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Friday, July 31, 2009
Thursday, July 16, 2009
Housing and Economic Recovery Act
The mortgage industry is certainly undergoing many changes to help provide homebuyers better information when it comes to financing a home. New government regulations may impact your closing dates. The following information will help you to understand some of the new regulations and investor requirements that are taking effect—especially those that impact timelines.
There are four key elements that you will need to know:
1. If the homebuyer is financing the property, these new regulatory and investor guidelines will impact—and 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 days after the homebuyer is issued his or her initial mortgage disclosures from the lender.
2. Upfront fees cannot be collected by the lender (except for a credit report fee) until the initial disclosures are received. If the disclosures are overnighted, they are considered “received” the next business day—(excluding Saturdays) allowing the fees to be collected on the following business day. Historically, upfront fees could be collected immediately at the time of application for both in person and phone applications. Moving forward, the homebuyer must receive his or her initial disclosures before upfront fees can be collected. The only exception is the credit report fee which can be collect at application.
3. The homebuyer must be provided with a copy of his or her appraisal a minimum of 3 business days prior to closing. This means that 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 period is not necessary for whatever reason, he or she has the right to waive that requirement.
4. An increase of more than .125% in the Annual percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) requires the TIL disclosure to be revised and reissued to the homebuyer. The homebuyer must receive a revised TIL disclosure at least 3 business days before closing, providing the homebuyer with the time required to determine if the homebuyer is comfortable with his or her loan choice. If mailed, The TIL disclosure is considered “received” 3 business days after mailing. A more typical contract date may be 30-45 days—or possibly longer (such as with a new construction loan).
Considering that many things occur and may be changed or finalized throughout the course of the transaction, there are a number of things that can impact the homebuyer’s APR. Therefore it is critical on the front end to ensure that estimated fees are as accurate as possible. It is essential to work together to ensure timely closings—everyone plays a key role. Set realistic expectations upfront and throughout the transaction with the listing agent, the seller and the homebuyer in regards to potential closing dates. It is wise to plan for at least a 30-day close.
There are four key elements that you will need to know:
1. If the homebuyer is financing the property, these new regulatory and investor guidelines will impact—and 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 days after the homebuyer is issued his or her initial mortgage disclosures from the lender.
2. Upfront fees cannot be collected by the lender (except for a credit report fee) until the initial disclosures are received. If the disclosures are overnighted, they are considered “received” the next business day—(excluding Saturdays) allowing the fees to be collected on the following business day. Historically, upfront fees could be collected immediately at the time of application for both in person and phone applications. Moving forward, the homebuyer must receive his or her initial disclosures before upfront fees can be collected. The only exception is the credit report fee which can be collect at application.
3. The homebuyer must be provided with a copy of his or her appraisal a minimum of 3 business days prior to closing. This means that 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 period is not necessary for whatever reason, he or she has the right to waive that requirement.
4. An increase of more than .125% in the Annual percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) requires the TIL disclosure to be revised and reissued to the homebuyer. The homebuyer must receive a revised TIL disclosure at least 3 business days before closing, providing the homebuyer with the time required to determine if the homebuyer is comfortable with his or her loan choice. If mailed, The TIL disclosure is considered “received” 3 business days after mailing. A more typical contract date may be 30-45 days—or possibly longer (such as with a new construction loan).
Considering that many things occur and may be changed or finalized throughout the course of the transaction, there are a number of things that can impact the homebuyer’s APR. Therefore it is critical on the front end to ensure that estimated fees are as accurate as possible. It is essential to work together to ensure timely closings—everyone plays a key role. Set realistic expectations upfront and throughout the transaction with the listing agent, the seller and the homebuyer in regards to potential closing dates. It is wise to plan for at least a 30-day close.
Monday, July 13, 2009
Guidelines For Appraising Distressed Properties
Using foreclosed and distressed sales as comparables with appraisals on single-family homes without adequately reflecting the differences in the condition of the respective properties is needlessly driving down home values, according to the National Association of Home Builders (NAHB).
“Any home buyer can recognize the difference between a well-kept home and a distressed property that is damaged or not properly maintained. So it only makes sense that an appraiser should be required to consider the overall condition of a property and the specific factors related to a foreclosure or distressed property sale when selecting and adjusting the value of comparables,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.
Appraisers are often only required to conduct exterior inspections of properties that are being used as comparables because they are normally unable to enter these homes and examine their interiors. Too often, properties that have been subject to foreclosure or distressed sales have issues related to deferred maintenance or internal damage that an external inspection simply cannot reveal.
“While most appraisers do a fine job, there needs to be proper regulatory guidelines for those who use distressed or foreclosed properties as comparables when determining home values,” said Robson. “It is essential that appraisers have the proper experience and guidance to accurately assess values in distressed markets.”
In neighborhoods where comps include a large number of short sales or foreclosures, appraisers should have the option of expanding the geographic area or extending the time frame for eligible sales to get a more representative basket of the value of homes sold in the area, Robson added.
Currently, improper or insufficient adjustments to the comparable values of foreclosed and/or distressed homes often results in the undervaluation of new sales transactions.
This practice must be corrected because it contributes to the continuing downward spiral in home prices, forestalling the economic recovery,” said Robson. - NAHB
“Any home buyer can recognize the difference between a well-kept home and a distressed property that is damaged or not properly maintained. So it only makes sense that an appraiser should be required to consider the overall condition of a property and the specific factors related to a foreclosure or distressed property sale when selecting and adjusting the value of comparables,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.
Appraisers are often only required to conduct exterior inspections of properties that are being used as comparables because they are normally unable to enter these homes and examine their interiors. Too often, properties that have been subject to foreclosure or distressed sales have issues related to deferred maintenance or internal damage that an external inspection simply cannot reveal.
“While most appraisers do a fine job, there needs to be proper regulatory guidelines for those who use distressed or foreclosed properties as comparables when determining home values,” said Robson. “It is essential that appraisers have the proper experience and guidance to accurately assess values in distressed markets.”
In neighborhoods where comps include a large number of short sales or foreclosures, appraisers should have the option of expanding the geographic area or extending the time frame for eligible sales to get a more representative basket of the value of homes sold in the area, Robson added.
Currently, improper or insufficient adjustments to the comparable values of foreclosed and/or distressed homes often results in the undervaluation of new sales transactions.
This practice must be corrected because it contributes to the continuing downward spiral in home prices, forestalling the economic recovery,” said Robson. - NAHB
Tuesday, July 7, 2009
St. George, Utah Down Payment Assistance Program
Introduction
This Program is established to provide eligible homebuyers with a recoverable no-interest loan for down payment/closing costs. Funding for this program is from a HUD Grant and sponsored by the City of St. George. The Five County Association of Governments, a voluntary association of local governments from the five southwestern counties of the State of Utah, has partnered with the city to administer this loan.
What Is It?
The City Of St. George Down Payment Assistance Program is a federally funded program with a goal to assist eligible buyers with down payment and or/ or loan closing costs by providing up to $10,000 in the form of a non-interest bearing loan payable due when the home is sold or refinanced. The Program is open to owner-occupied housing units within St. George city limits. The maximum home price allowed is $281,537 for detached home and $177,510 for attached townhome/condo.
How Do I Qualify For Assistance?
You must be a first time home buyer (have not owned a home in the past three years.
You must meet household income limits. Have a gross annual income which does not exceed 80% of median income adjusted for a household size. (Income verification will be matched with your prior year income tax return and current paystub for final determination of eligibility.)
The loan will only be available for owner-occupied housing units within St. George City limits, and the home must be the only home owned by the applicants.
You must be at least 18 years of age and a U.S. citizen or a resident, FCAOG will need to make a copy of your Drivers License or Identification Card and your Social Security Card.
This Program is established to provide eligible homebuyers with a recoverable no-interest loan for down payment/closing costs. Funding for this program is from a HUD Grant and sponsored by the City of St. George. The Five County Association of Governments, a voluntary association of local governments from the five southwestern counties of the State of Utah, has partnered with the city to administer this loan.
What Is It?
The City Of St. George Down Payment Assistance Program is a federally funded program with a goal to assist eligible buyers with down payment and or/ or loan closing costs by providing up to $10,000 in the form of a non-interest bearing loan payable due when the home is sold or refinanced. The Program is open to owner-occupied housing units within St. George city limits. The maximum home price allowed is $281,537 for detached home and $177,510 for attached townhome/condo.
How Do I Qualify For Assistance?
You must be a first time home buyer (have not owned a home in the past three years.
You must meet household income limits. Have a gross annual income which does not exceed 80% of median income adjusted for a household size. (Income verification will be matched with your prior year income tax return and current paystub for final determination of eligibility.)
The loan will only be available for owner-occupied housing units within St. George City limits, and the home must be the only home owned by the applicants.
You must be at least 18 years of age and a U.S. citizen or a resident, FCAOG will need to make a copy of your Drivers License or Identification Card and your Social Security Card.
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