Joe Dahleen

• Real Estate Marketing
• Real Estate Marketing 2.0
• RESPA reform
• Technology, Tools and Tidbits

Here is more recent news that realtors should know about: Fannie Mae required Home Counseling on any down payment of 3% or less. Freddie Mac just changed its guidelines requiring Home Counseling 5% or less. Just because it is back to more traditional guidelines – that doesn’t mean it hard to get an approval. You can still get approve in less than 10 minutes. Only lender telling you any different – then find someone else to us. You can save a lot of time and money by working with a paperless lender/broker. Who wants to deal with Paper anyway. Thankfully the process is much easier.

So true - it's PR and Marketing team should get a lot of credit. I have been so impressed with the new Zillow Mortgage. I have started on Day 1 and now I can't keep up with the volume of quotes. Can the Zillow quotes help me build a brand?

Hi Kathy The borrower should see the good faith right up front. The typical process the borrower should be presented with a good faith estimate right have they get off the phone with the lender or during the meeting before they walk out the door. Brokers are required by law to disclose upfront and at anytime during the process that the borrower locks their loan. We also give it again for 24 hour review before the docs are released to title/closing. Then it should be in every closing package again for review. Our typical process we disclose 5 times on each and every transaction. 1) when they pull their credit on our website - the consumer get a copy of the mortgage credit report, FACTA Notice and Receipt for payment - This is done automatically so one in our office actually has to put hands to key boards. 2) Once credit is pulled we provide a full set of up front disclosures - Also a requirement by law. Ours are paperless. We like to have trees. 3) Rate lock or Float disclosures. Now if we lock we also provide an updated GFE with the numbers to match the lock request and disclosure. 4) 24 hours before closing in our eSigning room. 5) At the table when closing happens. This way they know up front what is on the docs when they show up to sign. Makes for a much better closing for all parties involved in the transaction.