#MondaysMotivation – The new CFBP rule is out! And the black hole has been filled! The “old” 4 day rule is out, and the CFBP does a great job in giving clarity on what can “reset tolerances” in a loan. I think they got this one right for sure. It’s great to see regulators not only making the laws to help protect consumers, but revising the laws to provide clarity and ease of use!
Half the battle of all lending laws is having interpretation and implementation to systems and processes to help enforce them. In this round, the CFBP got it right. Check out the full video as I explain my interpretation, and how they make it easier to allow for a REVISED CD to reset tolerances.
As always I suggest you be more accurate than ever before upfront. In fact you should input fees’ less common and be prepared for “inspections” and other transfer fee’s upfront. No matter what it’s always better to go down than to go up.
This week I’m expanding my lending roster, and welcome helping your arsenal of lenders too! #LetsDoBusiness
Yep it’s back full force. With the end of the month of July in the midst of purchase season, you can bet I have some stories to tell. WOW, some #WhackedOUT things happen when people rush stuff. They don’t read things before handing them, they go on to get all of operations to rush to do something to close on time to count for the month,………and then the client doesn’t sign the CD. Really!?! I will say this, it’s awesome being supported by an ops team that can make stuff happen at the end of the month. I do love ♥♥ rushes. But have a #checklist or something that helps the LO, and your internal processors “double check everything”. Then request Docs. 🙂
#TwoforTuesday I absolutely love guidelines, I’m a guideline geek. No joke, they help my whole world turn. Today I talk about the TWO MOST IMPORTANT pieces of paper you deal with in the mortgage world, the LE and the CD. Some people forget Saturdays do and don’t count, some people forget how to count! Seriously counting to three is different between the two disclosures. Check it out below. Great Two 4 Tuesday review! #TheSalesJUICE