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Jumbo Purchase Loan Program

17.06.2015
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Looking for a big loan with great terms?

Our Jumbo loans can help you get into that next house with more flexibility and less hassle that has become the norm at “Big Banks” with jumbo purchase loans.

-Loan Amounts from $417,000 up to $2,500,000

-Qualify with credit scores as low as 700

-As little as 20% down payment

-Record low fixed rate and adjustable rate loan options   No prepayment penalties

-Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions apply […]

The TRID Loophole the CPFB Says Is Legit

16.06.2015
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Anyone who’s closely read the nearly 1,900-page final rule for the TILA-RESPA Integrated Disclosures likely noticed a nifty loophole when it comes to how lenders can issue mortgage pre-approvals.

For everyone else, the Consumer Financial Protection Bureau recently clarified how a loan pre-approval doesn’t automatically trigger TRID’s three-day window for delivering initial disclosures.

The workaround was mentioned during a webinar hosted by the CFPB and Federal Reserve Board that also addressed new rules that prohibit lenders from requiring a borrower to provide verifying documentation prior to providing the Loan Estimate.

The CFPB first pointed out that TRID only prevented lenders from “requiring” such information, but that if voluntarily provided by the borrower it was permissible. Of course, the agency immediately followed up by explaining that a lender that explicitly or implicitly requires such documentation would be violating the law.

This obviously […]

CFPB Slaps RPM Mortgage and CEO with $20M Fine

15.06.2015
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RPM Mortgage and its chief executive are facing $20 million in fines on allegations that the company violated the loan originator compensation law enforced by the Consumer Financial Protection Bureau.

The CFPB said Wednesday it filed an order and complaint in federal court against the Alamo, Calif.-based lender and CEO Erwin Robert Hirt for allegedly paying bonuses and higher commissions to loan originators for steering consumers into costlier mortgages. RPM has agreed to pay a $1 million civil money penalty as well as $18 million in redress for affected consumers, while Hirt will pay an additional $1 million penalty. The fines are pending approval by the court.

“RPM rewarded its loan officers for steering consumers into mortgages with higher interest rates,” said CFPB Director Richard Cordray in a press release. “Today we are putting an end to RPM’s unlawful practices and holding Robert Hirt personally responsible for his […]

The CFPB TRID Enforcement Grace Period that Wasn’t

15.06.2015
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It had all the trappings of a traditional D.C. compromise: bipartisan congressional briefings, conference calls with industry leaders and some praise immediately following the announcement.

But make no mistake: the Consumer Financial Protection Bureau gave little ground in its pledge Wednesday to be “sensitive” to lenders that make a “good-faith effort” to comply with new mortgage disclosure rules that go into effect in August. The agency’s position was essentially the same as it was previously, and its statements fell short of a formal grace period that the industry and lawmakers had been demanding.

“This CFPB letter is a non-event,” said Richard Horn, one of the CFPB’s former team leaders who helped write the new disclosure rule. “They were probably going to give credit for good-faith efforts by lenders who complied with the rule anyway.”

Still, that didn’t stop some trade groups from declaring […]

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