The Smart Team of NOVA® Home Loans

CoreLogic's Case For Improving Property Tax Estimates

Posted To: MND NewsWire

The Truth-in-Lending/RESPA (TRID) rules implemented in late 2015 have placed increased pressure on the accurate forecasting of estimation of non-mortgage related costs for the loan estimates that must be provided to borrowers. Dom Lalisse, CoreLogic’s Director of Product Management, says this is especially problematic for property tax amounts. He likens the current methods to the days, pre-standardization of credit scores and credit reports, when the determination of credit worthiness was more art than science and relied on “specialized knowledge and personal interpretation of financial information.” Writing in the February edition of CoreLogic’s MarketPulse, Lalisse works to make a case for a change in the system. He says with the increased scrutiny around the preparation of the TRID Loan…(read more)

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Source: Mortgage News Daily

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