Closing on your home soon…here is how changes aimed at helping you could end up hindering you. Your real estate Agent plays a large role in getting the deal to Settlement. One of the big challenges that real estate agents have now encountered has to do with the new consumer privacy rules.
Agents are used to being provided with copies of the settlement documents. The agent was then able to explain the documents to their clients and help check the numbers to ensure everything was correct prior to the closing. Under the new TRID rules, agents may now be on the outside looking in. Sometimes the agent is not able to see the disclosures until they are sitting with their clients at the settlement table.
As of now, some lenders and title companies lack clarity about what they are allowed to share with whom. That leaves it up to the consumers to be proactive about sharing the document with their agent. If the consumers fail to do so, it means the agent cannot catch mistakes early on that could end up delaying the settlement.
The roll-out of TRID was a big deal for the industry and the changes have not been without frustration. There has been a lot of discussion about whether the changes are a real value to the consumer and whether lenders may have to increase fees to account for the added time and manpower now needed to process loans. While it’s nice that the consumer can now get their costs and fees well in advance of closing, the new rules are adding time and some anxiety to the closing process.
It was recently reported in a posting on foxnews.com that as of 2016 the five top most commonly used passwords on the Internet and therefore the worst to use from a security standpoint are:
Unfortunately people are still using these passwords because they are easy to remember. Some industry experts recommend using no fewer than 9 characters, with at least one number, a symbol and an upper case character and no sequential patterns. The thought is that 6 characters takes possibly seconds to break, but 9 or more non-sequenced characters makes it more difficult so hackers may move on. Changing your passwords regularly is also key. Some cyber security measures start with the simplest of items, strong passwords being one of them.
Valentine’s Day can bring up questions surrounding a relationship, including, “Will the relationship affect our mortgage?” Buying a home and applying for a mortgage are big tasks and can be further complicated when a significant other is added to the equation. If you are married, applying for a mortgage in both you and your and your spouse’s name may seem like common sense. However, in some circumstances, applying in only one name may be your best option.
When a couple asks a lender for a loan, the bank may not average the two credit scores. They may instead focus on the lower of the two and calculate the loan terms based on that to arrive at the interest rate that will be charged. The debt-to-income ratio is a measurement that a lender uses to measure how much of the applicant’s income is spent on debt. If you leave a spouse with significant amounts of debt off the mortgage application it may lower the debt-to-income ratio and result in better loan terms.
The new “Know Before You Owe” (TRID) rule goes into effect on October 3, 2015. Please review this information which will help you to speed the process.
Trombley Kfoury are proud to be a Sponsor for the Camp Allen Charity Golf Tournament. Here’s our Sponsor Hole with Chris Masters from Rowley Insurance sizing up the green. We had a great time at the Manchester Country Club.
The July 2013 CLM Workers’ Compensation mini seminar will be held in Chicago this year. Kirk Trombley will chair a panel presentation addressing the use of opioid medication in workers’ compensation pain management programs. Kirk will be joined on the Panel by a doctor and claims specialist. Stay tuned for more.
Stranger than truth….
I’m sure that many of you have had that odd, offbeat case from time to time. But consider these:
An Australian court ruled that a bureaucrat who was injured while having sex on a business trip was eligible for workers’ compensation benefits. Apparently, during sex, a glass light fitting was torn from its mount above the bed and landed on her face. She later suffered depression and was unable to continue to work for the government. The court reasoned that if the claimant “had been injured while playing a game of cards in her motel room, she would be entitled to compensation even though it could not be said that her employer induced her to engage in such activity….” The Court rejected government’s argument that to be compensable the employer-government would have expressly or impliedly approved of the claimant’s conduct.
Another court – this time in the United States – ruled that an employer must pay for weight loss surgery for an obese employee to ensure success for another operation for a back injury he had at work—even though his weight (340 pounds at the time of the injury) was a preexisting condition. The court determined that without the weight loss surgery, his back surgery would not be successful.
Finally, even in New Hampshire: A woman claimed that she had bi-lateral carpal tunnel that prevented her from doing any activity with her arms, especially work. The employer sent her for an independent medical examination and, on the advice of counsel, had surveillance of the claimant to and from the doctor’s office. The claimant was videotaped getting on her Harley Davidson motorcycle, pulling it off its kickstand, and driving at a high rate of speed to the independent examination where she put on both of her arm braces. After the independent examination, she was videotaped coming out of the doctor’s office, removing her arm braces, and resuming her motorcycle ride home at a high rate of speed. The hearing officer denied the claim.
October data from the Oregon Department of Consumer and Business Services states that New Hampshire has the ninth-highest workers’ compensation premiums in the Nation. This is the State’s worst ranking since Oregon began publishing its figures in 1994. New Hampshire employers pay an average rate of $2.40 per $100 in payroll for workers’ compensation insurance. That is 128 percent of the national median rate of $1.88 per $100 in payroll.