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Keep On TRID’n

The Housing Hour September 23, 2015



cathy_neubertiSenior Vice President Director of Operations,

Cathy Neubert joins the TRID conversation this week on The Housing Hour. Cathy has been working diligently for the last year and a half at getting MIG ready for one of the industries biggest changes in lending history.  Learn everything you need to know by tuning in this week and sharing this podcast with everyone you know!

 Part I

Keep On TRID’n

Will the new mortgage disclosures delay my closing?

Not for MIG!

When the Know Before You Owe mortgage disclosure rule becomes effective, lenders must give you new, easier-to-use disclosures about your loan three business days before closing. This gives you time to review the terms of the deal before you get to the closing table.
Many things can change in the days leading up to closing. Most changes will not require your lender to give you three more business days to review the new terms before closing. The new rule allows for ordinary changes that do not alter the basic terms of the deal.

Only THREE changes require a new 3–day review:
1. The APR (annual percentage rate) increases by more than 1/8 of a percent for fixed-rate loans or 1/4 of a percent for adjustable loans.1 A decrease in APR will not require a new 3-day review if it is based on changes to interest rate or other fees.
2. A prepayment penalty is added, making it expensive to refinance or sell.
3. The basic loan product changes, such as a switch from fixed rate to adjustable interest rate or to a loan with interest-only payments.

NO OTHER changes require a new 3–day review:
There has been much misinformation and mistaken commentary around this point. Any other changes in the days leading up to closing do not require a new 3-day review, although the lender will still have to provide an updated disclosure.
For example, the following circumstances do not
require a new 3-day review:
▪ Unexpected discoveries on a walk-through such as a broken refrigerator or a missing stove, even if they require seller credits to the buyer.
▪ Most changes to payments made at closing, including the amount of the real estate commission, taxes and utilities proration, and the amount paid into escrow.
▪ Typos found at the closing table.

Listen to our show and learn more!

Cathy’s bio:

As Senior Vice President Director of Operations, Cathy leads both the underwriting and compliance teams for MIG. She collaborates with MIG’s experienced in-house underwriters to position the company to be able to offer customers a broad variety of loan programs that meet the local market’s housing finance needs. She also works with the firm’s mortgage loan originators, branch managers and other leaders to make sure they stay current with federal and state compliance guidelines regulating the mortgage lending industry.

Cathy joined MIG in 2012 as Vice President Assistant Director of Operations before being promoted in February 2013 to her current role. In her 40-year career, she has gained first-hand experience in nearly every aspect of the home finance industry, including mortgage loan processing and originating, loan closings, underwriting and compliance. She also served as president of a title company while holding a title agent’s license. She is a past president of the Knoxville Mortgage Bankers Association and Tennessee Mortgage Bankers Association. In addition, she served as chair of the TMBA’s Educational Trust Fund.

Link to: CFPB


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