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9/21/2015

Temple of TRID


California Per Diem Interest/Summary:
One more detail about TRID to make certain mortgage companies, banks and lenders all make sure
everything is dotted, crossed, initialed and signed. Golden new rules for mortgage loans, home loans, HELOC's and just about any loan to a buy or refinance real estate

Interim Interest - A borrower is not required to pay interest for more than one day prior to the recording of the mortgage or deed of trust. A borrower is not required to pay interest for more than one day prior to the date that the loan proceeds are disbursed out of escrow, or disbursed to the borrower, or to a third party on behalf of the borrower. [CA Civil Code 2948.5]

Exception permits charging interest for weekend or holiday to facilitate recording or disbursement on following day if agreed to by borrower per required disclosure  (California Residential Mortgage Lending Act Per Diem Interest Disclosure; Destiny form and similar form in Encompass). 

California regulator exam in 2012 found five instances of the disclosure signed in blank (no issue with amount of interest) and two instances of interest charged for the weekend without the borrower’s consent (checked NO on disclosure). 

The attached California Residential Mortgage Lending Act Per Diem Interest Disclosure is included in our closing loan documents.
Unsigned loan documents stall selling of the loan and are costly and time consuming to ask Borrowers to re-sign and mail back and forth.

Underwriters are required to add the following condition to all California loans:
Closing agent to provide the California Per Dium Interest Disclosure Form to the Borrower /customer when applicable and is responsible for filling in the numbers in the blank spaces for the Borrower /customer that would be charged and is responsible to make sure the Borrower initials the form


Funders are required to review the form and to add verbiage to the closing instructions advising Settlement Agents of the correct way to complete and to be sure buyer chooses an option

Welcome to the Temple of TRID where we get it perfect. 
Caroline Gerardo
Eagle Home Mortgage 
Universal American Mortgage
nmls 324982
(949) 784- 9699

9/16/2015

Tropical Storm in Orange County Fills Creek


First rain in Orange County California in a long time.
Don't forget to clean out your rain gutters and drains.
El Nino tropical conditions seem to be here in Laguna Niguel.

9/15/2015

VA Mortgage Loans













VA mortgage loan tips and topics:

·         A veteran’s basic VA entitlement is 36,000.  This will provide sufficient entitlement to cover a loan amount of $144,000.  This is found on their Certificate of Eligibility issued by the VA.  Only if our subject’s loan amount exceeds $144,000 does the bonus entitlement kick in. 
·         Entitlement can be even lower than 36,000 if the veteran has already used entitlement for another VA loan and has not yet disposed of that property, or if the veteran previously defaulted on a VA loan.  The Certificate of Eligibility will show you how much entitlement is currently available.  The veteran must have a combination of downpayment and available entitlement to cover at least 25% of the loan amount. Please read the program guidelines carefully and use one of our eligibility worksheets for exact loan amount calculations.
·         The Certificate of Eligibility with an Active Duty Service Member condition – the veteran MUST still be on active duty or he/she loses all eligibility for VA loan financing.  If your veteran’s Close of Escrow has this condition and the veteran is no longer an active duty service person you MUST obtain a Certificate of Eligibility without this condition.  

Questions?   Call me (949) 784-9699
C G at Eagle Home Mortgage

9/13/2015

Eagle Home Mortgage 100 Spectrum


Photograph of front of my office 100 Spectrum Center Drive 5th Floor
Irvine California Eagle Home Mortgage and Universal American Mortgage
Loans (949) 784- 9699
The "Smile" Building across from The Cheesecake Factory in the Irvine
Spectrum. We are the "Newport Beach Branch"


9/10/2015

BMW X5 for sale 2004

BMW X5 for Sale by Owner 2004 Blue SOLD THANK YOU
222000 miles this has been a work horse
Needs: front brakes, fuel filter, fuel pump, front tires,
passenger side mirror is an eyesore
A nice project for a handy guy to fix up
Interior leather is nice, has burl wood dash and side
Blue book is $4389
Asking $1800.   
no test drives no haggling my car repair guy is
local and does a great job
Laguna Niguel Pick up location  NO delivery
(949) 784- 9699

9/08/2015

Flowers


My office Eagle




Smile Building
Eagle Home Mortgage 5th Floor
Underwriters, Processors, Funders, Sales, Marketing, and
Regional Management all in one busy hub of loan closings
100 Spectrum Center ( Irvine Co renamed the address from
8105 Irvine Spectrum Drive thanks Bren for reprinting everything)
 

9/03/2015

FHA VA with low credit scores

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Caroline Gerardo
Senior Loan Officer
NMLS #324982
   
Office 949-784-9699
eFax 855-883-4303
CarolineGerardo@eaglehm.com
http://www.eaglehomemortgage.com/carolinegerardo
Committed to Seeing You Home.
Eagle Home Mortgage
100 Spectrum Center Drive Suite 500
Irvine CA 92618
LOLogo
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NMLS #849059 CA #813I609 Universal American Mortgage Company of California, dba Eagle Home Mortgage of California. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. RMLA #4130383, NMLS #252392, NV #3244. Certain restrictions apply. This is not a commitment to lend. Applicants must qualify.

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9/01/2015

Mortgage Interest Rates Past 31 Years

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LOPhoto

Caroline Gerardo C. G. Barbeau
Senior Loan Officer
NMLS #324982
   
Office 949-784-9699
eFax 855-883-4303
CarolineGerardo@eaglehm.com
www.eaglehomemortgage.com/carolinegerardo
Committed to Seeing You Home.
Eagle Home Mortgage
100 Spectrum Center Drive Suite 500
Irvine CA 92618
LOLogo
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NMLS #849059 CA #813I609 Universal American Mortgage Company of California, dba Eagle Home Mortgage of California. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. RMLA #4130383, NMLS #252392, NV #3244. Certain restrictions apply. This is not a commitment to lend. Applicants must qualify.

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