For more than 35 years, two federal laws (the Truth in Lending Act or “TILA,” and the Real Estate Settlement Procedures Act or “RESPA”) have required lenders and settlement agents to give consumers who take out a mortgage loan separate but overlapping disclosure forms regarding the loan’s terms and costs. This duplication has long been […]
Tag: Cal Haupt
Posted inHome Mortgages, Thought Leader, Thought Leadership
Basel III To Change Mortgage Landscape
The mortgage industry has undergone many significant changes as a result of the financial crisis. One of the less known pending changes is about to take its final form and in its current draft Basel III will increase consumer costs and reduce consumers’ choice of mortgage providers. Basel III requires that a bank must maintain common […]
Posted inHome Mortgages, Thought Leader
Now’s the Time for First-Time Homebuyers
If only the experts could agree. In Monday’s paper, The Wall Street Journal covered five personal finance topics, finding completely opposite opinions on each topic. Should you purchase long-term care insurance? Are variable annuities a good investment? There was even a debate over whether children’s allowances should be tied to chores. Of course the one […]
Posted inHome Mortgages, Thought Leader
Finding the Right Lender
A homeowner in Florida was puzzled to receive a condolence letter for his wife’s death from his mortgage lender. Why were they sorry for his loss? His wife was very much alive. But because their lender declared her deceased, they were unable to get a loan modification and despite repeated phone calls and a visit […]
Posted inHome Mortgages, Thought Leader
Tips for Applying for a Mortgage
While most of us have never had the unpleasant experience of sitting in a police interrogation room, fans of crime TV shows like me will recognize this scenario. “I’ve already told you what I witnessed on the night of October 22, 2011 seven times,” says the frustrated and exhausted witness. “Well, it’s time to tell […]
Posted inHome Mortgages, Thought Leader, Uncategorized
The Quiet Change Benefits Consumers
Prior to the financial crisis, mortgages were sold and delivered nearly as easily as filling out a change of address slip at the post office for your new home. Anyone could choose to sell mortgages and anyone with a small bond could open a mortgage company. This was our industry from 1993 to 2008. Today, the landscape […]
