Once a paper copy of a document is scanned, the electronic copy may serve as the main record and the paper copy may be considered a duplicate. Legally, an electronic copy of a document can serve the same purpose as a hard copy, as long as the quality of the scanned copy is good enough to read and is a complete copy of the document. On its website, The United States Department of Labor explains that the Fair Labor Standards Act “requires no particular form for the records.” The Equal Employment Opportunity Commission and The Office of Federal Contract Compliance Programs both adopt the same policy. Federal law does not prefer paper over electronic copy. Individual documents are easier to separate and reorganize by retention schedule. This issue comes into play when scanning documents into one large file or as individual pages. State laws may add additional requirements regarding the retention of documents. According to federal law, retention schedules range from one to 30 years. HR files must be maintained pursuant to federal and state laws. Your team should consider records retention and scan quality.
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If so, thousands more loan pros will send your pieces to millions more consumers.Assemble a team of employees to review all files and documents in the human resources department to determine how to scan, store and organize these documents electronically. So step up with this level of detail and show the rest of the mainstream media how it’s done.
So to CNNMoney, I’ll just say I tire of writing pieces like this too, but this is the real information consumers must know to make decisions.
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So if you had a $400,000 loan at 0.8% points, you’d pay $3200 in points plus normal closing costs. To understand points, look at the July 5 points for the 30yr fixed: 0.8% x loan amount = fees on top of normal closing costs.
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Below is a table showing Freddie Mac PMMS rates and points (on single family home loans to $417,000) for the past 5 weeks. Many press reports (including today’s CNNMoney report) leave out this critical fact-it’s critical because rates with zero points are higher. – PMMS rates always include “points” to buy down the rates. Rates for rental properties and (some) second homes are higher.
– PMMS rates are for owner-occupied homes only. – PMMS rates are for borrowers with at least 20% equity in their homes. Rates for these other property types are higher. – PMMS rates are for single family homes, and exclude other property types like condos and duplexes.
– PMMS rates are on Conventional loans, and exclude FHA loans. Rates for these loan tiers above $417,000 are higher. Super-Conforming loans up to $625,500 are excluded. – PMMS rates are on Conforming loans up to $417,000. The only way to know is with a quote from your lender based specifically on you and your property. Maybe the market has held by the time the press covers it, maybe not. So Thursday PMMS rates are long expired before they ever hit the media. Mortgage rates are tied to mortgage bond trading, and as such, rates change all day everyday. – PMMS rates are for the week leading up to (and not including) Thursday. – PMMS rates are national averages based on survey responses from 125 lenders-Freddie Mac surveys 25 lenders in each of their 5 regions. 125% (or 12.5 basis points).Īnd while we’re at it, let’s cover some other critical points about rates that CNNMoney and most other financial media miss when reporting on Freddie Mac’s Primary Mortgage Market Survey (PMMS) every Thursday: Hardly a “smash” and not even enough to move consumer rates-because rates lenders offer to consumers move in increments of. Consumers make decisions with this information.įreddie Mac reported that 30yr fixed rates dropped from 3.66% to 3.62%. But CNNMoney should at least offer more facts once that kind of headline pulls in a reader.
I’ll chalk the headline up to editors needing to compete with BusinessInsider. I know journalists tire of writing about Freddie Mac’s rate survey every Thursday, but today’s “ Mortgage Rates Smash Old Record” piece on CNNMoney has a wildly overstated headline and lacks critical details rate consumers need.
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