations Was UPDATED And PUBLISHED On March 2nd, 2020 Borrowers planning on applying for a mortgage loan, whether it is a home purchase loan or a refinance, be prepared to be overwhelmed with dozens of paperwork: Borrowers need to sign and review before the mortgage loan application mortgage…
ByAlex Carlucci
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This ARTICLE covers the CFPB Eliminating TRID to help mortgage borrowers. Breaking News on CFPB Eliminating TRID: The mortgage industry was completely revamped after the 2008 Credit and Mortgage Meltdown. All subprime lenders closed their doors. Teaser rates were the cause of countless homeowners foreclosing on their homes. Mortgage Fraud was common and was blamed…
ByMike Gracz
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This Article ON What Is TRID And How Has TRID Changed The Mortgage Industry Was UPDATED On November 1st, 2018 What Is TRID? Many consumers still ask What Is TRID and are not quite clear with this four letter word In order to make loan disclosures simpler and more easy to understand, the Dodd-Frank Act…
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