Since 1987 The Greater Midwest Lenders Association has been your voice in the mortgage industry.
When you join the GMLA you'll be making an impact by joining the conversation with like minded industry professionals. In today's lending world joining the GMLA saves you TIME & MONEY!
Being a member helps you build capacity, increase resources, foster collaboration, demonstrate integrity and build strong leadership in your industry.
Greater Midwest Lenders Association Offices
Event: GMLA Breakfast Meeting
When: June 3, 2015
Where: The Carlisle, Lombard IL
Meeting Agenda: TRID New Disclosures. We'll focus on day to day operations for MLO's & Broker Owners. Also Legislative News You Don't Want To Miss. And Much More!
HOT OFF THE PRESS:
Senator Elizabeth Warren Democrat from Massachusetts introduced new legislation aimed at creating more transparency at the Federal Reserve. Senator David Vitter Republican from Louisiana has cosponored the bill. You can learn more by clicking the red links below:
Steve Stivers (R) Ohio 15th
April 29, 2015 - Congressman Stivers (R-OHIO-D15) introduced HR 2121 the SAFE Transitional Licensing Act of 2015. Its purpose is to allow registered loan originators to be a State-licensed loan originator for the 120-day period beginning on the date that a State-licensed mortgage lender, mortgage banker, or mortgage servicer, that is not a depository institution, registers with the Nationwide Mortgage Licensing System and Registry that such registered loan originator is employed by such State-licensed mortgage lender, mortgage banker, or mortgage servicer. Individuals seeking to transition will need to pass all required tests and background checks to become state licensed. The bill has a very good change to make it out of committee. More information is available on the news scroll below:
In fact, there has been some serious misunderstanding about what kinds of major changes would cause a delay of the closing date, so I want to take a moment to clear that up right now.
The timing of the closing date is not going to change based on any problems you discover with the home on the final walk-through, even matters that may change some of the sales terms or require seller’s credits. On the contrary, we listened carefully to your concerns and limited the reasons for closing delays to only three narrow sets of circumstances: (1) any increases to the APR by more than 1/8 of a percent for fixed-rate loans or more than 1/4 of a percent for variable-rate loans; (2) the addition of a prepayment penalty; or (3) a change in the basic loan product, such as moving from a fixed-rate loan to a variable-rate loan. That is it. We recognize that various other things can and do change in the days leading up to the closing, so the rule makes allowances for those ordinary changes without delaying the closing date in ways that neither the buyer nor the seller may be able to accommodate very easily.
In short, with these forms in consumers’ hands before closing, you can help your customers more effectively know before they owe. And because potential homebuyers look to their real estate professionals for guidance, we need to partner effectively with you if we are going to change the culture of mortgage shopping. These changes are a notable improvement over the old forms, and we believe that consumers will benefit from being able to shop effectively, compare loan options, and avoid unpleasant surprises at the closing table.
May 12, 2015 - CFPB Director Cordray spoke to the National Association of Realtors about TRID and how there is a serious midunderstanding over potential closing delays. Here is an excerpt of his remarks:
Senator Warren D-MA
Senator Vitter R-LA
EVENT JUST UPDATED!
Just Added Special Guests: Newly appointed Illinois Department of Financial & Professional Regulation Secretary Bryan A. Schnieder and Division of Banking Director Michael J. Mannion
Scheduled Featured Speakers: Peter Citera, Real Estate Institute; Ralph J. Schumann, President, Illinois Real Estate Lawyers Association; Virginia Minter, CALYX Software and Anthony Latham, President, National Title Solutions, Inc.
Copyright © Greater Midwest Lenders Association - All Rights Reserved