Agent Profile
My job is service...service to you and your real estate transactions! How can you benefit from my 25 years of experience and expertise? What can I offer to make the process more productive?
* Current information on available housing...comparative and competitive market pricing and analysis
* Daily involvement in the local real estate marketplace.
* Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business.
* Extensive network of professional resources to make the process as smooth as possible.
My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!
JANEESE JACKSON: 503-709-0802 or jj@janeesejackson.com
I’m being just a touch facetious with my statement that we need MORE challenges in our already challenged local Portland, Oregon housing market. After housing prices taking a beating, our retirement accounts depleted and our consumer confidence in the toilet we could use a little less ”problem” and a little more “solution”. However, the banking industry in an effort to “pendulum” back from the days of giving away money for mortgages with nary a care in the world, has enlisted some very strict new lending regulations to complicate the process. Here’s a synopsis:
Highlights of new Regulation Z (Mortage Disclosure Law – MDIA) changes:
1) Initial Disclosures - must be sent to borrower within 3 business days of loan application. Loan Application is defined two ways. For refinances, it is from the date of actual application and credit-pull. For purchases, it is the later date of either the initial application, or when an actual Sales Contract is signed by all parties and submitted to the lender.
2) Closing Date - earliest it can happen (signing) is 7 business days from the time the Initial Disclosures are sent.
3) Appraisal - Cannot be ordered until 3 business days AFTER the Initial Disclosures are snail-mailed to the borrower. There is not this wait time for my company … read on for how I can expedite this timeline and order the appraisal immediately.
4) Fees Collected - Credit report fee may be collected immediately at application, but appraisal fee cannot be collected until 3 business days AFTER the Initial Disclosures are mailed to the borrower. Again, I don’t have to wait for this either … see below.
5) Appraisal Review - Borrower must receive a copy of the Appraisal a minimum of 3 business days PRIOR to signing final docs at closing.
6) APR Changes - if the APR changes (up or down) by at least 0.125% during the process, there must be a Re-Disclosure of the Good Faith Estimate and Truth-in-Lending statements. If a Re-Disclosure is required, the borrower must have 3 business days to review before final loan documents can be signed.
7) Mail time - if any of the above are snail-mailed to the client, the old-fashioned way, then add 3 business days per document that is mailed. After 3 business days, it is considered received by the borrower and the review timeline starts. This is a key point that will affect your timing, depending on the lender used.
I am definitely NOT suggesting that the mortgage industry did not need some serious revision. But, I’m just not sure that making acquiring the money for houses more difficult and lengthy to obtain for well-qualified and serious investors is the answer.
About the Author | Janeese Jackson
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