the wasserblawg

Ray Cohen of Revere Mortgage sent out the alert this morning. Starting July 1, every mortgage closed and recorded in Cook County must carry a "certificate of exemption" or a "certificate of compliance" for the State's new mandatory mortgage counseling program. Counseling will be required for ALL loans where all the borrowers are deemed "first time home buyers" (anyone who has not owned a home in the past three years); and All refinancers, who are taking a loan that include prepayment penalties, interest only payments, negative amortizations interest rates that adjust in 3 years or less, OR where fees, YSP and points exceed 5%. Ray goes on to note that jumbo adjustable rate loan for lenders with pre payment penalties are currently 2% cheaper than those without penalties. Thus as a practical matter all Jumbo adjustable buyers will need to submit to this (massive waste of time and money). The program will cost $300 and will only be offered betwe