Showing posts with label Bethany Beach lender Steve Morgan. Show all posts
Showing posts with label Bethany Beach lender Steve Morgan. Show all posts

Thursday, June 4, 2015



In life we always have changes, it's planning , planning and still more planning - the world didn't stop 12/31/1999 at 11:59 pm.  Will there be a learning curve for real estate agents, builders , lenders and mortgage professionals - 100%!  There's always a way of finding how to keep business moving - great ones are already doing so - PreApprovals are still part of the business.


FROM Origination News

The TRID Loophole the CPFB Says Is Legit

by Ari Karen

MAY 28, 2015 

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 creates risks for lenders who expect to rely upon the borrowers' "voluntariness," since a borrowers' subjective belief they implicitly had to provide documentation could create risks for a lender.

However, it is only after all six pieces of information are collected that the requirement of a Loan Estimate is triggered. The CFPB also indicated that as long as a lender did not collect the six pieces of information necessary to trigger the Loan Estimate, a lender could obtain verifying documentation.

"The bureau does not believe that the definition of application will restrict creditors' ability to provide prequalification cost estimates or grant pre-approvals, because creditors could provide prequalification estimates and grant pre-approvals without obtaining all of the six elements of information that make up the definition of application," Pedro De Oliveira, counsel at the Consumer Financial Protection Bureau, said during the webinar.

Hence, as long as the lender does not, for instance, obtain the subject property address, the lender has no obligation to provide the disclosures and/or Loan Estimate.

Accordingly, those lenders that wish to provide pre-approvals may be well advised to consider making pre-approvals general, as opposed to specific to a designated property.

Ari Karen is an attorney at Offit Kurman.

Wednesday, September 10, 2014

Why Should Retirees Invest in a Beach Side Home

Not many things come close to the pleasure of owning a house by the beach. In fact, the natural setting gets even more pleasing when you are retired and don't have much to look after apart from deciding which game to play with your grandchildren. A home in Bethany Beach is an investable asset for baby boomers looking to settle by the sea side. There are also several health benefits of living on an oceanfront property.

Here are some reasons why you should choose living in a house near the sea:

Long-term profit

The biggest advantage that beach homes offer is that they often retain their value. In fact, they are likely to appreciate in worth because of being located at a popular destination. So even if you decide to sell your beach house, you are certain to get a great deal on it.

Place of retreat

Staying at a property by the seaside is like being on a vacation for 365 days. You can laze by the shore, soak up the sunlight and much more. Also, beach houses are accompanied by several other attractions like resorts, water sports and so on.

Hire an experienced local mortgage broker to get the appropriate loan scheme for the property. Bethany Beach lender Steve Morgan can help you make an informed choice with the kind of mortgage to opt for. Do ask your lender about the specific mortgage guidelines for retirees to get a good deal.