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Equifax Breach:  Affects More Than Credit Score

The Equifax breach extends beyond credit scores and lending.  According to Consumer Reports, consumers must think beyond freezing credit. 

 

2016-2017 Year in Review

Average Sales Prices of a Single Family Home

 

Moving Expenses Can be Deductible

Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses.


In order to deduct moving expenses, your move must meet three requirements:

  1. The move must closely relate to the start of work.  Generally, you can consider moving expenses within one year of the date you start work at a new job location. Additional rules apply to this requirement.
  2. Your move must meet the distance test.  Your new main job location must be at least 50 miles farther from your old home than your previous job location. For example, if your old job was three miles from your old home, your new job must be at least 53 miles from your old home.
  3. You must meet the time test.  After the move, you must work full-time at your new job for at least 39 weeks in the first year. If you’re self-employed, you must meet this test and work full-time for a total of at least 78 weeks during the first two years at your new job site. If your income tax return is due before you’ve met this test, you can still deduct moving expenses if you expect to meet it.


See Publication 521, Moving Expenses, for more information about these rules. It’s available on IRS.gov/forms anytime.

CFPB Proposes Updates To “Know Before You Owe” Mortgage Disclosure Rule

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed updates to its Know Before You Owe mortgage disclosure rule. The proposed amendments are intended to formalize guidance in the rule, and provide greater clarity and certainty. The changes proposed today would augment implementation of the Know Before You Owe rule, which took effect last year, and help facilitate compliance within the mortgage industry.

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Why Women Make Better Business Leaders...

Are You Ready for Trending Credit Data?

Fannie Mae to Begin Requiring Trended Credit Data in June, With Rollout of DU 10.0

Monday, March 7, 2016 - 12:55

On Jan. 28, Fannie Mae announced more details about the greatest change to the mortgage credit reporting process since the adoption of the credit score, “trended credit data.” The plans for this change initially went public in October of 2015 when Fannie Mae’s CEO Timothy Mayopoulos addressed the audience at the Mortgage Bankers of America (MBA) Annual Convention in San Diego. In that address, trended credit data sounded like a minor change and it garnered little attention at the time or since by many in the mortgage industry. That, however, will soon change as trended credit data is a huge development for the industry and is going to vastly change underwriting decisions for many consumers when it goes into use on Monday, June 27, 2016.