In 2008, the Home Ownership and Equity Protection Act (HOEPA) and the Housing and Economic Recovery Act (HERA) were passed by Congress, and the Federal Reserve Board published the regulations under the Truth in Lending Act. These regulations were written to provide a more transparent, level and fair regulation of the real estate industry; to add additional steps to help prevent deceptive lending practices; and to protect consumers by making them more informed -and therefore more confident - in their home financing choices. In addition, Fannie Mae and Freddie Mac adopted the Home valuation Code of Conduct (HVCC) in 2008 to reinforce appraiser independence, valuation protections, and enhance the overall integrity of the valuation process by promoting the accuracy of appraisals by shielding appraisers from undue influence.
Ben obtained a loan from Bob and used his land as security. They signed an agreement allowing Ben to redeem the land by paying back the loan by 31/3/2012. Ben failed to pay by the deadline. The question is whether Ben can now redeem the land using a loan from a bank. The summary is that Ben can redeem the land, as the original agreement was intended as an equitable mortgage, giving Ben the ongoing right to redeem even after missing the repayment deadline.
Dol provided a loan to Ben and held the title document as security but later returned it at Ben's request. The question is whether Dol still has rights as a lien holder. The summary is that Dol lost his rights as an equitable lien holder
This document discusses Jual Janji transactions, which are a type of security transaction commonly practiced in the Malay Muslim community. It involves a borrower transferring land to a lender in exchange for a loan, with the promise that the land will be retransferred upon repayment of the loan. The document outlines the origins, characteristics, modus operandi, registration process, and judicial views on Jual Janji transactions. It examines different court opinions that have treated Jual Janji as either a contract, equitable mortgage, or customary transaction. The overall document provides an introduction and analysis of Jual Janji transactions under Malaysian law.
Land Law II notes - For Revision Purposes OnlyAzrin Hafiz
This document summarizes 11 land law cases related to jual janji (conditional sale) transactions and lien cases in Malaysia. It provides brief summaries of the facts and outcomes of each case. The cases cover topics such as whether a transaction constituted a jual janji or outright sale, the right to redeem land after the agreed repayment period has expired, and priority of claims when charges or liens on land are involved.
The document discusses Jual Janji, a Malay customary security transaction. It begins by outlining the objectives and introduction. It then explores the origins and literal meaning of Jual Janji, describing it as a contract where a borrower transfers land to a lender in exchange for a loan. The document outlines the characteristics and rationale of Jual Janji transactions. It examines judicial views, including recognizing Jual Janji as a security transaction or applying equitable mortgage principles. The document concludes by discussing Jual Janji in the context of the National Land Code and differing views on its application.
1. Jual janji is a traditional Malay practice where land is transferred to a lender as security for a loan, with the understanding that it will be returned to the borrower upon repayment.
2. Malaysian courts initially treated jual janji strictly as a sale, ignoring evidence it was intended as security. However, exceptions developed where time was not of the essence or the lender evaded repayment.
3. Recent cases and the National Land Code have recognized jual janji can operate as an equitable security transaction, balancing title rights with contractual obligations.
1. This is a promissory note between a borrower and lender for a loan of a principal amount at a fixed interest rate.
2. The borrower promises to make monthly payments of principal and interest on a set date each month to repay the loan. If the borrower does not repay the full amount by the maturity date, they will have to pay the remaining balance.
3. The note details what would happen if the borrower fails to make monthly payments, such as incurring late fees, and allows the lender to require full repayment of the loan if the borrower defaults.
Saud A.H. Khokhar has over 30 years of experience providing legal research, writing, and document preparation services under attorney supervision. He has expertise in areas such as real estate, foreclosure, bankruptcy, matrimonial law, immigration, and landlord/tenant law. Saud has also drafted appeals and legal filings in numerous representative court cases. He holds a Bachelor's degree from Pace University and certificates in internet technology and real estate. Saud is also a licensed real estate broker, mortgage broker, insurance broker, and notary public.
Ben obtained a loan from Bob and used his land as security. They signed an agreement allowing Ben to redeem the land by paying back the loan by 31/3/2012. Ben failed to pay by the deadline. The question is whether Ben can now redeem the land using a loan from a bank. The summary is that Ben can redeem the land, as the original agreement was intended as an equitable mortgage, giving Ben the ongoing right to redeem even after missing the repayment deadline.
Dol provided a loan to Ben and held the title document as security but later returned it at Ben's request. The question is whether Dol still has rights as a lien holder. The summary is that Dol lost his rights as an equitable lien holder
This document discusses Jual Janji transactions, which are a type of security transaction commonly practiced in the Malay Muslim community. It involves a borrower transferring land to a lender in exchange for a loan, with the promise that the land will be retransferred upon repayment of the loan. The document outlines the origins, characteristics, modus operandi, registration process, and judicial views on Jual Janji transactions. It examines different court opinions that have treated Jual Janji as either a contract, equitable mortgage, or customary transaction. The overall document provides an introduction and analysis of Jual Janji transactions under Malaysian law.
Land Law II notes - For Revision Purposes OnlyAzrin Hafiz
This document summarizes 11 land law cases related to jual janji (conditional sale) transactions and lien cases in Malaysia. It provides brief summaries of the facts and outcomes of each case. The cases cover topics such as whether a transaction constituted a jual janji or outright sale, the right to redeem land after the agreed repayment period has expired, and priority of claims when charges or liens on land are involved.
The document discusses Jual Janji, a Malay customary security transaction. It begins by outlining the objectives and introduction. It then explores the origins and literal meaning of Jual Janji, describing it as a contract where a borrower transfers land to a lender in exchange for a loan. The document outlines the characteristics and rationale of Jual Janji transactions. It examines judicial views, including recognizing Jual Janji as a security transaction or applying equitable mortgage principles. The document concludes by discussing Jual Janji in the context of the National Land Code and differing views on its application.
1. Jual janji is a traditional Malay practice where land is transferred to a lender as security for a loan, with the understanding that it will be returned to the borrower upon repayment.
2. Malaysian courts initially treated jual janji strictly as a sale, ignoring evidence it was intended as security. However, exceptions developed where time was not of the essence or the lender evaded repayment.
3. Recent cases and the National Land Code have recognized jual janji can operate as an equitable security transaction, balancing title rights with contractual obligations.
1. This is a promissory note between a borrower and lender for a loan of a principal amount at a fixed interest rate.
2. The borrower promises to make monthly payments of principal and interest on a set date each month to repay the loan. If the borrower does not repay the full amount by the maturity date, they will have to pay the remaining balance.
3. The note details what would happen if the borrower fails to make monthly payments, such as incurring late fees, and allows the lender to require full repayment of the loan if the borrower defaults.
Saud A.H. Khokhar has over 30 years of experience providing legal research, writing, and document preparation services under attorney supervision. He has expertise in areas such as real estate, foreclosure, bankruptcy, matrimonial law, immigration, and landlord/tenant law. Saud has also drafted appeals and legal filings in numerous representative court cases. He holds a Bachelor's degree from Pace University and certificates in internet technology and real estate. Saud is also a licensed real estate broker, mortgage broker, insurance broker, and notary public.
This document does not contain any substantive information to summarize. It appears to be a blank document with only the title "Snapshots of China" listed but no other text or details provided.
Jaroslav Vážný: The Hitch-Hacker’s Guide to Data Science KISK FF MU
The document discusses data science and machine learning. It introduces concepts like supervised and unsupervised learning, overfitting and underfitting models, and examples of machine learning algorithms like decision trees and support vector machines. It also provides references to online resources for learning data science tools and exploring open data sources.
The document discusses new mortgage regulations from the Housing and Economic Recovery Act that take effect on July 30, 2009. There are four key changes: 1) the earliest a home purchase can close is 7 days after the buyer receives initial disclosures from the lender, which may impact closing dates; 2) upfront fees cannot be collected until disclosures are received; 3) buyers must receive a copy of the appraisal 3 business days before closing; and 4) any increase over 0.125% to the Annual Percentage Rate requires a revised disclosure 3 business days before closing. The document provides tips to help expedite closings under the new regulations.
This document summarizes new federal regulations affecting the mortgage industry as of 2009. It outlines four key changes: 1) the Home Value Code of Conduct establishes appraiser independence; 2) the Housing & Economic Recovery Act requires earlier disclosures and limits last-minute changes; 3) the Home Ownership and Equity Protection Act covers high-cost loans; 4) the Real Estate Settlement Procedures Act changes disclosures and fees. Lenders must comply with these regulations, which eliminate rush closings and severely limit closing changes.
Judicial Foreclosure Process in Illinois Illinois State is o.docxtawnyataylor528
Judicial Foreclosure Process in Illinois
Illinois State is often referred to as the lien theory state where individuals are allowed to use their property as security to take up loans or for any underlying loans an individual has. Homeowners in the state are offered various forms of protection by the law especially during home foreclosure, and this is governed by Chapter 735, Sections 5/15-1501 through 5/15-1605 statute (Loftsgordon). The statute aims at protecting the homeowners, and, therefore, it is important that a homeowner ensures that they are not caught off guard in the event where they are at risk of losing a home to foreclosure. The need to have knowledge of these laws and fully understand the various forms of protection offered to them. For example, not many individuals know that the law requires that they are provided with housing counselling before the foreclosure process even starts.
Foreclosure process
First, it is very important to note that in this state, the foreclosure process is strictly judicial meaning that the lender has to file a suit with the court and the court is the one responsible for issuing a final decision on the foreclosure. The process of foreclosure in the states takes about 6-8 month before an individual completely loses their home. A foreclosure is an option for the borrower when the homeowner is unable to meet the repayment of the loan as they signed on the mortgage form as well as the promissory note. However, foreclosure is not guaranteed by the lack of repayment since there are procedures and processes of the law that dictates how foreclosure needs to be carried out as follows:
1. Grace period notice: If the homeowner who is the borrower fails to make repayment within 30 days or more the lender is required to send a notice to them. The notice is to inform them that they need to seek housing counsel. This could help them find ways of making the repayment or work out a deal with the lenders.
2. Beginning foreclosure: A lender is only allowed to file a lawsuit against the borrower if the loan repayment is 120 days past due. The borrower must then be served with a notice which is most often done by the sheriff informing them they have been sued and also the reasons why one has been sued. This document is called the foreclosure complaint, and it also has a summary of court summons that one is subject to and also a list of rights that one has during the entire foreclosure process (Sirota & Barrel). The court gives the borrower a period of 30 days to file a response with the court. It is important that one makes an appearance to court in the set dates since failure to appear to court make an individual lose the lawsuit by default, and that loses their property.
3. Judgement and sale: The judgment is made after the borrower is given an opportunity to reinstate their mortgage. The lender gets a judgment against the borrower, and the court sets a redemption period which lasts three months aft ...
The document compares the current and future state of regulations regarding mortgage loan disclosures and closing processes. Some key changes in the future state include expanding the scope of covered transactions, requiring a single Closing Disclosure form to replace the HUD-1 and TILA forms, more restrictions on fee increases at closing, additional triggers requiring revised initial disclosures, and changes to timing requirements for delivery of disclosures to the borrower. The future state aims to increase consumer protections and align regulations with the new TILA-RESPA integrated disclosures.
The document discusses the new Loan Estimate and Closing Disclosure forms that will replace current mortgage disclosure forms starting October 3, 2015 per new rules from the Consumer Financial Protection Bureau (CFPB). Key points include:
- The new forms aim to simplify and improve disclosures by combining several forms into two, using clear language, and highlighting important information like costs and payments.
- Lenders must provide borrowers the Loan Estimate within 3 days of application and the Closing Disclosure at least 3 days before closing.
- The changes apply to most closed-end mortgages but not all transactions. Closings typically will not require extra time but occasional delays are possible during the transition period.
This document provides information and warnings about short sale transactions. It defines a short sale as a real estate transaction where the sale proceeds are not sufficient to cover the outstanding mortgage debt. It warns that short payoff letters from lenders should be read carefully as they can include requirements like promissory notes, insurance refund assignments, prohibitions on paying other liens, and restrictions on reselling the property. The document also summarizes programs to help homeowners refinance or obtain loan modifications, including the Home Affordable Refinance and Modification programs.
This document provides an overview of a webinar presented by Stearns Lending on RESPA compliance for brokers. It discusses the changes to RESPA regulations over time and common errors seen in RESPA documentation. The webinar agenda covers GFE requirements, changed circumstances, pre-approvals, and common closing errors. Brokers are encouraged to use tools like the AutoGFE program and changed circumstance form to help ensure accurate RESPA documentation.
Understand the documents involved in home loanMarket Analyzer
When refinancing a mortgage, borrowers will review and sign several important documents prior to and at closing, including a Good Faith Estimate that outlines loan terms, escrow costs, and estimated closing costs, a mortgage loan application capturing financial details, and a Truth in Lending Disclosure statement detailing the loan amount, interest rate, and payment schedule. Reviewing these documents again helps refresh knowledge of the refinancing process and new loan terms.
Main Street Capital Short Sale Agreement (V1 8.11.08)Paul Clark
Main Street Capital Housing Corporation provides services to help homeowners avoid foreclosure through alternatives like loan modifications, short sales, forbearance agreements, and deed-in-lieu of foreclosure. They require homeowners to submit documentation like financial statements, bank statements, tax returns, and a real estate listing agreement to review the homeowner's eligibility for these options and begin negotiations with lenders. The review process takes 30-45 days and foreclosure proceedings continue until an agreement is reached.
The document discusses new regulations under RESPA and the Good Faith Estimate (GFE) that aim to help borrowers shop for loans and protect them from unexpected fees. Key points include:
1) Lenders must provide a GFE within 3 days of receiving a loan application that gives fixed estimates for settlement costs.
2) The new GFE and HUD-1 form have improved tolerances to hold lenders accountable, with most fees unable to increase at closing.
3) Additional protections for borrowers were added through the Housing and Economic Recovery Act (HERA) around loan disclosures and timing of closings.
Understanding the CFPB's New Lending StandardsDavid Rocheford
The Consumer Financial Protection Bureau (CFPB) was created in 2011 to regulate consumer financial products and protect consumers. It is responsible for creating and enforcing new rules regarding mortgages under the Dodd-Frank Act. Two key rules are the Ability-to-Repay (ATR) rule, which requires lenders to ensure borrowers can afford their loans, and the Qualified Mortgage (QM) rule, which provides legal protections to lenders originating certain loans. The CFPB also introduced new Loan Estimate and Closing Disclosure forms to replace previous disclosures and implemented new timing and content requirements.
The document discusses the closing process for buying a home. It describes the steps from accepting a purchase agreement through closing escrow. Key steps include identifying the title and escrow companies, obtaining inspections and loan approval, signing documents, depositing funds, and recording documents to officially transfer ownership. When escrow closes, the buyer receives the keys to their new home.
Mortgage originated from the Latin words "MORTUUS" meaning death and "GAGE" meaning pledge. A mortgage is a loan used to purchase a property, with the property serving as collateral. If the loan is not repaid, the lender can foreclose on the property. There are several types of mortgages including simple, English, reverse, and usufructuary mortgages. Key mortgage terms include adjustable-rate mortgages where interest rates fluctuate, short sales where the property is sold for less than owed, and closing costs which are fees paid at the completion of the real estate transaction.
This document does not contain any substantive information to summarize. It appears to be a blank document with only the title "Snapshots of China" listed but no other text or details provided.
Jaroslav Vážný: The Hitch-Hacker’s Guide to Data Science KISK FF MU
The document discusses data science and machine learning. It introduces concepts like supervised and unsupervised learning, overfitting and underfitting models, and examples of machine learning algorithms like decision trees and support vector machines. It also provides references to online resources for learning data science tools and exploring open data sources.
The document discusses new mortgage regulations from the Housing and Economic Recovery Act that take effect on July 30, 2009. There are four key changes: 1) the earliest a home purchase can close is 7 days after the buyer receives initial disclosures from the lender, which may impact closing dates; 2) upfront fees cannot be collected until disclosures are received; 3) buyers must receive a copy of the appraisal 3 business days before closing; and 4) any increase over 0.125% to the Annual Percentage Rate requires a revised disclosure 3 business days before closing. The document provides tips to help expedite closings under the new regulations.
This document summarizes new federal regulations affecting the mortgage industry as of 2009. It outlines four key changes: 1) the Home Value Code of Conduct establishes appraiser independence; 2) the Housing & Economic Recovery Act requires earlier disclosures and limits last-minute changes; 3) the Home Ownership and Equity Protection Act covers high-cost loans; 4) the Real Estate Settlement Procedures Act changes disclosures and fees. Lenders must comply with these regulations, which eliminate rush closings and severely limit closing changes.
Judicial Foreclosure Process in Illinois Illinois State is o.docxtawnyataylor528
Judicial Foreclosure Process in Illinois
Illinois State is often referred to as the lien theory state where individuals are allowed to use their property as security to take up loans or for any underlying loans an individual has. Homeowners in the state are offered various forms of protection by the law especially during home foreclosure, and this is governed by Chapter 735, Sections 5/15-1501 through 5/15-1605 statute (Loftsgordon). The statute aims at protecting the homeowners, and, therefore, it is important that a homeowner ensures that they are not caught off guard in the event where they are at risk of losing a home to foreclosure. The need to have knowledge of these laws and fully understand the various forms of protection offered to them. For example, not many individuals know that the law requires that they are provided with housing counselling before the foreclosure process even starts.
Foreclosure process
First, it is very important to note that in this state, the foreclosure process is strictly judicial meaning that the lender has to file a suit with the court and the court is the one responsible for issuing a final decision on the foreclosure. The process of foreclosure in the states takes about 6-8 month before an individual completely loses their home. A foreclosure is an option for the borrower when the homeowner is unable to meet the repayment of the loan as they signed on the mortgage form as well as the promissory note. However, foreclosure is not guaranteed by the lack of repayment since there are procedures and processes of the law that dictates how foreclosure needs to be carried out as follows:
1. Grace period notice: If the homeowner who is the borrower fails to make repayment within 30 days or more the lender is required to send a notice to them. The notice is to inform them that they need to seek housing counsel. This could help them find ways of making the repayment or work out a deal with the lenders.
2. Beginning foreclosure: A lender is only allowed to file a lawsuit against the borrower if the loan repayment is 120 days past due. The borrower must then be served with a notice which is most often done by the sheriff informing them they have been sued and also the reasons why one has been sued. This document is called the foreclosure complaint, and it also has a summary of court summons that one is subject to and also a list of rights that one has during the entire foreclosure process (Sirota & Barrel). The court gives the borrower a period of 30 days to file a response with the court. It is important that one makes an appearance to court in the set dates since failure to appear to court make an individual lose the lawsuit by default, and that loses their property.
3. Judgement and sale: The judgment is made after the borrower is given an opportunity to reinstate their mortgage. The lender gets a judgment against the borrower, and the court sets a redemption period which lasts three months aft ...
The document compares the current and future state of regulations regarding mortgage loan disclosures and closing processes. Some key changes in the future state include expanding the scope of covered transactions, requiring a single Closing Disclosure form to replace the HUD-1 and TILA forms, more restrictions on fee increases at closing, additional triggers requiring revised initial disclosures, and changes to timing requirements for delivery of disclosures to the borrower. The future state aims to increase consumer protections and align regulations with the new TILA-RESPA integrated disclosures.
The document discusses the new Loan Estimate and Closing Disclosure forms that will replace current mortgage disclosure forms starting October 3, 2015 per new rules from the Consumer Financial Protection Bureau (CFPB). Key points include:
- The new forms aim to simplify and improve disclosures by combining several forms into two, using clear language, and highlighting important information like costs and payments.
- Lenders must provide borrowers the Loan Estimate within 3 days of application and the Closing Disclosure at least 3 days before closing.
- The changes apply to most closed-end mortgages but not all transactions. Closings typically will not require extra time but occasional delays are possible during the transition period.
This document provides information and warnings about short sale transactions. It defines a short sale as a real estate transaction where the sale proceeds are not sufficient to cover the outstanding mortgage debt. It warns that short payoff letters from lenders should be read carefully as they can include requirements like promissory notes, insurance refund assignments, prohibitions on paying other liens, and restrictions on reselling the property. The document also summarizes programs to help homeowners refinance or obtain loan modifications, including the Home Affordable Refinance and Modification programs.
This document provides an overview of a webinar presented by Stearns Lending on RESPA compliance for brokers. It discusses the changes to RESPA regulations over time and common errors seen in RESPA documentation. The webinar agenda covers GFE requirements, changed circumstances, pre-approvals, and common closing errors. Brokers are encouraged to use tools like the AutoGFE program and changed circumstance form to help ensure accurate RESPA documentation.
Understand the documents involved in home loanMarket Analyzer
When refinancing a mortgage, borrowers will review and sign several important documents prior to and at closing, including a Good Faith Estimate that outlines loan terms, escrow costs, and estimated closing costs, a mortgage loan application capturing financial details, and a Truth in Lending Disclosure statement detailing the loan amount, interest rate, and payment schedule. Reviewing these documents again helps refresh knowledge of the refinancing process and new loan terms.
Main Street Capital Short Sale Agreement (V1 8.11.08)Paul Clark
Main Street Capital Housing Corporation provides services to help homeowners avoid foreclosure through alternatives like loan modifications, short sales, forbearance agreements, and deed-in-lieu of foreclosure. They require homeowners to submit documentation like financial statements, bank statements, tax returns, and a real estate listing agreement to review the homeowner's eligibility for these options and begin negotiations with lenders. The review process takes 30-45 days and foreclosure proceedings continue until an agreement is reached.
The document discusses new regulations under RESPA and the Good Faith Estimate (GFE) that aim to help borrowers shop for loans and protect them from unexpected fees. Key points include:
1) Lenders must provide a GFE within 3 days of receiving a loan application that gives fixed estimates for settlement costs.
2) The new GFE and HUD-1 form have improved tolerances to hold lenders accountable, with most fees unable to increase at closing.
3) Additional protections for borrowers were added through the Housing and Economic Recovery Act (HERA) around loan disclosures and timing of closings.
Understanding the CFPB's New Lending StandardsDavid Rocheford
The Consumer Financial Protection Bureau (CFPB) was created in 2011 to regulate consumer financial products and protect consumers. It is responsible for creating and enforcing new rules regarding mortgages under the Dodd-Frank Act. Two key rules are the Ability-to-Repay (ATR) rule, which requires lenders to ensure borrowers can afford their loans, and the Qualified Mortgage (QM) rule, which provides legal protections to lenders originating certain loans. The CFPB also introduced new Loan Estimate and Closing Disclosure forms to replace previous disclosures and implemented new timing and content requirements.
The document discusses the closing process for buying a home. It describes the steps from accepting a purchase agreement through closing escrow. Key steps include identifying the title and escrow companies, obtaining inspections and loan approval, signing documents, depositing funds, and recording documents to officially transfer ownership. When escrow closes, the buyer receives the keys to their new home.
Mortgage originated from the Latin words "MORTUUS" meaning death and "GAGE" meaning pledge. A mortgage is a loan used to purchase a property, with the property serving as collateral. If the loan is not repaid, the lender can foreclose on the property. There are several types of mortgages including simple, English, reverse, and usufructuary mortgages. Key mortgage terms include adjustable-rate mortgages where interest rates fluctuate, short sales where the property is sold for less than owed, and closing costs which are fees paid at the completion of the real estate transaction.
This document provides information about the foreclosure process, homeowner options to avoid foreclosure like loan modifications and short sales, and the benefits and process of pursuing a short sale. It outlines the typical short sale timeline of 45-90 days and the documentation required for a short sale package. It also summarizes programs like HAMP and HAFA that provide guidelines and incentives for loan modifications and short sales. Special protections for active military members in foreclosure are mentioned as well.
New changes to Truth in Lending and Good Faith Estimates and How it effects Real Estate Closings brought to you by Rob Alley of Keller Williams Charlottesville and Mike Platt of Prospect Mortgage.
This document discusses changes to the mortgage disclosure rules under TILA and RESPA known as the TILA/RESPA Integrated Disclosure rule. It summarizes three key changes:
1. Title companies acting as settlement agents must be approved by the lender in advance and follow ALTA best practices. The lender prepares the Closing Disclosure and needs fees 10 days prior to closing.
2. There are new requirements for delivering the Closing Disclosure to the borrower, including delivering electronically with a time stamp, printing and signing in person, or mailing with a receipt. This affects timing for loan consummation.
3. Changes to the loan terms or fees within three days
As Interest Rates Rise, So Do Mortgage Foreclosuresrmiller1
The document discusses mortgage foreclosures. It explains that a mortgage is a security interest in a property that secures a debt, and if the debt is not paid, the lender can foreclose on the mortgage through a legal process to recover the property or the balance of the debt. The foreclosure process involves filing a legal case, notifying all interested parties, obtaining a judgment if the debt is not paid, setting a sale date for the property, and conducting a public auction. The lender is not guaranteed to regain the property, as it must bid at least the judgment amount and someone could outbid them.
The document summarizes the foreclosure process. It begins with a notice of default being recorded with the county recorder if the homeowner misses payments. Then a notice of trustee sale is filed after 90 days if the default is not cured. The property is then auctioned and sold to the highest bidder, or reverted to the lender. A short sale is presented as an alternative that can avoid foreclosure and is beneficial to all parties involved. The document promotes services to help homeowners in default or facing foreclosure.
The document summarizes the foreclosure process. It begins with a notice of default being recorded with the county recorder if the homeowner misses payments. Then a notice of trustee sale is filed after 90 days if the default is not cured. The property is then auctioned and sold to the highest bidder, usually resulting in the property becoming bank owned. The document also discusses options like a short sale to avoid foreclosure.
Similar to HERA and HVCC - background information (20)
Residential Price Trends Feeding into Cherry Creek High School 2010Tom Cryer
The document provides sales data for properties in the Cherry Creek High School neighborhood of Denver from 2007 to 2010, including average home prices, number of properties sold, and annual price and property changes. Specific property addresses, sale dates, and prices are listed from July 13, 2007 to August 28, 2007. The data shows average home prices peaked in 2007 then declined slightly in 2008 and 2009 before falling further in 2010.
1. Foreclosures have declined for almost three years after peaking in 2008. However, short sales continue to be common as lenders work with borrowers. The short sale cycle may continue for 2-5 more years before a normal market trend returns.
2. The ratio of home listings to sales indicates the market may drift into oversupply in the second half of 2010 if current trends continue, potentially leading to more foreclosures and short sales.
3. While average home prices have increased in the first half of 2010, particularly for higher-end homes, prices have actually declined in many individual areas. Average prices should only be used as a general guide, not to assess specific markets or properties.
The document is a newsletter from a real estate broker providing updates about the local real estate market, including that the market is recovering from the housing crisis but at lower price levels. It profiles two homes for sale, lists local business services, highlights the community of Foxfield, and shares family news and green living tips. The broker thanks readers and requests referrals.
This document is a newsletter from Tom Cryer, a real estate broker. It provides updates on local real estate market trends and properties, community events in Highlands Ranch, CO, and personal family news. It encourages readers to share recommendations for local services and discuss Father's Day traditions. Links are included to further information on the benefits of home ownership and recent economic and real estate market data.
A Three Year Sales History for Foxfield, Colorado 80016Tom Cryer
This document provides home sales data for the Town of Foxfield, Colorado for the past 3 years. In year 3 (2007-2008), there were 7 home sales with an average price of $534,429. In year 2 (2008-2009), there were also 7 home sales with an average price of $504,643, a 5.6% decrease in average price. In year 1 (2009-2010), there were 6 home sales with an average price of $521,482, a 3.3% increase in average price but a 14.3% decrease in the number of properties sold. The document then provides details of each home sale for those three years by address, sale date, and sale price.
AVERAGE PRICE AND TRANSACTION COUNT FOR HIGHLANDS RANCH COLORADO 2010Tom Cryer
The document attached offers a look in on the average price trend and transaction count numbers for Highlands Ranch, Colorado for the last three years as of 05-2010.
During the war years President Franklin Delano Roosevelt once said that a nation of homeowners is unconquerable. Margaret Thatcher, with a mantra that homeowners become responsible citizens, privatized and moved 1.7 million families from public housing into private ownership. President Bill Clinton has stated his belief that homeownership and decent housing are an essential part of the American Dream and wanted to make the dream of homeownership a reality for all Americans. President George W. Bush has said ownership has the power to transform people. Thus, the promotion of homeownership has been an integral part of President Bush’s vision of an “ownership society.” Even in the earliest days of civilization, before the collection and touting of statistical data, Aristotle had argued that ownership promotes virtue and responsibility.
This document contains a string of numbers without any other context or information provided. It is unclear what the numbers represent or what they are referring to based on the limited information given.
This document provides monthly real estate statistics from January 2008 to October 2010 for single family homes, condominiums, income properties, land, and totals. The statistics include numbers of active listings, average list prices, properties under contract, properties sold, average days on market, and average and median sale prices. Overall, the data shows fluctuations in real estate listing and sale activity from year to year during this period.
Weekly Economic Financial Commentary March 26, 2010Tom Cryer
Public policy dominated this week, with the passage of health-care reform and confirmation the social security system would run into deficit this year contributing to disappointing Treasury auctions and higher bond yields.
The document discusses the Federal Home Buyer Tax Credit and encourages readers to take advantage of it before it expires. It provides details on tax credits of up to $8,000 for first-time buyers and $6,500 for repeat buyers. It notes that contracts must be in effect by April 30th and close by June 30th, 2010 to qualify. It also mentions that housing affordability is high and interest rates are low, making it a good time to buy or sell a home.
This document provides home sales data for Cherry Hills Village, Colorado for the years 2007 to 2010. It shows the average home price and number of properties sold each year. In year 3 (2007-2008), the average price was $2.16 million and 89 properties sold. In year 2 (2008-2009), the average price fell 19.6% to $1.73 million and the number of properties sold declined 7.9% to 82. Year 1 (2009-2010) saw a 3.5% rise in average price to $1.80 million and a 19.5% drop in properties sold to 66. The document also lists specific home sales from 2007.
The document summarizes average residential home prices in the Denver metro area from 1974 to 2009. It shows that prices steadily increased over this period, rising from around $35,000 in 1974 to over $240,000 in 2009. It also includes a graph depicting the sharp rise in prices from the 1990s onwards for all areas as well as the suburbs of Denver (DSE) and southeast suburbs (SSE). Additional data lists total housing listings and sales each year to gauge market activity.
- The document is an economic outlook report from Wells Fargo for 2010 that discusses challenges and opportunities facing the US and global economies in the coming year.
- It states that while the recession may be over, 2010 will still be difficult with risks remaining. The economy has been thrown off course and is still unstable.
- The report identifies three main problems: 1) how to stabilize the economy with policy tools, 2) determining the new economic course and growth pace, and 3) how goals of growth, inflation, jobs, and the dollar have changed.
- The outlook predicts subpar 2.2% growth in 2010 with contributions from rising consumer spending, business investment, housing, and federal spending but high
A COMPREHENSIVE ANALYSIS OF $1M+ TRANSACTIONS IN THE DENVER METRO AREA AS OF ...Tom Cryer
This document provides home sales data for single family homes over $1 million in the Denver metro area from 2006 to 2009. It shows that the average home price was highest in 2006 at $1,650,467 but declined each subsequent year to $1,560,588 in 2009. The number of homes sold also declined each year, dropping by over 40% from 2008 to 2009. Specific home sale listings from 2006 are provided with details like address, sale date, and sale price.
University Hills Denver, CO Real Estate ReportTom Cryer
This document appears to be a real estate listing report for homes in University Hills, Denver, Colorado. It includes over 50 listings of homes for sale with details like address, number of beds and baths, price, square footage, price per square foot, and number of days on market. It also provides averages for the listings as well as charts of recent sales in the area with details of the sale. The report is addressed to Tom Cryer and appears to be information on current real estate listings and sales to help him in his work as a real estate agent.
2009 Us Corporate Relocation Benchmarking SurveyTom Cryer
2009 U.S. Corporate Relocation Benchmarking Survey
This pulse survey on relocation assistance provided to employees relocated within the U.S. is based on data collected in April 2009. Of the 816 member organizations invited to participate in the online survey, 182 responded—a 22 percent response rate. Data pertains to employees relocated domestically within the U.S.
University of Denver Community Residential Real Estate TrendsTom Cryer
This document provides home sale data for a Denver neighborhood over three years from 2006-2009. It shows that average home prices increased slightly from 2006-2007 but then declined by over 7% from 2007-2009, while the number of home sales also declined each year. It then lists over 500 individual home sales with dates, addresses, and sale prices from 2006-2007.
University of Denver Community Residential Real Estate Trends
HERA and HVCC - background information
1. PRIVATE MORTGAGE BANKING
How the New Government Regulations
May Impact Your Closing Dates
The mortgage industry is certainly undergoing many changes to help provide
homebuyers better information when it comes to financing a home. We're providing this
document to help you understand some of the new regulations and investor requirements
that are taking effect - especially those that impact timelines. Wells Fargo Home Mortgage
is dedicated to working with our industry colleagues to help ensure these changes do not
detract from an outstanding experience for our mutual customers.
HERA and HVCC - background information
In 2008, the Home Ownership and Equity Protection Act (HOEPA) and the Housing and Economic Recovery Act (HERA)were
passed by Congress, and the Federal Reserve Board published the regulations under theTruth in Lending Act.These regulations
were written to provide a more transparent, level and fair regulation of the real estate industry; to add additional steps to help
prevent deceptive lending practices; and to protect consumers by making them more informed -and therefore more confident -
in their home financing choices. In addition, Fannie Mae and Freddie Mac adopted the Homevaluation Code of Conduct (HVCC) in
2008 to reinforce appraiser independence, valuation protections, and enhance the overall integrity of the valuation process.
Promotes the accuracy of appraisals by shielding appraisers from undue influence,
Effective and ensuring that borrowers have sufficient notice of appraisal content by requiring
May 1,2009 HVCC: that borrowers receive a copy of their appraisal reports no less than three days prior
to the closing of their loan absent a borrower waiver of this requirement.
Amends theTruth in Lending Act (TIL), implemented through Regulation Z. Has a
E,%ctlve number of provisions including the Mortgage Disclosure Improvement Act, which
July.30,200!? - -
p - ~ ' r ? r! : changes theTruth in Lending Act requirements surrounding early and final
disclosures to homebuyers and addresses the timing of when fees can be charged.
2. Four key elements you need to know
n If the homebuyer is financing t h e property, these new regulatory and
investor guidelines will impact -a n d could even dictate -the closing date.
Historically, homebuyers and sellers would agree on a closing date, and then service
providers - including lenders -would work as best they could toward meeting that
date. Going forward, purchase contracts can still be written with a specific closing
date in mind, but all parties need to take into account that the earliest any home
purchase transaction can close is 7 business davs after the homebuyer is issued his
or her initial mortgage disclosures from the lender. If the application is taken by
phone -and everything went perfectly, the earliest closing date would be 7
business days after application. (Note: At Wells Fargo Home Mortgage, Saturdays,
with the exception of federal holidays, do count as a business day for the purpose of
disclosures only.)
F=
Upfront fees cannot b e collected b y the lender (except for a credit report
fee) until t h e initial disclosures are received. I f t h e disclosures are overnighted,
they are considered "received" the next business day - allowing t h e fees t o b e Go to page 3 to see how these
collected o n t h e following business day.
elements play out in a calendar.
Historically, upfront fees could be collected immediately. Starting July 30,2009,
upfront fees can be collected immediately when the application is taken in person
and the homebuyer receives his or her initial disclosures.The only exception is the
credit report fee which can be collected at application.
The homebuyer must b e provided w i t h a copy o f his or her appraisal a
minimum o f 3 business days prior t o closing.
To help expedite the process, Wells Fargo Home Mortgage has elected to have a
copy of the appraisal issued directly t o the homebuyer - and the homebuyer must
receive the appraisal at least 3 business days prior to the mortgage closing.This
means the homebuyer may receive his or her appraisal before or simultaneous to
the lender receiving their copy. If the homebuyer believes the 3-business-day
required review period is not necessary for whatever reason, he or she has the right
to waive that requirement.
R An increase of more than .I 25% in t h e Annual Percentage Rate (APR)
f r o m t h e initial Truth in Lending Disclosure (TIL) requires theTIL disclosure t o
b e revised and reissued t o t h e homebuyer.The homebuyer must receive a
revised TIL disclosure a t least 3 business days before closing, providing the Unlocked rate
homebuyer w i t h t h e time required t o determine if t h e homebuyer is
Change in loan amount
comfortable w i t h his or her loan choice. If mailed, theTIL disclosure is
considered "received 3 business days after mailing. Product change
A more typical contract date may be 30-45 days -or possibly longer (such as with a Rate re-lock due t o market
new construction loan). Considering that many things occur and may be changed or improvement
finalized throughout the course of the transaction, there are a number of things that Change in closing date
can impact the homebuyer's APR.Therefore it is critical on the front end to ensure
Changes to fees, inclusive
that estimated fees are as accurate as possible.
of settlement agent fees
3. The new mortgage process and timeline
Perhaps the easiest way to Other assumptions i n the illustration below:
understand the new process and The homebuyer applies on the first of the month.
timelines required by these The application is taken over the phone.
regulations for a primary residence
The homebuyer locks in the interest rate at least 10 business days prior to the
or second home purchase
desired close date of July 30.
transaction is with a calendar. Since
most transactions are not "rush"
A home equity loan was not added to the transaction (doing so would require the
same disclosure timelines to start for the home equity loan).
deals - but rather close in a 30-60
day timeframe, the calendar below The estimated fees increased the APR more than .I 25% requiring a re-disclosure
illustrates a desired 30-day close. It is of theTIL which Wells Fargo Home Mortgage calls the PreClosingTIL. (The revised
wise to plan for at least a 30-day APR was final.)
close. The appraisal was ordered and came in at or above value, and the homebuyer
received his or her copy at least 3 business days prior to the desired close date of
July 30.
The homebuyer signs and closes on July 30 (the last day of the required final
disclosure review period).
If the application is taken in person (instead of a phone application in the example below), then we may be ready to close up
t o 4 business days sooner because the initial disclosures are issued and the upfront fees can be collected at application.
Note: Saturdays are considered a business day only for the purposes ofdisclosures, unless they are a Federalholiday.
June 30 July 3 3 4
Homebuyerfinalizes Homebuyer makes phone Federal holiday
contract of sale on a application with WFHM
residential property
lnitial disclosures Day 2
Wh initial aclosures Initial discosures printed
Day
and overnightedto WFHM
5 6 7 8 9 10
Initial disclosures Day 3 Initial disclosures Day 4 Initial disclosures Day 5 Initial disclosures Day 6 lnitial disclosures Day 7
Overnight mail recieved by Earliest date lo close if
customer
A.
i .. collcci ~rpirorit - LII~IPSS
iees appraisal is riot required.
, applitatio~i5 taken i~;
ihc !a
.!
person
- --
Assumedesiredclosedate is Appraisal must becompleted
July 30: and mailedtothe homebuyer
7 business days prior
Ideally rate locked at least
10 business days priorto PreClostngTlLmust be TILMall Day 1
PreClos~ng PreCloslngIILMall Day 2
close malled
APR is final
Appraisal Minimum Day 1 . .., isal Minimum Day 2 AppraisalMinimum Day 3
PreClosingTlLMail Day 3; PreclosingTI1Homebuyer PreClosingTIL Homebuyer PreClosingTI1Homebuyer
PreClosingTlL received ~~~i~~ D~~ 1 Review Day 2
4. Working together to ensure timely closings - everyone plays a key role
Obtain a credit-checked Set realistic expectations Help homebuyers Make sure any third party
preapproval before you start upfront and throughout the understand timelines and fees that impact the A R are
P
to shop for a home. transaction with the listing anything that can impact accurate - understanding
(Applying in person may help agent, the seller and the their closing date. It is wise to any change to fees that
expedite the process.) homebuyer in regards to encourage homebuyers, impact the A R could lead to
P
- potential impacts with your
Review the timeline and
potential closing dates. It
is wise to plan for at least a
REALTORS', and Builders to
plan for at least a 30-day
a required re-disclosure of
theTIL (if they collectively
30-dav close. close. increase the A R more than
P
Private Mortgage Banker so
you can keep your REALTORB
or Builder informed. It is wise
- with your settlement agents
Discuss these new provisions Take applications and help
homebuyers understand
.125%).The re-disclosure
requires the homebuyer
be given an additional 3-
to plan for at least a 30-day immediatelyto avoid their product options.
business-day review period
close. unnecessary delays down prior to closing, after receipt.
Issue homebuyers their initial
the road. It is critical that any
In the initial disclosure disclosures, Work proactively on
third party fees that impact
packet you receive, the providing a preliminary HUD
the A R are accurate because
P Collect fees. (Note: unless the
impacts of the new
any change of fees that initial disclosures are handed with accurate fees to lenders
regulations and investor
increases the A R more than
P to the homebuyer the same at least 10 business days
requirements are outlined.
.125% will require the lender day as you take his or her before closing.This will
Make sure to pose any
to re-disclose theTIL - application, fees cannot be enable lenders to issue the
questions to your Private
allowing 7 business days collected until 4 business TIL 7 business days prior to
Mortgage Banker. the scheduled closing date.
before the transaction can days after the homebuyer
Know that these new close.This allows 3 business has been issued his or her This allows 3 business days
regulations and investor days for mailing and provides initial TIL). for mailing and provides the
requirements are in place to the homebuyers with the homebuyers with the time
Ensure the loan is locked at
ensure you have time to time required to determine if least businessdays prior required to determine if they
consider your loan choice are with to the desiredclose date. are comfortable with their
and feel confident to move their loan choice. loan choice.
forward. If the A R increases more
P
Providethe settlement agent
than .125% then the lender
Review the appraisal delivery information to the lender as
must re-disclose theTlL 7
disclosure and determine early in the process as
business days before the
whether or not you wish to possible.
transaction can close.This
waive the 3-business-day
Make sure the homebuyers allows 3 business days for
review period prior to
understand that their mailing and provides the
closing.
interest rate impacts their homebuyers with the time
Understand that the interest APR and that until that rate is required to determine if they
rate on your loan impacts the locked (which is at their are comfortable with their
APR.This means that until discretion), the initial TIL will loan choice.
you lock in your rate, an not be accurate, so a
exact A R cannot be
P PreclosingTIL disclosure will
determined. Minimally plan likely be needed.
on locking at least 10
business days prior to the
date you wish to close.
Understand that a change in
mortgage product could
impact your APR and
therefore your estimated
closing date.
:s cobock finthe rste and %as as S O O ~
Understand that changes in
fees by third parties such as
your settlement agent could
also impact your closing
date.
REALTOR is a registered mark of the NATIONAL ASSOCIATION of REALTORS*.
Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home
Mortgage is a division of Wells Fargo Bank, N.A. O 2009 Wells Fargo Bank, N.A.AII rights reserved.
S 105175 6/09 ;I{LU
5. Frequently asked questions
1 How d o these new requirements impact applications
. 7. Can t h e credit report fees b e collected at t h e time o f
taken prior t o their effective dates? applications?
For HVCC, applications with an identified property prior to Yes.The credit report fee is the only fee that can be collected
May 1,2009 are not impacted. at application.
For HERA, applications with an identified property prior to
July 30,2009 are not impacted. 8. When a phone application is taken, can a post-dated
check, credit card or other payment information be
collected and held until upfront fee payment is allowed?
2. D o the timing requirements for t h e issuance o f the
initial disclosure and re-disclosure, and fee collection No. Fees or payment information can not be collected prior to
apply t o investment properties? the allowed upfront fee collection date which is the next
business day after the initial disclosures are received. If this is
No.These requirements only apply to primary residence and
an in-person application, issuance of disclosures and
second home transactions.
collection of upfront fees may happen on the same day.
3. The final TIL must b e received 3 business days prior t o
9. Can fees b e collected a t an in-person application?
closing. Is that 3 full days?
Remember, we must allow 3 business days for mailing, then During an in-person application, fees may be collected after
the homebuyer is provided his or her initial disclosures (TIL)
the homebuyers have the 3-business-day review period
and required signatures are received.
required to determine if they are comfortable with their loan
choice. Closing can occur on the third business day after
receipt. 10. How d o you know if the initial APR has t o b e
re-disclosed?
4. What if t h e homebuyer adds a home equity loan o r line An APR increase of more than .I 25% from the initial TIL
o f credit after the initial application? How are disclosures requires the lender to update and re-issue - and the
impacted? homebuyer to receive - the new and final A R via theTruth
P
Home equity loan:The initial disclosure period starts over in Lending (TIL) disclosure (referred to by Wells Fargo Home
and all disclosures must be issued for the home equity loan. Mortgage as the PreclosingTIL) a minimum of 3 business days
Home equity line o f credit:There is no impact. prior t o the close date. If the change is less than .I 25%, then
no re-disclosure is required.
5. What if t h e homebuyer is delayed in paying his or her
11. For t h e purpose o f these new disclosure timelines,
upfront fees?
what is considered a business day? Which holidays will n o t
If the upfront fees are not provided by the homebuyer in a b e included as business days?
timely manner, this will likely impact the lender's ability to
order certain vendor services (e.g., the appraisal) and move At Wells Fargo Home Mortgage, all weekdays and Saturdays
forward with processing the loan until the upfront fees are are considered a business day unless it is a Federal holiday.
received.This could affect our ability to provide the best level Federal holidays include: New Year's Day, Memorial Day,
of service and to meet the desired closing date. Independence Day, Labor Day, Veteran's Day, Thanksgiving
Day, and Christmas Day.
6. Can last minutelrush deals still be accommodated?
12. Let's say there are t w o homebuyers applying for a
The new regulations and investor guidelines definitely loan, however, only one is present at t h e in-person
redefine"rush.IfThe minimum number of days to close a application. In this scenario, would t h e Private Mortgage
transaction is 7 business days after application (or 7 business Banker b e allowed t o collect upfront fees a t t h e time o f
days after the initial disclosures are issued). Remember,
application from the homebuyer who is present?
however, this would be a best-case scenario. If the A RP
increases by more than .125%, a PreclosingTIL will be Fees cannot be collected until both parties have received the
required and will add an additional 7 business days to the initial disclosures. If the in-person applicant is provided with
timing.This allows 3 business days for mailing and provides two copies at application, receipt of disclosures by the second
the homebuyers with the time required to determine if they party will need to be verified prior to collecting fees.
are comfortable with their loan choice. It is wise to plan on a
minimum of 30 days t o close.
6. 13. How does t h e new fee collection regulation impact
Builder Best* and Builder Best Expanded Options loans?
Builder Best locks allow for rate locks prior to fee collection. If
the disclosures are overnighted, they are considered
"receivednthe next business day, allowing the fees to be
collected the following business day. Remember the Private
Mortgage Banker is required to collect the Builder Best
feeldeposit within 35 days of the lock period.
14. Fees may n o t b e collected from t h e homebuyer until
t h e next business day after t h e initial disclosures are
received (unless a n in-person application was taken).
Can seller-paid fees b e collected before that time?
For example, it is common in some areas that t h e seller
pays the appraisal fee.
No, the homebuyer on the application must have received the
initial disclosures before the seller can pay the appraisal fee
on their behalf.
15. Can theTIL re-disclosure b e sent within the
7-business-day period from when t h e initial disclosures
are issued?
Yes, the required re-disclosure of the PreclosingTIL can be
sent within the first 7-business-day period.
16. Can t h e loan b e locked a t the time o f application i f fees
have n o t been collected yet?
Yes.
17. Do these regulations and investor requirements only
impact purchase transactions o r are refinances subject t o
these same guidelines?
Both purchase and refinance transactions are impacted.
18. Is t h e 3-business-day right o f rescission still in effect?
Yes, the right of rescission is still in effect for refinance
transactions.The loan can close 7 business days after anyTlL
re-disclosureis issued, then the right-of-rescission period
begins. The loan can fund after the rescission period expires.