TRID

By now you’ve heard that TRID is coming October 3^rd and will critically impact the way the real estate and mortgage industries do business. All of these changes, of course, are meant to further protect the consumer. So, in order for everyone to ensure they don’t miss a step – here are some mortgage definitions that are absolutely crucial to real estate agents and lending originators.

Application: An application occurs when the lender is provided with 6 key pieces of information by the consumer. The change? The definition of “application” no longer encompasses “any other information deemed necessary by the loan originator.” To make it easy to remember, here is the acronym ALIENS:

A – Address of the property

L – Loan Amount Sought

I – Income

E – Estimated Value of the Property

N – Name (First & Last)

S – Social Security Number

Business Day: To fully understand the definition of a “Business Day” I’ll will break it into two parts:

1. General Business Day: This is a day in which the creditor’s offices are open for “substantially all” of its business functions. It generally applies to ensuring the timely delivery of documents. Some examples include how documents must sent out within three days of application, or within three days of a changed circumstance.

2. Specific (Precise) Business Day: This applies to all calendar days except Sundays and legal public holidays. It generally applies to ensuring the consumer has adequate time to review the disclosures received from the creditor and is not rushed into a decision.

Delivery of Disclosures: This is the day that the disclosures are delivered or placed in the mail, and it has nothing to do with when the consumer receives them.

Receipt of Disclosures: The day that the borrower actually receives the disclosures. If delivery was not in person and signed for, the delivery is considered to be 3 business days after the disclosures are sent unless the creditor receives a confirmation in writing that the consumer received them earlier (including an email confirmation if the creditor utilizes eSign.) This is also called the Mailbox Rule.

So, with these basic definitions under their belt, real estate agents and mortgage originators should have an easier time with the introduction and adaptation of the new TRID rules and regulations.

Owen Riess

NMLS # 543286

http://owenriess.marketplacehome.com/

Marketplace Home Mortgage Partners with Minnesota Community Banks

Main Street financial institutions are realizing the benefits of tapping the all-inclusive strengths of Marketplace Home Mortgage of the Twin Cities.

Edina, MN (PRWEB) August 25, 2015

A thriving and well-established player in the mortgage industry today reported seeing significant growth in a key division responsible for millions of dollars in home loans.

Twin Cities-based Marketplace Home Mortgage (MHM), having just marked 20 years in the industry, is increasingly partnering with credit unions and community banks to help them serve their members and clients by offering a full range of financial services that not only feel local, but truly are community-based.

Leveraging its experience and strength as a multistate financial institution, MHM is administrating loans, marketing mortgage products, funding loans, disbursing the funds and filling other roles that allow financial institutions to concentrate on their core banking services.

MHM President Keith White said his company responded to the mortgage service needs of its bank and credit union partners after hearing from them about “their challenges balancing the cost and risk of regulatory compliance, staffing, training and other complications with their desire to offer customers the full spectrum of mortgage solutions.

Brad Smeed, director of MHM’s Financial Institution Division, said that the myriad steps of processing home mortgages – let alone the financial risk — can be daunting for credit unions and community banks to take on while meeting the many other banking needs of their clientele.

“There’s a whole multitude of risk associated with generating a mortgage,” Smeed said. “They typically don’t have the desire to take on that risk, and they want to focus on what they do best. So, that’s where they turn to us. Solely what we do is originate residential mortgages. We keep our partners involved, but we keep them out of the risk.”

Lisa R. Fiegel, of Prime Security Bank in Shakopee, said her partnership with MHM has been vital in giving her customers the mortgage services and resources thought only available from a big box financial institution and not at a community bank such as hers.

“We like it because it minimizes our risk and it’s an easy way to do business but not lose our customer,” said Fiegel, Prime Security’s vice president, retail manager and loan compliance officer. “It’s seamless. I meet with and counsel the client, then forward them to Marketplace, and they do the rest of the mortgage origination.”

Fiegel sees an enormous benefit in Marketplace helping Prime Security meet its customers’ desire to rely on community banks for their mortgage and other financial needs.

“We work in communities where people believe in small banks,” Fiegel said. “When people come in, and they want a variety of mortgage options to purchase or refinance a home, my outlet is Marketplace. It’s good for our customers because they like doing business with their community bank. And by having MHM right there to support us, they are getting the best of both worlds.”

A significant benefit of working with Marketplace Home Mortgage is their focus on supporting the marketing of their clients to help grow all their business, no just serve current mortgage financing.

“We feel our role is to support our clients’ growth and use our marketing resources to their benefit,” said Owen Riess, a Minneapolis based Account Executive.

In Wisconsin, where Marketplace recently opened offices in the Milwaukee and Green Bay markets, a Madison credit union executive said he appreciates the comprehensiveness of what Marketplace provides in promoting and executing loans on his institutions’ behalf.

“Marketplace Home Mortgage has helped my credit union market mortgage loans and other products,” said Dave Petit, president of Madison Credit Union. “In addition to their vast library of statement inserts, fliers, posters, banners and email campaigns, they have custom-designed materials to reflect the personality of my credit union.”

“It is critical that credit unions support their members with a full menu of mortgage options,” said Steve Schultz, Marketplace Account Executive. “Otherwise they risk losing that member’s home financing to larger institutions. Our services help them compete.”

About Marketplace Home Mortgage:

During its 20 years of providing start-to-finish mortgage services to real estate professionals, builders and individual homebuyers, Marketplace Home Mortgage has built its reputation on competitive terms, and swift and accurate processing with no surprises. Each step is carried out by experienced and highly trained staff members who embrace the highest ethical standards under absolute transparency. Marketplace Home Mortgage is based in the Twin Cities of Minnesota, with offices in southwest Florida; Duluth, Minn.; Omaha, Neb.; and newly opened operations in Milwaukee and Green Bay, Wis. Learn more at http://marketplacehome.com, or on Facebook or Twitter. Reporters and Editors, to schedule an interview with a mortgage expert in your market, contact Robb Leer at 612.701.0608 or robbl(at)leercommunication(dot)com.

For the original version on PRWeb visit: http://www.prweb.com/releases/2015/08/prweb12923115.htm