Part 7 of 7: How TRID Makes Lending Safer for Homebuyers

In this seventh and final installment in my series about the big changes that have followed the mortgage meltdown, I’ll discuss the “Know Before You Owe” Law, also known as TRID.   In the real estate industry, the “Know Before You Owe” Law is also known by the name “TRID,” which stands for “TILA-RESPA Integrated […]

Part 6 of 7: The Ability to Repay Law & Qualified Mortgage Rule

Welcome to part six of my seven-part series about the big changes that have happened since the mortgage meltdown! Today I’ll discuss the Ability to Repay Law and the Qualified Mortgage Rule. Giving loans to people without validating their ability to repay them is called “blind lending,” and this partially contributed to the 2008 market […]

Part 5 of 7: The Anti-Steering Safe Harbor Law

In today’s fifth installment in my seven-part series on what changed after the mortgage meltdown, I’ll focus on the Anti-Steering Safe Harbor Law.   When you and I work with a mortgage broker, the broker has the ability to shop a wide array of choices; some will have multiple lenders to select from. However, many […]

Part 4 of 7: The Loan Officer Compensation Rule

The Dodd-Frank Act ensures that loan officers can’t ever earn any more or less money by selling a specific loan.   It’s time for section four of our seven-part series talking about reform and mortgages. Specifically, today we’re going to talk about how lenders and loan officers get paid. In the past, loan officers and lenders […]

Part 3 of 7: Protection Against Loan Adjustments

The Dodd-Frank Act protects buyers from loan adjustment fees.   If you’re gearing up to buy a home, what is your loan really going to cost you? In the past, lenders were required to give buyers a good-faith estimate, but these weren’t very accurate. In fact, if you bought a home before the economic crash, […]

Part 2 of 7: The Dodd-Frank Act and CFPB

The Dodd-Frank Act created the CFPB, one of the strongest federal agencies we’ve ever seen. Here’s why it was created and how it works. On part two of our series about what has changed since the mortgage meltdown, we’re taking a closer look at the Dodd-Frank Act and specifically, the Consumer Finance Protection Bureau. The […]

Part 1 of 7: How the Mortgage Industry Protects Today’s Consumers

Today we’ll discuss one of the first changes to the mortgage industry stemming from the meltdown: the National Mortgage Licensing System. Welcome to my new seven-part video series titled “What Changed After the Mortgage Meltdown.” For the first installment, we’ll discuss the National Mortgage Licensing System (or the NMLS). What is it and why is […]

How to Use FHA Financing to Your Advantage

FHA financing will not only let you buy with a low down payment, but they’ll also let you buy a two-unit property with it. Here’s how. One of the problems that I’m noticing in our local community in the L.A. area is the cost of buying real estate. It’s probably happening in your area too. […]

A Solution to Mortgage Approval Changes

Recent changes were made to the mortgage algorithms that approve homebuyers, but there’s a solution to these changes. Many of the ways we lenders look at risk in terms of approving mortgages are through algorithms, and important changes to these algorithms were made on July 20 this year. Specifically, these changes affect the way these […]

A Secret About FHA Mortgages

FHA mortgages have a unique feature that makes them a powerful tool when it comes time to sell your home. I have a secret about FHA financing that I’d like to share with you today. I love FHA financing. I look at it as the federal government’s way of saying YES. FHA mortgages are federally […]