Sent to us from our favorite mortgage guy Carl Bulgini of FENWICK Mortgage
On October 3rd, 2015 we experienced a big change in home loan financing, and now the government agency that started the process back in 2010 may reconsider the new regulation.  The Consumer Financial Protection Bureau (CFPB) has quietly informed the financial services industry that it has acknowledged complaints and concerns relating to the TILA-RESPA Integrated Disclosure (TRID) rule, also referred to as the "Know Before You Owe" rule, and plans to seek their input on making updates to this federal policy.
CFPB Director Richard Cordray admitted that this rule "poses many operational challenges" and insisted that the agency was cognizant of how lenders, mortgage professionals and other housing-related businesses were being impacted by the rule.  The National Association of Mortgage Professionals, The American Bankers Association, The Mortgage Bankers Association and The American Land Title Association all welcome the comments by CFPB Director Richard Cordray.

Cordray also stated that the CFPB would arrange either one or two meetings in late May or early June to further discuss updating the rule. However, he offered no specifics on locations or what would be open for discussion.

We will keep you posted on the changes as they become available.

Here are current rates on 2 popular loan programs.  Please call for other options.
5/1 ARM
30 year fixed
Loan Amount $417,001 to $2,000,000 $417,001 to 2,000,000
2.625% *
3.143%  1
3.651%  2


1 - Assumes loan amount of $1,000,000 and 80% LTV.  Monthly P&I payment of $4,016.51.  The interest is fixed for the first 5 years.  The interest rate and payment amount thereafter is subject to increase or decrease annually.  Interest rate based on one-yr LIBOR as published in the Wall Street Journal. 
2 - Assumes loan amount of $1,000,000 and 80% LTV.  Monthly P&I payment of $4,560.51.
* Rates include special limited time "auto deduct" rate deduction. Rates effective May 3, 2016, subject to change without notice.
Jumbo 30 Year Fixed Rate Purchase Special
Take an additional .125% off the Mortgage Rate
Limited time offer only available for purchases and with 30 year fixed JUMBO product