Arrowhead Title, Inc.

For most people, buying a home goes hand-in-hand with taking out a mortgage loan; you can't have one without the other. As with most financial industries, the mortgage industry is heavily regulated to ensure consumer protection. Last year (on August 1, 2015), a federal regulation was introduced that significantly changed the mortgage loan application and approval process. Today, Arrowhead Title, Inc. is here to examine some of the effects of this new ruling. What is TRID? After the housing crash in 2008/2009, the Consumer Financial Protection Bureau (CFPB) was created to protect homebuyers from suffering another comparable financial crisis. The introduction of TRID was part of these efforts. Sometimes referred to as the TILA-RESPA Rule, "TRID" is an abbreviation for TILA-RESPA Integrated Disclosure. "TILA" stands for "Truth In Lending Act," and "RESPA" stands for "Real Estate Settlement Procedures Act."  How Does TRID Im...

If you haven't figured it out already, applying for a mortgage loan will be a huge aspect of buying a house at the Lake of the Ozarks . While this prospect can seem a little daunting at first, it doesn't have to be! Your friends at Arrowhead Title, Inc. are here to help you get a better understanding of how the loan process works. Step 1: Application First and foremost, your lender will have you fill out a loan application. Once he/she has your application, he/she will work with you to obtain all of the pertinent documentation to avoid any unnecessary problems and/or delays. Step 2: Documentation Within twenty-four hours of submitting your application, your lender will request specific documentation from you to verify the information your provided. These documents will include prior tax returns, pay stubs, bank statements, etc. Step 3: Loan Submission Once all of the necessary documentation has been gathered, your lender will submit your application (along with the...