Real Estate Insider Blog

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Complying with the new TILA-RESPA Integrated Disclosure Rule

Very soon, the mortgage, real estate, and legal industries face the largest change in federal mortgage disclosure requirements in more than 30 years.  On August 1, the forms that have become second nature for generations of loan originators, attorneys and borrowers—including the Good Faith Estimate (GFE), HUD-1 and Truth-in-Lending—will disappear for new transactions.  In their place will be two completely new forms and a new set of requirements for how and when they are provided to borrowers.

Given the magnitude of the change, we want to help our clients prepare for the shift.

Pursuant to the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) has integrated the mortgage loan disclosures under two Federal statutes: the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA).  The new TILA-RESPA Integrated Disclosure Rule (also called TRID) replaces the four existing disclosures for closed-end credit transactions secured by real property with two new forms:

A Loan Estimate that must be delivered or placed in the mail no later than the third business day after receiving the consumer’s application, and

A Closing Disclosure that must be provided to the consumer at least three business days prior to consummation of the transaction.

CFPB also released guidance for complying with the new requirements when they come into effect for all applications received on or after August 1, 2015.  (Lenders ...

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By David Crowe

An improving labor market will help support growth in home building in 2015. And the latest report offered the most positive jobs data in some time. According to the Bureau of Labor Statistics, 321,000 jobs (seasonally adjusted) were added to the economy in November, and the numbers for September and October were revised up by a combined 44,000. Prior to November, the average monthly gain in jobs for 2014 had been 233,000. The BLS data also indicated that the average workweek and hourly earnings improved.

Home builders and remodelers added 16,700 jobs to the economy in November, according to the BLS data. Over the last year, residential construction employment has grown by 122,000.

However, a separate labor market report on job turnover (the BLS JOLTS survey) revealed that the number of unfilled construction sector positions rose to 136,000 in October (the JOLTS data come with a two-month lag). This is the fourth-highest total for open construction jobs during the post-recession period and a demonstration of the challenge some firms in the industry have obtaining access to labor as construction activity expands.

Another industry headwind has been access to capital. While access to AD&C loans remains an issue, there are signs of gradual improvement. A quarterly NAHB survey on construction lending indicated easing lending conditionsduring the third quarter. These results mirror a broader Federal Reserve survey showing an...

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