In case you missed some of the recent housing news, we’ve got you covered!
Equifax Security Breach
Equifax announced a major breach in their security. Here’s what you need to know:
- Up to 143 million U.S. consumers could be affected. The information at risk includes: names, dates of birth, Social Security numbers, addresses, and in some cases driver’s license information.
- Days after the breach was discovered, three executives at Equifax sold almost $2 million of their company shares.
- The Federal Trade Commission released a statement on how to protect your information.
Freddie Mac’s HARP Replacement
Freddie Mac and Fannie Mae announced last year that their Home Affordable Refinance Program (HARP) would last through 2018 and would be replaced once expired.
- Freddie Mac has now announced that they will offer a new high loan-to-value (LTV) refinancing program; the Enhanced Relief Refinance Mortgage.
- This program will be available for mortgages with applications received on November 1st, 2018 and on.
- Borrowers may have the benefit of reduced principal and interest payments.
House Might Change TRID Rules
A new bill, known as the TRID Improvement Act of 2017, is being considered by the House.
- It would amend RESPA to, “allow for the calculation of a simultaneous issue discount when disclosing title insurance premiums.”
- Could give lenders more flexibility with the regulations for, “Know Before You Owe mortgage disclosure rule.”
- May increase the amount of time a lender can cure a good-faith violation for a Loan Estimate or Closing Disclosure from 60 to now 210 days after consummation.