Rules for Mortgage Disclosure ( burn the old rules)

Oh no!!! the Final Integrated Mortgage Disclosures Rule from the Consumer Financial Protection Bureau (CFPB) is here. Don't worry it's not going to be the final "final" some senator is going to make up new procedures that make little sense. Now the CFPB lights a little gasoline on your desire to close quickly, sorry this tastes bad but its for your own good. How many times do borrowers avoid reading Truth in Lending and Good Faith Estimates? In a transaction I send them more than once, now we will be sending again at closing. Welcome to the new improved Act and the Real Estate Settlement Procedures Act.

The most important change is the mandate of the use of two new documents: the LOAN ESTIMATE and CLOSING DISCLOSURE.

• Except for reverse mortgages, clients will no longer receive an initial Truth in Lending (TIL) form and Good Faith Estimate (GFE), or a final TIL form and HUD-1 Settlement Statement (HUD-1). This is not a good thing. 

• The initial TIL and GFE will be replaced with the Loan Estimate, which must be provided within 3 business days of loan application. (Business days will include Saturdays if the lender is open to the public and carrying on substantially all of its business functions.)  A New name for TIL and GFE fails at being helpful to Borrowers - here is why: escrow and states with attorneys are often Mostly frequently wrong about their costs upfront. 

•  The final TIL and HUD-1 will be replaced with the Closing Disclosure, which must be provided at least 3 business days prior to loan closing. This means borrowers cannot close on their loan until at least 3 business days after receiving the Closing Disclosure. (Business days will include all calendar days except Sundays and certain enumerated legal holidays.) 

• These documents go into effect for loans on which a loan application is taken on or after August 1, 2015.

The initial TIL, GFE, final TIL and HUD-1 will continue to be a part of the closing process for reverse mortgages and for transactions on which an application was taken before August 1, 2015. 
 

I planted some nice succulents in these old metal gas cans in memory of the old procedures. If you want one as a closing gift, just ask. 

Ladera Ranch Open House Today

17 Granville Ladera Ranch open house today 1:00 - 4:00 PM Sunday
Aldenhouse condo priced to sell quickly
Come visit the lovely neighborhood.
This unit is 1612 square feet lot 1557 unit built 2001

Listing agent is Miriam Hosseini of Royalty Mortgage and Real Estate

Come stop in and have a glass of iced tea!

Mortgage Rates

Mortgage rates jumped significantly higher today, bringing mortgage loans to highest levels of 2015.  The most prevalently-quoted conventional 30yr fixed rate for top tier scenarios had briefly made it back to 3.875% at the end of last week.  While a few of the most aggressive lenders remain at 3.875% most are now easily back up to 4.0%, and some are already up to 4.125%.  Today's loan rate sheets are similar to the other weakest days of the year on May 13th, May 6th, and March 6th. 
The underlying market volatility driving today's move can be considered an opening act for the big show that begins tomorrow and runs through Friday.  Unlike those days where we can point to obvious sources for market movement, today's move is most readily explained by the domestic market's relationship with European markets where economic data and headlines concerning a potential Greek debt deal caused European rates to jump.  (The more it looks like Greece will get some sort of 'deal,' the higher rates go in the stable countries, and it's those countries that have the most direct effect on US rates).

So do we lock? Do we wait?


European influences notwithstanding, financial markets could simply be taking defensive positions ahead of the big ticket events.  As we discussed yesterday, it's a high volatility environment.  Risk outweighs reward when it comes to locking or floating here.

Sports Banquet Decorations on a Budget

Making table arrangements for banquet without spending a dime.

My son’s final season Lacrosse banquet was last night. No money in the budget for decorations. I’m not a committee meeting attendee, but I showed up at the seating area outside of the closed Starbucks three weeks ago. No coffee, as they are remodeling. I volunteered to make twelve arrangements. I was dreaming about fields, school colors of blue and white, and appearing whimsical.

Items needed: bins for compost/ grass base/ flowers from your garden or neighbors/ color print  images of the team/ strong scissors/ baby crummy scissors/ packing tape or whatever tape you have/ used cardboard boxes (USPS UPS or ones from wine boxes are all good), ruler, old lacrosse balls, an old t-shirt in the school color, fishing line.

First step I had in mind was to grow sod, or grass in a rectangle field shaped container. I visited Home Depot and they graciously gave me these long black holders for four inch pots. The sod bin had one tired brown piece of grass (cost nine dollars including tax but I didn’t purchase it). Instead I filled the eleven bins with compost from my yard and sprinkled rye grass into the bins. The seed didn’t grow as quickly as I planned, as we have had cooler weather with no rain. The bins turned green and brown. To cover up the brown I added rosemary, some small leaf geraniums and clover flowers the night before. The now lively base became a vase to hold white roses, blue statice, forget me nots and daisies. As you can see they are whimsical but they set the tone for fun. It may be difficult to see the blue lacrosse balls in the middle of the flowers but scroll down, you'll see...

 

Tools: baby crummy scissors for scoring the cardboard (just pressing through 1/3 of the material not cutting to fold, sharp scissors, maker, tape some fishing or clear wire

Materials:

print images of the players and some team images, used cardboard, bins from garden supply, old tshirt in school color, used balls splashed with poster paint.

When you measure the garden bin keep one clean to test fit as you go. I made one too small and it was easy to open the sides and expand. Each corner will need two to three slits from the edge of the rim into the corner. This allows for bending around the black garden bin and allows for errors. I  didn't use the ruler, all were cut by estimating. The material is free so if you make an error just tape an extension corner on. The cardboard isn't to hold the vase, its purpose is to hide the unattractive black plastic with your team images and mascot logo 

cut slits to make the box fit

below scoring the inside for folds. note my lines are not perfect this was late at night 

Here's some tables minutes before the start

I had this idea  that the balloons would float the ball in the tshirt net cradle, but found

three balloons can't hold up a Lacrosse ball. 

I attached the fishing line to the t-shirt net around the

ball thinking this was going to look like a ball coming in for a landing on the field.

Instead, I tied the balloon ribbons and they appeared to be flying off .

It was pretty. Accidents can be fun.

No time or money to run back to the dollar store for more balloons.

Cost of total project $15.00 for helium balloons, they gave us a few extra.

These little Lacrosse ornaments were placed on each player's table setting.

Now I think they would be nicer attached to a key chain, or

with white grosgrain ribbon to use on a Christmas tree or hang from a rear

view mirror.

The party was a success. Dana Hills High School Lacrosse 2015 banquet!

"Whatever you do, wherever you go, do  great."  That's a quote from me.

Preparation, creativity and fun  - I'll miss these gentlemen