LATEST STORIES
Shadow Pricing
Lurking behind almost every home sale price is a shadow sale price that the market will never discover. This is a key reason why relying on AI for sale price info can be extremely misleading; AI only uses publicly available pricing data. Seller credits, rate buydowns,...
Mortgage Broker
In real estate finance, a mortgage broker is a person or firm that, for a fee, brings together...
Mortgage Banker
In real estate finance, a mortgage banker is a company that provides mortgage financing using its...
HOEPA
The Home Ownership and Equity Protection Act (“HOEPA”) is a federal consumer protection law enacted in 1994 as an amendment to the Truth in Lending Act (“TILA”) to address abusive lending practices associated with certain high-cost mortgage loans. HOEPA establishes...
CHARM Booklet
The Consumer Handbook on Adjustable-Rate Mortgages (“CHARM Booklet”) is a consumer disclosure document developed by federal regulatory agencies to help borrowers understand adjustable-rate mortgage (“ARM”) loans and the risks associated with them. Mortgage lenders are...
SAFE Act
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”) is a federal law enacted to establish minimum licensing and registration standards for Mortgage Loan Originators (“MLOs”) throughout the United States. The law was designed to enhance...
Regulation Z
Regulation Z is the federal regulation that implements the Truth in Lending Act (“TILA”) and establishes detailed rules governing consumer credit disclosures and lending practices. Issued and enforced primarily by the Consumer Financial Protection Bureau (“CFPB”),...
TILA (Truth In Lending Act)
The Truth in Lending Act (“TILA”) is a federal consumer protection law enacted in 1968 to promote the informed use of consumer credit by requiring clear and standardized disclosure of key loan terms and costs. Administered primarily through Regulation Z, TILA applies...
Opt-Out Rule
The “Opt-Out Rule” is a consumer privacy requirement established under the Gramm-Leach-Bliley Act (“GLBA”) that gives consumers the right to limit certain sharing of their nonpublic personal information with nonaffiliated third parties. Under this rule, financial...
Gramm-Leach-Bliley Act (GLBA)
The Gramm-Leach-Bliley Act (“GLBA”), enacted in 1999, is a federal law that governs how financial institutions collect, protect, and share consumers’ nonpublic personal information. The law applies to a broad range of financial institutions, including banks, mortgage...
Pre-Approval
A mortgage “pre-approval” is a lender’s conditional determination that a borrower qualifies for a home loan up to a specified amount, based on a detailed review of the borrower’s financial information and creditworthiness. During the pre-approval process, the lender...
Pre-Qualification
A mortgage “pre-qualification” is an initial evaluation by a lender of a prospective borrower’s financial profile to estimate how much the borrower may be eligible to borrow for a home purchase or refinance. The process is generally informal and is often based on...
Soft Pull (on credit)
A “soft pull” (also called a soft inquiry) on a credit report occurs when a person or organization reviews credit information without it being tied to a formal application for new credit. In the mortgage industry, soft pulls are commonly used during the...
HUD
HOUSING & URBAN DEVELOPMENT
HUD
(Department of Housing and Urban Development)
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