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Lenders must give good faith
estimates of mortgage loan costs within three business days after a consumer
applies for a loan under Truth in Lending (TILA) disclosure requirements (Reg.
Z) revised by the Federal Reserve Board. The new requirements apply to loan
applications filed on or after July 30. REALTORS® will want to learn the basics
of these new rules so they can advise clients on the new procedures, which are
complex and expected to be a challenge for lenders.
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At
a press conference at the State House last month, MAR
President Gary Rogers of RE/MAX First Realty in Waltham, joined Governor Patrick, Lt. Governor
Murray and MassHousing Chairman Dirrane to announce
Masshousing’s new loan program that allows first-time home
buyers to “monetize” the $8,000 Federal homebuyer tax credit
for down payments and closing costs.
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A July 10 lender bulletin from Freddie Mac says appraisers
"must be familiar with the local market," select
"appropriate comparable sales," and certify them as "most
similar" to the property in question.
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On August 17th the Boston City
Council Committee on Government Operations will hold a
public hearing to discuss Docket #0968 “Ordinance Regulating
Zoning Code Compliance sponsored by Councilors Michael Ross
(8th District-Back Bay, Beacon Hill, ay, Kenmore,
Mission Hill, West End, Allston) and Maureen Feeney (3rd
District-Dorchester, Harbor Islands).
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The Boston Fire Department (BFD) recently responded to
concerns raised by the Greater Boston Real Estate Board
regarding the wait time for fire inspections. The BFD has
updated its policy in the hopes of better facilitating its
interaction with REALTORS® and avoid future delays with
respect to smoke and carbon monoxide detector inspections.
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The
2010 nomination process for GBAR leadership is now open and
is perfect for members looking to take a more active role in
the association. The deadline to apply for local, state and
national director seats and the offices of GBAR president-elect, vice-president,
treasurer and a director, is August 31. Information on the
deadlines and the open positions is available in the 2010 GBAR Nomination Packet. Read More |
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The Federal Housing Administration (FHA) has
issued a mortgagee letter that clarifies that FHA will
finance loans for condo units in projects of fewer than 4
units AND will be reducing the presale/occupancy requirement
from 51 percent to 50 percent. The clarification came out of
a May meeting held between Representative Barney Frank and
the Greater Boston Real Estate Board. The changes will go
into effect on October 1, 2009.
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