Wednesday, September 30, 2009
How is HERA\HOEPA EFFECTING YOUR BUSINESS?
In 2008 Congress, Fannie Mae and Freddie Mac put into place new regulations that effect home buyers and timelines for closing a home purchase. This recent legislation is likely to result in significant changes in how the mortgage industry operates. HERA is the Housing and Economic Recovery Act. This amends the Truth and Lending (TIL) act setting early and final receipt of the TIL disclosure part of the timeline for closing. HOEPA is the Home Ownership and Equity Protection Act. This legislation is lenthy so I provided a link that will inform you. This is especially important to mortgage consultants and how they conduct their purchase and refinance business. Once you are at the site go to the Industries tab and select Banking and Capital Markets. You will find a PDF that you can download which explains in detail the new legislation. Let me know if this site is informative.
Subscribe to:
Post Comments (Atom)
We would like to acknowledge the exceptional service that we received during the entire refinancing process. Mr Lee professionalism and knowledge of the loan company was impressive and truly appreciated. Mr Lee is a reliable loan officer.In the past, we have had experience with several others banks and have found the process frustrating and tedious. Mr Lee went above and beyond to ensure that all of our needs were met and that everything was handled thoroughly and efficiently. We have and will continue to recommend him in the future.”Mr Lee Contact Email /Whatsapp 247officedept@gmail.com +1-989-394-3740
ReplyDelete