1. What does the Federal Reserve System rate increase mean?

The increase raised the federal fund’s rate a quarter of a point. This is the first time it had changed in almost a decade. The Fed doesn’t have a huge effect on long-term fixed rates. With interest rates on the rise, the adjustable rate mortgages could also be getting higher. Right now would be a great time to refinance if you are in an ARM. With rates still being at an all-time low, you can lock in a low fixed rate. The 30-year fixed rate is about 4.0 percent, which is less than 1 percent higher than its record low. Don’t be alarmed even if rates increase slightly.


  1. Getting used to TILA/RESPA Integrated Disclosure (TRID) changes.

After months of anticipation, TRID is now in effect, and the mortgage industry is busy getting used to the new changes. Things are going smoothly, and we are getting the hang of it. Thirty-day closings are still a reality, which makes things easier. In addition, we have had great feedback on the new loan estimates. We have found that it’s easier for the borrower to read and follow. Not only that, but the borrowers can see all costs and exactly what they are paying for.


Overall it has been a learning curve, but we are excited about 2016 and expect another great year in the mortgage industry.


To contact Brandon Gerau, you can give him a call at 573-499-7327 or email him at brandon.gerau@landmarkbank.com.




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