I was in the process of selling one home and buying another and with that came many details. Academy was able to help me understand the timeline and numbers behind my purchase of the new home. What could have been very stressful was eased with great communication and well explained steps to the FHA home loan process. Bob took the time to slowly explain the differences between FHA and conventional loans and really looked out for what was in my best financial interest.Amanda Liebermann
Robert began his career in the Arizona real estate industry in 1987, and since 1997 he has been a full time Mortgage Loan Officer. He has assisted hundreds of families with their mortgage loans and has a long list of satisfied customers and referral partners who can attest to his professionalism, honesty and integrity. According to Robert, "Many families come to me frustrated by or wary of the mortgage process due to their past experiences or by things that they have heard from friends and family." My advice to everyone seeking a mortgage these days is the same; relax! You are in good hands with Academy Mortgage.
Call Bob on his mobile phone or email him 24/7. He's well known for answering calls and emails at all hours. His staff at Academy Mortgage is a virtual all-star team comprised of the top loan processors and underwriters in the industry. The entire Wasieko Team prides itself on fast response times, accurate information and exceeding your expectations.
Read these articles to educate yourself on the mortgage process and industry.
Interest rates for U.S. home mortgages continued to decrease for the week ending Jan. 28. Lower rates may lead to a higher number of interested homebuyers and more refinance activity.
Interest falls, improving affordability. According to Freddie Mac's Primary Mortgage Market Survey, interest rates moved lower for the fourth consecutive week. The average 30-year fixed-rate mortgage fell to 3.79% from 3.81% the previous week. A year ago, the average 30-year FRM settled at 3.66%.
A typical 15-year FRM fell from 3.1% to 3.97% on a week-over-week basis, but remains slightly higher than the 2.98% average seen a year ago.
The average 5-year Treasury-indexed hybrid adjustable-rate mortgage slid from 2.91% the week prior to 2.9%. A year ago at this time, the 5-year ARM settled at 2.86%.
The Federal Reserve pauses. Due to market turmoil, the Federal Reserve reacted as expected and paused for the week ending Jan. 28.
"The yield on the 10-year Treasury stabilized around 2 percent this week, and the 30-year mortgage rate dipped 2 basis points to 3.79 percent," said Sean Becketti, Freddie Mac's chief economist. "The recent market turmoil has given the Fed pause; as was universally expected, the Fed stood pat this week but kept its options open for a rate increase in March. This week's housing releases confirmed the momentum of home sales going into 2016. A hesitant Fed, sub-4-percent mortgage rates (at least for a little while longer), and strong housing fundamentals should generate a three percent increase in home sales this year."
Bankrate also noted that the committee continues to keep a close eye on the global economy. Concerns surrounding the labor market and inflation targets drove the central bank's decision not to raise the federal funds rate for the time being.
Home prices rise. With a rise in demand for housing, the value of homes will likely continue to increase.
"Basically, the housing market, as measured by prices, is in good shape and the more prices rise, the more homeowners have the equity to make a move," noted Joel Naroff, president and chief economist for Naroff Economic Advisors, according to Bankrate. "That is good news."
Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2014 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.
Mortgage applications increase slightly for the week ending March 4
The Mortgage Bankers Association reported applications for U.S. home mortgages rose 0.2% when compared on a week-over-week basis.
The Purchase Index shows a rise in purchase apps. While mortgage applications only increased slightly, the Purchase Index showed a 4% increase, which is the highest level seen in two months.
However, the Refinance Index fell slightly by 2% when compared to the previous week. In fact, the refinance share of all mortgage activity dropped to 56.7% of all applications. A week ago it accounted for 58.6% of all mortgage applications.
Homeowners may be hesitant when it comes to refinancing a current mortgage because of their uncertainty. However, Bankrate suggested that individuals consider a few different factors when deciding whether to refinance, including:
Terms of the new loan
Type of refinancing
When individuals interested in refinancing reach out to a professional, they can feel more confident moving forward with their decision and ultimately saving money over the life of their loan.
Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.
Making the best of TILA/RESPA Integrated Disclosures
In the ceaselessly shifting landscape of the mortgage world, only one constant remains: changes in governmental regulation are inevitable. Among such regulation recently is TRID: TILA (Truth-in-Lending Act) / RESPA (Real Estate Settlement Procedures Act) Integrated Disclosures.
An abbreviated collection of common industry acronyms, TRID was created and implemented to protect consumers during the mortgage loan application process, but, as with many government creations, TRID has revealed new headaches all its own.
Despite its issues—such as new mandatory review periods, extended timeframes, and acclimation to new forms after many years of using the GFE and other familiar documents—industry professionals continue to adapt and improve as they refine their processes under the new regulations.
Academy Mortgage has experienced the practical, real-world impacts of TRID since operating under the new regulation, learning some valuable lessons in the process. But with the company’s history of embracing regulatory reform, Academy was proactive in planning for TRID.
“Academy took the challenge and tackled TRID regulatory requirements head on,” says Renee Waltemeyer, Operations Process Manager. “A project team was assembled from the many facets within our organization that was instrumental in defining and developing the changes that have come with the TRID regulation.”
One example of Academy’s proactive approach to complying with TRID has been the company’s response to the mandatory review periods, a common complaint in the industry. Academy has implemented an innovative system to deliver required disclosures electronically, complete with an E-Consent (electronic signature) component.
“Academy didn’t jump in line with some of the more conservative approaches of U.S. mail for Loan Estimate and Closing Disclosure document delivery,” says Dan Wolfe, Senior Manager of Compliance Operations. “It is the 21st century, and a large majority of our customers look for electronic communication regarding the details of their transaction. Taking this approach has saved our customers and partners several days, based on how the rule is written.”
Academy has developed several systems and processes to help manage the impact of TRID:
Calendars and Reports
Academy’s method includes a loan calendar, which applies TRID deadlines and displays upcoming vital dates, be they anticipated completion dates or due dates. Another method Academy employs entails pipeline reports to assist those involved in managing the time-sensitive aspects of TRID.
Academy recognized that professional and timely training of all employees was critical to keep them abreast of crucial policies and procedures that would impact their performance and compliance with the new regulation. This training was provided through multimedia and video tutorials that clearly conveyed the most vital messages regarding the TRID initiative.
Academy extended this training to its business partners as well. “Academy acknowledged early in the process that in order to be successful with TRID, it was necessary to collaborate and educate our business partners,” says Waltemeyer. “Real estate agents, builders, title companies, and third-party vendors are impacted just as much as lenders are with this new regulation.”
Marketing to Educate
Academy produced a wide variety of TRID marketing materials that clearly explained TRID to loan applicants to help avoid any misunderstandings or surprise complications. These tools have proved useful to Loan Officers and business partners in maintaining sales and relationships during the transition to new procedures.
“Change is difficult, but with proper foresight and planning, it doesn’t have to be,” says Waltemeyer. “Academy has implemented the changes required by TRID while maintaining our values, reputation, and integrity.”