RESPA Reform

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If you are considering buying property on Hilton Head this year, and with interest rates and prices low, you’d be nearly crazy not to, I’d like to offer some tips so you will be prepared. Consider talking to your lender before you find that property. You’ll feel comfortable with your price range and know for [...]

Remember when you wanted to leverage a piece of property and you would call the bank and say, “Hi, this is Bill Brannon. I am a nice guy, work hard and make good money. I want to borrow “x” dollars to buy this house/condo/lot”.  The banker would say “Fine Bill, come on down. We can [...]

On Sunday, November 15, 2009, while attending the National Association of REALTORS Conference, I attended a seminar conducted by Washington, DC Attorney, Phillip Schulman. His talk was entitled “New GFE/HUD-1 You Really Need to Know This Stuff.”
At first I thought I would just stop in and listen for a few minutes, pick up the handout [...]

New RESPA Reform Good Faith Estimate (GFE)
Changes should help buyers avoid surprise charges at closing, have the ability to shop for the best loan, and ultimately feel more comfortable with their decision.  The new GFE is required on any mortgage application taken on or after January 1, 2010 with a property identified.  Additionally, settlement agents or attorneys [...]

Home Valuation Code of Conduct (HVCC) – took effect in May 2009 to ensure that borrowers have sufficient notice of appraisal content and to promote the accuracy of appraisals by shielding appraisers from undue influence.
Housing and Economic Recovery Act (HERA) Mortgage Disclosure Improvement Act – took effect in July 2009 to protect borrowers by making [...]