Here is what was at the top of the news headlines for the Property Management and Real Estate industries this past week.
Anyone in the real estate or mortgage industry know, it’s TRID week! But what does that mean for customers? The changes are designed to simplify the closing process by consolidating rules and disclosures in the Truth In Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). Lenders and Realtors have been scrambling for months to learn new rules and adapt to new compliant systems.
The 30-year mortgage rates continue to stay down, remaining under 4% for the 11th straight week. Average long-term U.S. mortgage rates fell sharply this week amid concern over a labor market that has shown recent signs of weakness.
The Consumer Financial Protection Bureau has been compiling complaints since the 2011 Recession regarding the financial industry, with mortgage being a sore spot. The amount of complaints has risen over the years as more and more people become aware of the organization. Arizona is tied with Rhode Island in 12th place, with 222 complaints per 100,000 residents.
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