From all of us to all of you - HAVE A WONDERFUL HOLIDAY!
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Wednesday, November 26, 2014
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Thursday, October 16, 2014
Wednesday, October 15, 2014
Tuesday, September 30, 2014
Monday, September 29, 2014
Tuesday, September 9, 2014
Getz Title Group post-payoff interest charges - Exciting news for FHA Borrowers
FHA Eliminates Post-Payoff Interest Charges
At the industry’s urging, the Federal Housing Administration (FHA) finalized a rule prohibiting lenders from charging consumers interest through the payoff date. The rule ends a long-standing requirement that lenders charge consumers interest for the whole month regardless of the date on which they paid off the mortgage. The new rule goes into effect January 21, 2015.
Under the new rule, lenders must accept a prepayment at any time and cannot charge post-payment interest. The monthly interest at the time of payoff must be calculated based on the actual unpaid principal balance of the mortgage as of the date the prepayment is received, and not as of the next installment due date. Conventional loans, as well as loans from the Veterans Administration’s Loan Guaranty Program and the U.S. Department of Agriculture’s Rural Housing Service loan program, do not have post-payment interest charges.
At the industry’s urging, the Federal Housing Administration (FHA) finalized a rule prohibiting lenders from charging consumers interest through the payoff date. The rule ends a long-standing requirement that lenders charge consumers interest for the whole month regardless of the date on which they paid off the mortgage. The new rule goes into effect January 21, 2015.
Under the new rule, lenders must accept a prepayment at any time and cannot charge post-payment interest. The monthly interest at the time of payoff must be calculated based on the actual unpaid principal balance of the mortgage as of the date the prepayment is received, and not as of the next installment due date. Conventional loans, as well as loans from the Veterans Administration’s Loan Guaranty Program and the U.S. Department of Agriculture’s Rural Housing Service loan program, do not have post-payment interest charges.
Thursday, August 28, 2014
Getz Title Group is testing its new community blog...
Getz Title Group is undergoing new marketing adventures. We are exploring all facets of social media. Getz Title Group wants our community to know about all of our settlement, title and escrow services.
Welcome to the Getz Community Blog
Getz Title Group and Getz Law Office want to warmly welcome you to our new community blog. We will be updating happenings with our community of Bel Air, Maryland. We welcome you to follow us on Facebook, Instagram and Twitter.
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