http://www.thinktrecco.com/blog/rss/feedsWe can help you close on your first home, your refinance transaction, as well as commercial and investment properties.Sat, 04 Apr 2026 18:41:11 -0700http://www.thinktrecco.com/blog/post/red-flagssample-phishing-emailshttp://www.thinktrecco.com/blog/post/red-flagssample-phishing-emailsFriends, Security is always top of mind in our industry. We remain vigilant and do as much as possible to mitigate risks, but nevertheless, risk remains. We have posted some red flags/what to look for as well as sample phishing emails. Feel free to print these and retain as reference material. Some of these scams are sophisticated and difficult to spot. Please take a moment to view the screen shots below. Education and recognizing suspicious communications is everyone's responsibility. Wed, 21 Mar 2018 12:40:00 -0700http://www.thinktrecco.com/blog/post/a-50state-look-at-complaints-about-student-loanshttp://www.thinktrecco.com/blog/post/a-50state-look-at-complaints-about-student-loansBy Seth Frotman Over the past five years, student loan borrowers across the country have turned to us to submit complaints about the struggles they face when repaying their student loans. We have handled more than 50,000 student loan related complaints describing servicing breakdowns, debt collection hurdles, and “debt relief.” These complaints help us to recognize and work to stop industry practices that harm consumers and can serve as the first step in a process that halted industry practices harming some of the most vulnerable individuals, saved hundreds of millions of dollars for tens of thousands of student loan borrowers, and strengthened aspects of the student loan repayment process to protect millions of consumers. Student loan borrowers collectively owe more than $1.4 trillion in student loan debt. We’ve released a state-by-state snapshot showing how this debt is spread across the country. It also breaks down the complaints we handled from student loan borrowers in every state. If you are experiencing problems related to student loans or debt collection you can submit a complaint online or call (855) 411-CFPB (2372). We also have tips to help student loan borrowers navigate problems with their student loans. If you are having problems paying your student loans, visit our Repay Student Debt tool. This interactive resource offers a step-by-step guide to show borrowers their repayment options, especially when facing default. Seth Frotman is the CFPB’s Student Loan Ombudsman. To learn more about our work for students and young consumers, visit consumerfinance.gov/students.Wed, 08 Nov 2017 11:44:00 -0700http://www.thinktrecco.com/blog/post/top-10-ways-to-protect-your-personal-information-from-being-misusedhttp://www.thinktrecco.com/blog/post/top-10-ways-to-protect-your-personal-information-from-being-misused1. Review your credit report. You are entitled to a free credit report every 12 months from each of the three major consumer reporting companies (Equifax, Experian and TransUnion). You can request a copy from AnnualCreditReport.com . 2. Consider a security freeze. A security freeze or credit freeze on your credit report restricts access to your credit file. Creditors typically won’t offer you credit if they can’t access your credit reporting file, so a freeze prevents you and others from opening new accounts in your name. In almost all states, a freeze lasts until you remove it. In some states, it expires after seven years. 3. Set up a fraud alert. Fraud alerts require that a financial institution verifies your identity before opening a new account, issuing an additional card, or increasing the credit limit on an existing account. A fraud alert won’t prevent lenders from opening new accounts in your name, but it will require that the lenders take additional identification verification steps to make sure that you’re making the request. An initial fraud alert only lasts for 90 days, so you may want to watch for when to renew it. You can also set up an extended alert for identity theft victims, which is good for seven years. 4. Read your credit card and bank statements carefully. Look closely for charges you did not make. Even a small charge can be a danger sign. Thieves sometimes will take a small amount from your checking account and then return to take much more if the small debit goes unnoticed. 5. Don’t ignore bills from people you don’t know. A bill on an account you don’t recognize may be an indication that someone else has opened an account in your name. Contact the creditor to find out. 6. Shred any documents with personal or sensitive information. Be sure to keep hard copies of financial information in a safe place and be sure to shred them before getting rid of them. 7. Change your passwords for all of your financial accounts and consider changing the passwords for your other accounts as well. Be sure to create strong passwords and do not use the same password for all accounts. Don’t use information such as addresses and birthdays in your passwords. For more tips on how to create strong passwords read more on the Federal Trade Commission’s (FTC) blog . 8. File your taxes as soon as you can. A scammer can use your Social Security number to get a tax refund. You can try to prevent a scammer from using your tax information to file and steal your tax refund by making sure you file before they do. Be sure not to ignore any official letters from the IRS and reply as soon as possible. The IRS will contact you by mail; don’t provide any information or account numbers in response to calls or emails. 9. Active duty servicemembers are eligible for additional protections, and should also monitor their credit carefully. Learn more about what you can do if you’re currently serving at home or abroad. 10. If you are the parent or guardian of a minor and you think your child’s information has been compromised, here are some steps from the FTC you can take to protect their information from fraudulent use. If you think you or your child’s identity has already been stolen you can follow checklists and additional steps provided by the FTC to begin recovering from a case of identity theft.Mon, 30 Oct 2017 12:58:00 -0700http://www.thinktrecco.com/blog/post/attitudes-are-contagioushttp://www.thinktrecco.com/blog/post/attitudes-are-contagiousit’s up to you to determine if yours is worth catching.” -Peyton ManningTue, 24 Oct 2017 12:59:00 -0700http://www.thinktrecco.com/blog/post/mortgage-bankers-open-to-rewrite-of-homeowner-tax-breakshttp://www.thinktrecco.com/blog/post/mortgage-bankers-open-to-rewrite-of-homeowner-tax-breaksThe Mortgage Bankers Association said it is open to a rewrite of homeowner tax breaks as part of a broader reform package, adding to the political momentum in support of a mortgage tax credit. The MBA position comes days after the National Association of Home Builders broke ranks with the real estate industry to endorse changes to the mortgage interest deduction, a tax break that for decades has been considered untouchable. "The mortgage interest deduction is important, but if there are other alternatives, we are open to them," MBA President David Stevens told POLITICO. "In isolation, we would fight against modification to the mortgage interest deduction very hard," Stevens said. But in the context of broader reform, "we want to remain open-minded and involved in those proposals. If there’s a trade-off that gets you ultimately to the same outcome, we’re open to it." In a letter to House and Senate leaders, Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn, the MBA said a White House tax framework released last month gives policymakers "a tangible opportunity to pursue alternative homeownership tax incentives — and perhaps target those benefits more efficiently to low- to moderate-income borrowers." That reform outline would raise the standard tax deduction, making the mortgage interest deduction less valuable to low- and moderate-income homeowners. Fewer of those homeowners would have an incentive to itemize their returns, and more benefits of the tax break would flow to higher-income households. With mortgage bankers and builders splitting off, the National Association of Realtors is the last big trade group fully committed to defending the $70 billion mortgage interest deduction. The group has 1.2 million members and the country's biggest political action committee, funneling nearly $4 million to candidates this election cycle.Tue, 17 Oct 2017 13:00:00 -0700http://www.thinktrecco.com/blog/post/mortgage-applications-increase-in-latest-mba-weekly-surveyhttp://www.thinktrecco.com/blog/post/mortgage-applications-increase-in-latest-mba-weekly-surveyWASHINGTON, D.C. (October 18, 2017) - Mortgage applications increased 3.6 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending October 13, 2017. This week's results included an adjustment for the Columbus Day holiday. The refinance share of mortgage activity decreased to 48.6 percent of total applications from 49.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.1 percent of total applications. The FHA share of total applications increased to 10.4 percent from 10.3 percent the week prior. The VA share of total applications decreased to 10.5 percent from 10.6 percent the week prior. The USDA share of total applications increased to 0.8 percent from 0.7 percent the week prior. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.14 percent from 4.16 percent, with points remaining unchanged at 0.44 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.13 percent from 4.11 percent, with points increasing to 0.32 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 4.00 percent from the week prior, with points increasing to 0.37 from 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate remained unchanged from last week. The average contract interest rate for 15-year fixed-rate mortgages increased to 3.45 percent from 3.44 percent, with points increasing to 0.43 from 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. The average contract interest rate for 5/1 ARMs decreased to 3.31 percent from 3.33 percent, with points decreasing to 0.40 from 0.43 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.Tue, 17 Oct 2017 12:59:00 -0700http://www.thinktrecco.com/blog/post/dodd-frank-reform-effort-grinds-on-slowlyhttp://www.thinktrecco.com/blog/post/dodd-frank-reform-effort-grinds-on-slowlyOn the campaign trail, President Donald Trump promised to dismantle the Obama-era rules on the banking and mortgage industry. As late as this April, Trump spoke of “a major elimination” of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This wasn’t entirely hyperbole. In June, House Republicans passed a sweeping regulatory reform bill, the Financial CHOICE Act, that called for tossing out sections of the Dodd-Frank Act and establish a new regulatory framework. The banking and mortgage industry generally supported the bill, even if few lobbyists gave it much chance of gaining traction. The CHOICE Act received no support from Democrats, who deemed it the “Wrong Choice Act.” The bill hasn’t advanced. While another big overhaul bill hasn't emerged, the Trump administration appears committed to significantly unwinding many of the rules imposed on banks and Wall Street after the recession. Earlier this month, the U.S. Treasury published its second major report on Dodd-Frank, this time making a number of recommendations to loosen rules on Wall Street. This followed a June report on the banking regulations, which recommended restructuring the Consumer Financial Protection Bureau, among other changes to Dodd-Frank. Regulatory reform, however, likely won’t come in the form of a headline grabbing bill, but through a slow, multiyear grind, according to Washington insiders. In Congress, the bills will likely be bipartisan, narrowly defined measures that clean up sections of Dodd-Frank that haven’t worked well, and unintentionally harmed consumers. Trump regulators also are likely to initiate other changes through formal rulemaking. Last week’s markup in the House Financial Services Committee may provide a window into the plodding the future of regulatory reform. Last week, the House committee — the same Republican-controlled panel that produced the Financial CHOICE Act — moved forward several bills supported by the banking and mortgage industry. The first was H.R. 2148, a bill with nearly unanimous bipartisan support, that would clarify a post-financial crisis regulation on banks that provide so-call high volatility commercial real estate loans. The bill aims to more precisely define what are basically construction and land-acquisition loans for commercial developments. The loans are given a significantly higher risk weighting than regular commercial loans, requiring banks to hold more capital when holding these loans in portfolio. The bill also included some changes that may make it easier for banks to seek an exemption. Banks also will have an off-ramp from the higher capital standard as the loan matures, or is converted into permanent financing. The House committee also passed H.R. 2954, which would exempt residential lenders who have originated fewer than 500 closed-end mortgage loans in each of the two preceding calendar years from the data collection and reporting mandated by the Home Mortgage Disclosure Act (HMDA), according to a Mortgage Bankers Association analysis. That threshold is currently at 25 loans. During an interview last week, Bob Davis, a senior vice president with the American Bankers Association, said he expects regulators to take a lead in crafting regulatory reforms next year as more Trump officials are appointed to key positions. He said it won’t be a quick process, however. “The Dodd-Frank rules were years in the making,” Davis told Scotsman Guide News. “The unwinding of some of this, and the peeling back of some of the layers of the onion, are going to be years in process as well.”Mon, 16 Oct 2017 13:01:00 -0700