Posts in category 'Ruhl Mortgage'
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14
New National Mortgage Process May Slow Real Estate Transactions
A new TILA RESPA Integrated Disclosure (TRID) rule went into effect from the Consumer Financial Protection Bureau (CFPB) requiring new disclosure forms and longer timeframes to approve documentation during the lending process. For example, the closing disclosure (CD) must be provided to a client three days before closing. This means that closings will be pushed back a) if the paperwork is not correct, b) if the paperwork is not provided in a timely manner or c) if certain changes are made to the annual percentage rate (APR) or loan product. Pushing back a closing date to a buyer or seller could mean that they have nowhere to stay as people often plan their housing (and moving dates) around the closing. Also, this new rule makes it mandatory for people to take seve...
21
FHA Reduces Annual Insurance Premiums
U.S. Housing and Urban Development Secretary, Julien Castro, announced that the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half (.5) a percent. "What this means, is that going forward their mortgage insurance will be roughly 35%- 40% percent cheaper, depending on down payment, than it is currently," said Chris Schneider, Ruhl Mortgage Loan Officer. The new premium is projected to save more than two million FHA homeowners an average of $900 annually. It will also motivate first-time homebuyers to purchase over the next three years. "Here is an example," Schneider said. "If someone was taking out a 200k FHA loan this new change would result in the payment difference being about $83/mo. If we translate that into...
5
Ruhl Mortgage Partners with Quad City Bank & Trust
Ruhl Mortgage and Quad City Bank & Trust announced that the formation of their new joint venture to provide mortgage services and products to their clients is now complete. The combined entity will operate as Ruhl Mortgage. "Ruhl Mortgage, Ruhl&Ruhl Realtors and Quad City Bank & Trust all have their roots in the Quad Cities Region," said Caroline Ruhl, President of Ruhl&Ruhl Realtors. "Our companies share common philosophies: we are all relationship driven and focused on delivering extraordinary customer service." "We are so pleased to be partnering with the market leader in residential real estate sales and services," stated John Anderson, President and CEO of Quad City Bank & Trust. "With this new partnership,...
25
New Rule in Mortgage Lending
The consumer Financial Protection Bureau's Ability - to - Repay Rule (ATR) went into effect on January 10th. This rule protects consumers from debt traps by requiring mortgage lenders to evaluate whether borrowers can afford to pay back the mortgage before signing up. The rule was required by Congress as a response to the financial crisis and nationwide foreclosure epidemic. We asked Ruhl Mortgage Loan Officer, McKenzie Mathews to explain the rule. She stated, "the purpose of this new guideline is not to diminish the ability for consumers to acquire home loan financing but to insure they are getting a responsible loan that insures they have a payment and program they can truly afford." The Ability - to - Re...
19
Kristin Mayo Receives Community Betterment Grant
An organization in eastern Iowa will have a little extra money in their pockets soon, due to the efforts of local resident Kristen Mayo! Kristin Mayo, loan officer with Ruhl Mortgage – Dubuque, received the most votes for her clients' entry, in the Under Construction Homeownership Contest sponsored by the Iowa Finance Authority. With the goal of energizing Iowans about homeownership and improvement projects this summer, Iowa Realtors and Lenders asked their clients to show off their at home do-it yourself projects along with a short word or phrase describing their project. The photos were captured by photographers and posted on the Iowa Finance Facebook page (www.Facebook.com/IowaFinance) to vote. The clients who received the most online votes were awarded a $2,500 home improvement gift card, while the Realtors and lenders receiving the most v...
