Written by: Tammy Butler, Master CMB-Publisher If you are newer to the industry, you may not even know what a “CHARM” Booklet is, because interest rates have been so low! CHARM is short for Consumer Handbook on Adjustable Rate Mortgages. You are required to provide this to anyone getting an ARM [Adjustable Rate Mortgage] loan. […]
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In each Rules Issue, we post, “What was Added and What Was Changed!” This helps our subscribers stay up to date on all of the additions to the site as well as changes to our charts, checklist, and MTPs that are changed each month, due to guideline updates. The COVID-19 Updates keep coming, but there […]
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Written by: Tammy Butler, Master CMB-Publisher The CFPB issued two important updates on June 9, 2020. A Fact Sheet called – TRID Title Insurance Disclosures, and an Update to their TRID FAQs. Fact Sheet – TRID Title Insurance Disclosures The fact sheet: •Describes owner’s title insurance and lender’s title insurance. •Discusses how to disclose lender […]
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Written by Lloyd Rutherford, Staff Writer Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac), at the direction of their regulator (the FHFA), have released information on temporary eligibility requirements for borrowers who are in forbearance, or recently ended their forbearance and are now looking to refinance an existing home or buy a new home. […]
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Publisher’s Note: There are a lot of rumors and speculation circulating as to how borrowers will be affected by forbearance requests due to Covid-19. The reality is that until the agencies issue written guidance, none of us know the true answers as the pandemic is a first for our industry. As each update becomes available, […]
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