Question: How do you guarantee borrowers will not default on their loans?
Answer: Don’t loan them money! Is this where we’re going?
It seems that government regulators have decided that the activities of real estate practitioners have contributed to the economic downturn. Many changes to the industry can be expected as a result. Read the rest of this entry »
I may have helped this become a reality
Of my many complaints about adverse changes in the real estate industry, my number one complaint has been buyers being forced by banks to use No Name Escrow companies. These (bank (REO) chosen) escrow companies were often far away, usually in S. California and they provided terrible service and delayed escrows. So, I was shocked and angered when CAR, our Realtor organization, issued a “red alert” opposing bill AB 957, which gives the buyer the right to choose escrow. I couldn’t believe it. Read the rest of this entry »
On July 30, 2009, a new law is being implemented by loan regulators, which has increased disclosure requirements for lenders. It is called the Mortgage Disclosure Improvement Act. (MDIA) The intent of this bill is to tighten up lender disclosures (from application to closing), so there will be no surprises while signing the closing loan documents. While the goals of this rule seem laudable, it may have some unforeseen consequences. Read the rest of this entry »
For as long as I’ve been in the real estate business (23 years), conventional mortgage loans were seen as the best (purchase) financing available, by sellers and listing agents for predictability and odds to close. Government loans (FHA / VA) were view as slower, more cumbersome, and costly to the seller, as compared to conventional loans. Could this have suddenly changed? Read the rest of this entry »
The following was sent out by Marc Savitt, President – National Association of Mortgage Brokers (NAMB):
To: All Mortgage Brokers, Real Estate Agents, Appraisers, Lenders, Home Builders, Title Agents, and Consumers
From: Marc Savitt, President- National Association of Mortgage Brokers
After more than a year of exhaustive negotiations with Fannie Mae, Freddie Mac, James Lockhart, Director of FHFA (GSE Regulator), and NY Attorney General Andrew Cuomo, NAMB believes the time has come for your individual voice to be heard. Read the rest of this entry »
Tuesday, June 9, 2009 | 2 comments
It has been a little over a month since the HVCC has been in effect at the mortgage banks and the real estate industry is starting to see the implications of this new law. No longer can the mortgage broker or direct lender chose the appraiser for conventional financing. Read the rest of this entry »
