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October 3, 2015 – The Start of a New Era for Residential Mortgage Loan Closings

While October 3, 2015 came and went without any particular fan fair, it did mark the start of a new era in residential mortgage lending.  October 3 is the effective date for the Consumer Financial Protection Bureau’s new combined Truth in Lending – Real Estate Settlement Procedures Integrated Disclosure (a/k/a “TRID”).  For all residential mortgage loan applications taken on or after October 3, 2015 the lenders are obligated to utilize the “TRID” disclosure in connection with closing.  The familiar Truth in Lending Disclosure form and HUD-1 Uniform Settlement Statement – mainstays in the residential mortgage closing world for over thirty years – will be replaced with the TRID.

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Taxes, Taxes, Taxes…

It’s that time of year again – the April 15 deadline for filing income taxes is less than a month away.  A number of us will be doing the annual scramble to consolidate the information needed to complete the forms/input the data and generate the return(s).  And, of course, while last year’s return is a good reference, this year’s return preparation process will have some new challenges.

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APPLYING FOR/REFINANCING A MORTGAGE? Be prepared. The approval process continues to evolve….

It is that time of the year here in Central New York where home buying activity typically picks up. Whether you are interested in getting a mortgage to purchase a new house or in refinancing an existing mortgage take a deep breath – the mortgage approval process continues to evolve and appears to be getting a little more complicated.

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