For years when Homebanc sent a loan package to a closing attorney they also sent the check to fund the loan. So last week when loan packages and checks were sent to closing attorneys it was somewhat business as usual with the exception that the attorney’s knew that Homebanc was not going to originate anymore [...]

The first area checked for escrow account questions was the RESPA (Real Estate Settlement and Procedures Act) FAQ section of the Department of Housing and Developement website. Section 10 deals with escrow accounts. What we find here is the recommendation that if taxes and insurance are not paid by your lender, the government suggests that you hire [...]

Congress has passed legislation allowing mortgage insurance to be tax deductable for the 2007 calender year. This can have a very positive effect on home buying power, especially for first time and lower income buyers. Originator Times has an excellent write up about this new law.