Monday, October 26, 2015
Tuesday, October 20, 2015
Uniform State Test Adopted by Missouri
Fourteen months ago the MBA of St. Louis asked the MBA of Greater Kansas City and the MBA of Missouri to join us in affecting change in Missouri. (At that time, Missouri was one of only 14 states still requiring a second state-specific test for licensed mortgage loan originators).
On January 1, 2016, independent mortgage bankers will no longer be required to take a Missouri state-specific test. This will allow loan officers to save money and time in getting their license. Great news!
Importantly, the list of all states/regulators that have yet to adopt includes: Arkansas, Colorado, Florida, Illinois, Minnesota, South Carolina (BFI and DCA), Utah DRE and West Virginia.
Monday, October 5, 2015
TRID-We Are Ready!
Summer is over and fall is here. Along with the weather changing, the mortgage industry is going through a big change. We want to make sure you know what is going on.
Beginning October 3rd, TILA-RESPA (commonly referred to as "Know Before You Owe") changes took affect. You may be wondering how this impacts you as the buyer?
The whole goal of this rule is to help consumers understand their options, choose the deal that’s best for them, and avoid costly surprises at the closing table. (These things have always been important to us).
You may have also heard that these changes could possibly delay closings. We want to assure you we have been preparing for these changes for the past 12 months and increased our staff. We have always been committed to speed. The main take away is to stay in constant communication with us early and often. Last minute changes can, in fact, lead to your closing becoming delayed.
Watch this short video for more:
If you have any questions, please give me a call.
Chris
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