Category Archives: Uncategorized

Stressless Mortgage Closings

Posted on September 29, 2015 | Leave a comment

That’s why some lenders are starting to automate the process, using technology to create “e-closings” that require fewer paper documents.

Mountain America Credit Union, with branches in Utah and four other states, has been offering largely “paperless” closings for several years. Amy Moser, the credit union’s vice president for mortgage services, said about 70 percent of its mortgages were closed using a hybrid electronic process.

Crucial closing documents are provided to borrowers electronically in advance. Just the note — the legal document you sign, agreeing to repay the mortgage — is signed the traditional way, on paper with a pen. Everything else is signed with just one signature, on an electronic pad, and a set of the documents is given to the borrower on a portable drive.

“You don’t have to carry a stack of documents home,” she said.

Overall adoption of electronic closings remains low, but their use could make things simpler for borrowers, according to recent findings by the Consumer Financial Protection Bureau.

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New Rules for Mortgages start October 3; longer doc review time

Posted on September 28, 2015 | Leave a comment

Regulations mandate longer document review times starting Oct. 3

Could home sale closings get delayed in the coming months, even more than they are now? Bankers, real estate agents and title insurers think they might. They are worried that the new federally mandated mortgage and real estate disclosure procedures scheduled to take effect nationwide Oct. 3 will lengthen the typical time span from sales contract signing to settlement.

The new rules, which mandate longer document review times for buyers and impose an entirely new set of disclosures in place of the traditional Truth in Lending, Good Faith Estimates and HUD1 settlement forms, are likely to take awhile for mortgage and closing service providers to get accustomed to using.

Some industry experts warn that today’s 30-day to 40-day turnaround times could extend to 45 days or longer, depending on the number of complications that arise during the process.

But then again, complications in real estate transactions are nothing new. Talk to any experienced realty agent and ask about issues that lead to delays — or total derailments — and you’re likely to get an earful. The sobering fact is that even without the new closing rules coming in October, nearly two of every five of all home sale transactions don’t proceed to closing on time or as planned.

Most buyers and sellers are unaware of the statistical probabilities, but a surprisingly large percentage of sales involve problems that push closing times beyond what was originally agreed to by the sellers and buyers. About one out of 14 deals actually implodes after the sales contract signing— they don’t make it to or through the closing at all.

disclaimer: for information and entertainment purposes only

Irrigation tune-up can save water

Posted on September 26, 2015 | Leave a comment

Day-to-day activities demand our attention, and the drought may not seem that important. If conserving water has not been a high priority, now is the time to join the effort and do your part. Mandatory regulations now limit how water is used outdoors, but it will take public cooperation to achieve the state’s goal of reducing overall water use by 25 percent.

Big savings can be achieved outdoors, where a lot of water is used to irrigate landscapes and gardens. Begin by assessing and prioritizing the plants in your landscape. I was recently reminded that plants are not your children and you can get rid of them if they are too demanding or don’t meet your expectations.

Consider removing plants that require a lot of water or maintenance unless you can’t live without them. Lawns require a lot of water and care. If you have a large lawn that is seldom used, make it smaller or eliminate it now. You can re-landscape with water-wise plants and you will save more water by waiting until fall when the weather is cooler.

It’s convenient to have an automatic irrigation system, but it will steal water if you ignore it. If there’s a power outage, most controllers will default to watering daily for 10 minutes, which is wasteful. Learn how to control your controller and check that the run days and time for each value is what you want. Reset the program at least twice a year in spring and fall as water demand increases and decreases.

Category Archives: Uncategorized

Stressless Mortgage Closings

New Rules for Mortgages start October 3; longer doc review time

Irrigation tune-up can save water

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