This has been a great week for the mortgage lending and the bond market. With the Fed’s un-expected announcement on Wednesday that they will NOT be raising rates until later in the year, suggesting October or November, the bond market rallied quite nicely Wednesday afternoon and continues through today. So, we are making gains on some of the rate hits that we’ve seen over the past 3-4 weeks.
Also, good news, the CFBP Director Richard Cordray issued the following statement on Wednesday, June 17th in regards to the Know Before You Owe mortgage disclosure rule, he said: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015”. The implementation date for the new TILA-RESPA, commonly referred to as TRID is being moved from August 1st, 2015 to October 1st, 2015 – so we can all enjoy an easier summer of real estate sales.
