Letter to the editor: Occupancy limitations for rental properties
We explain the rules landlords need to follow when deciding the number of occupants in their rental properties.
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Tag: HUD
A Broker’s Use of the Fair Housing Poster
Covers: The Fair Housing Poster; Failure to follow HUD guidelines; Defense against a fair housing lawsuit.
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Kickbacks: the end of an opulent era
This article reports recent case law involving settlement service providers accused of violating RESPA laws that prohibit the unlawful practice of paying kickbacks to real estate brokers for client referrals.
Read MoreThough FHA ‘Short-Refi’ applications increase, program still a failure
‘Short-Refi Program’ application numbers are rising as lenders sign up to participate, the Federal Housing Administration (FHA) reported last week. The Department of Housing and Urban Development (HUD) received 387...
Read MoreLenders delay submission of binding GFE by delaying mortgage preapproval
Lenders are hesitant to issue loan pre-approvals as a result of stricter Good Faith Estimate (GFE) regulations issued in January 2010 by the Department of Housing and Urban Development (HUD). A pre-approval provides lenders and...
Read MoreRefinancing is not always prudent
During this period of prolonged artificially low interest rates, 80% of loan applications submitted nationwide are for a refinance. This financial adjustment may be a prudent decision for the well-informed homeowner who has an...
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October 2010 RCDs
A digest of recent court cases affecting real estate.
Read MoreThe good faith estimate is designed for shopping around
Within three days after a homebuyer’s loan application is first submitted to a mortgage lender, the lender must prepare and hand the homebuyer an accurate Good Faith Estimate (GFE) of closing costs. The estimates are required by...
Read More10% off HUD foreclosed homes for non-users
Effective immediately, the Federal Housing Administration (FHA) has implemented yet another program to market foreclosed homes, this one called the Neighborhood Stabilization Program (NSP). NSP will sell Department of Housing...
Read MoreFHA Reform Act Passed in House of Representatives
FHA Reform Act Passed On Thursday, June 10, the United States House of Representatives passed the Fair Housing Administration (FHA) Reform Act. Upon further(almost certain) approval by the Senate, the FHA will be permitted to...
Read MoreWhen it comes to fees: charge only one and disclose it to your client
Additional fees charged by real estate agents separate from their basic contingency fee were the subject of a recent letter to industry lawyers from the federal Department of Housing and Urban Development (HUD). The HUD letter...
Read MoreFebruary 2010 RCD
A digest of recent court cases affecting real estate.
Read MoreFebruary Forms
Get your buyer the best financial advantage – Submit multiple loan applications and compare
Read MoreHUD’s new GFE
An updated version of the Real Estate Settlement Procedures Act (RESPA) Good Faith Estimate (GFE) and Settlement Statement (HUD-1) was released by the Department of Housing and Urban Development (HUD) for use in 2010. RESPA...
Read MoreFHA’s lack of reserves could burden future homebuyers and refinancers
The Federal Housing Administration’s (FHA’s) insurance fund does not contain the minimum reserve mandated by Congress. The FHA, which now insures over 35% of California home loan originations, is desperate to find ways to pump...
Read MoreImpending trouble for FHA-insured loans?
The Federal Housing Administration (FHA), part of the Department of Housing and Urban Development (HUD), maintains reserves at a minimum of 2% on the total loans it insures. To bolster the housing market by replacing...
Read MoreAn ABC fee by any other name
The federal district court ruling in Busby v. JRHBW Realty, Inc. (RealtySouth) held admin, processing, and ABC fees in violation of RESPA 8(b), i.e., HUD’s “no-new-service, no-second-fee” regulation. The ABC fee challenged in...
Read MoreLender, escrow and referral fees
This chapter analyzes redundant charges imposed on buyers and sellers for the basic services necessarily rendered by lenders, escrow companies and title insurance companies to earn the primary fee they charge. The hidden costs...
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The FHA-insured home loan
With the growing popularity of Federal Housing Administration (FHA)-insured financing, this article timely presents the requirements of the single-family mortgage insurance program administered by the Department of Housing and Urban Development (HUD) and the FHA.
Read MoreA housing crisis and the government walk into a bar…
Local taxpayer money is about to be spent keeping the well-being (read: property values) of many California communities from falling prey to vacant, repossessed homes. Menlo Park is one such community considering doing something...
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