Marketing Tips For Your Solo or Small Law Firm

Running your own law practice or being part of a small firm requires you to wear many hats. Not only are you practicing law but you are managing the firm as a small business owner, billing clients as an accountant or keeping track of calls as a secretary. The one…

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3 Factors That Really Matter When Marketing Your Law Practice’s Website

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Growing your law practice and expanding its growth can be quite the challenge as a lawyer. Having the right website that distinguishes you as a leader in the law industry is crucial for maximizing your success and propelling your growth. In order to do so, its key to focus on…

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Is Your Company Prepared For E-Closings?

Since the Electronic Signatures in Global and National Commerce (E-Sign) Act became law in 2000, there’s been a lot of speculation as to when the use of e-sign and e-closing would take over as standards in the mortgage industry. At a glance, it appears that TRID compliance should have been…

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Time Management Tips For Lawyers

For attorneys, it’s all too common to find yourself with too much work to get done, and not enough time to get it done in. This is especially true if you’re a solo practitioner or if you run a small practice. A study of non-billable hours in law firms of…

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Clipping Increased Closing Costs For Title Agents

First American Title recently released their Real Estate Sentiment Index (RESI) report for 2016, and it indicates significant increases in title agents’ cost to close a transaction. On a national average, title agents reported their costs had risen by $210 per transaction in the third quarter of 2016. Regional variances…

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Speed Through Required Documents For Real Estate Closings

Real Estate Closing Attorneys and Title Closing Agents are responsible for producing a great deal of critical, required documents for real estate closings, on a very tight schedule. The smaller the practice, the more of a challenge it can be to ensure full compliance with TRID requirements, ALTA Best Practices,…

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How Real Estate Lawyers Can Provide Better Client Service

Real estate lawyers can grow healthy, even thriving, practices by providing better client service, beginning with intake, and continuing throughout the entire transaction and beyond. Clients who get excellent service make more referrals and offer other support that helps you grow your practice, such as online reviews and social media…

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Ensuring Complete Loan Applications For Residential Mortgages

The mortgage industry has gone through some significant changes since the implementation of TRID (TILA-RESPA Integrated Disclosure Rule) in late 2015. The entire mortgage production chain has to work more quickly to produce compliant and accurate loan and closing documents, and the new requirements have caused confusion and bottlenecks resulting…

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Four Things Your Small Law Firm Can Do To Stay Competitive

Solo attorneys and small law firms have some significant challenges in staying competitive and profitable. The smaller your firm is, the more routine, non-billable tasks you end up taking on yourself, which means you have less time to spend practicing law, generating new business, and servicing clients. You didn’t need…

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Using Technology To Achieve More Efficient Real Estate Closings

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The mortgage industry is shifting focus from re-fi loans to purchase loans as the economy improves and more buyers are qualifying for mortgages. In September 2016, re-finance transactions accounted for 45 percent of all mortgages closed, while purchase transactions have grown to 55 percent of the total. As interest rates…

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Massive Increases In Mortgage Defects Under TRID

Increased Mortgage Defects Under TRID

Since the implementation of the TILA-RESPA Integrated Disclosure Rule (TRID, a.k.a. the Know Before You Owe mortgage rule), both Fannie Mae and the Federal Housing Authority (FHA) have developed their own taxonomies for mortgage defects, and severity scales. Fannie Mae’s system includes 12 categories, and a more simplified severity scale.…

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Cutting Operation Costs That Can Affect Real Estate Transactions

Realtor handing the keys to his client, closeup

As  anyone involved in the real estate industry knows, operation costs can easily get out of control, thanks to inefficiency and dealing with disparate, sometimes redundant, systems that are often based on fallible manual document preparation and poor communication. A recent study by Accenture found that the title production process…

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How To Grow Your Law Practice From Solo To Small Firm

If you’ve begun a successful solo law practice, congratulations! You’ve already achieved a significant milestone in your career. You’re probably also discovering that no matter how many hours you put in and how organized you are, there is a hard limit to how many clients you can effectively handle, which,…

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Improving Mortgage Industry Cyber Security Through Secure Communications

Improving Mortgage Industry Cyber Security

Cyber Crime, including phishing and hacking are nothing new, but in recent years, the amount of Cyber Crime specifically targeting real estate transactions has skyrocketed. In May 2015, the National Association of Realtors (NAR) issued an alert to its members warning of variations on a fraud scheme in which hackers…

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Proposed Changes To TRID Aim To Make Implementation Simpler

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When the TILA-RESPA Integrated Disclosure Rule (TRID, a.k.a. the Know Before You Owe mortgage rule), went into effect in October of 2015, its intent was to create an environment of informed consumers and to prevent buyers from biting off more than they could chew in the real estate market. The…

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3 Rules to Follow When Making the Right Software Selection for Your Practice

Making the Right Software Selection for Your Practice

Making a decision on software to help run your family law and real estate closing practice is an important decision that will have an effect on your process. When making an educated comparison on which software best fits your needs, it’s key to analyze certain factors that can help you…

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Is panic over TRID rule justified?

Depending on what one reads and believes regarding the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in October, the rule is either no big deal or a really big deal. When the ‘Know Before You Owe’ mortgage disclosure rule took effect couple of months ago, many…

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6 Pieces of Information That Are Required on a Loan Application

A mortgage is a huge financial investment for the average person. The sheer amount of money that is being requested forces lenders to take a close look at the borrower before they will loan the money. But before lenders will even consider a loan application, they require six key pieces of information. Forget even one of these on a loan application and it will be rejected. This can have serious consequences for borrowers who may be trying to lock in to a low interest rate or who have found their dream home and are ready to buy it before they miss their chance.

Savvy real estate attorneys can help their clients avoid these situations by always making sure each of the following is included with every mortgage application they process.

Six Key Pieces of Information That Are Required on Every Loan Application

  1.    Consumer’s Name.
  2.    Monthly Income.
  3.    Social Security Number.
  4.    The Property Address.
  5.    An Estimate of the Value of the Property.
  6.    The Loan Amount.
If any single piece of the above information is not included the application will not be considered valid and will not be submitted for processing. Although these are the primary pieces of information that a lender needs in order to start the loan application process, it does not mean they are the only pieces of information needed. Lenders may require additional data, depending on the specific circumstances surrounding the borrowers and the loan.
 
Once these pieces of information have been obtained, lenders are required to provide a Loan Estimate. The Loan Estimate provides borrowers with a summary of the loan terms, estimated loan and closing costs, and additional application disclosures. Although they do not specify the final terms of the transaction, they do provide borrowers with a realistic estimate of closing costs, payment terms, and the loan structure.
 
Applications can be submitted in writing, electronically, or orally. If submitted orally, a written record of the event must be included. Once all six pieces of information have been received, an official Loan Estimate must be provided to the borrower within 3 business days, per CFPB rules. To proceed with the transaction, the borrower must sign and return the forms to the lender.
 
Don’t Miss A Step With Real Estate Solutions From Easy Soft
 
Attorneys will never miss a critical piece of information that could derail the entire mortgage process when they use Easy Soft’s real estate closing solutions. Easy Soft is MISMO compliant, which means loan estimate data is exported and imported safely (encrypted) into case data fields. Easy Soft’s real estate closing solutions consist of: EasyCDF, EasyHUD, Real Estate Documents, and Easy Amortization. You will have access to all the software needed to manage a real estate law practice virtually error-free.
 
Easy Soft starts at just $59 per user per month, billed monthly or annually and is 100% compliant with the CFPB’s TILA-RESPA reporting requirements. To learn more about Easy Soft, watch our video or call 800-905-7638. For more information about TILA-RESPA and TRID, view our TRID resources