Happy Thanksgiving everyone :)

Homes & Money Newsletter

Homes & Money Newsletter (4th Quarter 2013) (8.5x11)

RMC Magazine - November 2013

YOU Magazine - November 2013

RMC Supports Medical Practitioners

Once again, our very own Aaron Anvaripour and Pooyan Fard head out to Pasadena to lend free consultation to medical practitioners. RMC believes in giving back to professionals who take good care of us. Anvaripour and Fard are senior loan officers who are extensively knowledgeable on FHA, conventional, refinance, reverse, jumbo, cash-out, and VA loans.

For a free consultation with either Anvaripour or Fard, please PM us a number to reach you or call 310-318-8999.

October Yelp Reviews

Check out our October Yelp reviews! Thank you so much Andy, Michele, and Nick for the kind words :) It was a pleasure working with you!
RMC Yelp Reviews
http://www.yelp.com/biz/redondo-mortgage-center-redondo-beach

RMC is QM, ATR Ready

Qualified Mortgage (QM) is the Consumer Financial Protection Bureau’s (CFPB) Ability-to-Repay rule designed to protect consumers from availing of mortgage that they cannot retain or eventually pay off. This is put in place for stability in the mortgage market, avoiding the financial crash the U.S. underwent in 2008.

In a nutshell, the ATR strives to ensure qualification for borrowers, fees and points are not excessively charged, debt-to-income (DTI) ratios are capped, higher qualification rates on adjustable rate mortgage (ARM) loans, elimination of interest-only programs, and that loan terms no longer extend to 40 years.

At Redondo Mortgage Center, these checks and balances have long been in place and implemented. RMC’s internal quality control calls for the issuance of a Good Faith Estimate (GFE) which discloses points, fees, and other closing charges to show borrowers that they are not being excessively charged as the ATR stipulates. Prior to releasing a pre-approval, RMC is required to underwrite files that rigorously checks the borrower’s credit, income, collateral and all other factors ATR is enumerating that needs to be verified. This does not only ensure that the borrower can legitimately shop for a home, but that he or she is qualified to avail of financing. In the South Bay, pre-approvals from RMC are widely honored with confidence by real estate agents. Being in the industry for nearly 25 years is indicative of RMC integrity.

RMC believes in giving all those qualified, the opportunity to avail of a home. If it is found that a borrower is not ready to purchase a property, RMC will not recommend getting into a home loan. But instead, its officers guide prospects through the preparation so they may be ready for the homebuying process. Only at the appropriate time and with the right qualifications will RMC facilitate the financing process.

While there is quite a buzz about the stringent guidelines of QM, rest assured, RMC has already been long facilitating transactions under strict, internal quality control. And while others may find it quite an adjustment, we at RMC have already mastered our compliance, allowing no downtime in closing loans.

For reference and a guide to QM and ATR please click on the link: http://www.consumerfinance.gov/blog/qualified-mortgages-explained/