Mortgage Jargon – Updated for TRID

Purchasing a home is an exciting experience that can also be overwhelming with lots of paperwork, decisions to make, financial data to gather, and a whole new vocabulary to decipher. As with most things, the process and the terminology are constantly evolving to keep up with the changing times. New regulations have resulted in new details to understand about the dynamic process of finding a home and securing financing.  To keep you up to date, we’ve updated our previous blog about mortgage jargon to reflect new terminology and forms that have emerged, or gone away, with regulations that took effect on October 3, 2015.

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Know Before You Owe – Tips For a Smooth Mortgage Process

Know Before You Owe – Tips For a Smooth Mortgage Process

Beginning on October 3, the CFPB’s new “Know Before You Owe” rule, also known as TRID, went into effect. The new regulations will result in some changes to the way real young coupleestate transactions are processed. The updates include new forms and timelines that are intended to make the process more transparent and easier to understand. Recently, the Mortgage Bankers Association released a set of guidelines to help educate everyone involved.

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What is TRID and How Will It Impact Mortgages?

Effective October 3, 2015, (extended from August 1, 2015) the Consumer Financial Protection Bureau (CFPB) will implement a rule intended to reconcile inconsistencies between two federal acts that regulate the mortgage qualification process. The new rule, known as TILA RESPA Integrated Disclosure (TRID), seeks to simplify standard loan documentation, limit fees charged to consumers, make documentation easier to understand, aid consumers in comparison shopping, prevent surprises at the closing table, and clarify timing requirements for disclosure of final loan terms and costs. Here’s what you need to know about the changes put forth by the new “Know Before You Owe Rule.”

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How Do You Document Income For A Mortgage?

What kind of income documentation do you need to provide in order to qualify for a mortgage? Lending requirements have changed at a rapid pace, largely due to a regulatory environment seeking to prevent a repeat of the real estate collapse. While it used to be good enough to state your income, regulations now require that income be “fully documented”. To clarify, here is a list of the forms of documentation that are used to verify income in the majority of mortgage qualification scenarios in 2015:

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