BPOs and the Thorough Inspection The bank listing agreement may call for the broker/agent to give opinions of value (BPOs). A BPO is an in-depth analysis of a property’s value. Think of it as a mini-appraisal. To do one properly, the broker/agent needs to thoroughly investigate the property’s condition. Some might suggest even more thoroughly… CONTINUE
New Licensing and Language Laws
SB 36 – Effective January 31, 2010 and December 2010: Licensing Requirements for Mortgage Loan Originators. Mortgage Loan Originators Regulated: If a real estate broker or the broker’s salesperson makes, arranges, or services loans secured by residential property containing one-to-four units, the broker must notify the DRE by January 31, 2010 or within 30 days… CONTINUE
Adding Insult to Injury? More Like Piling On.
What is yesterday’s news (literally) may become tomorrow’s big headache for many homeowners who participate in a short sale. A Feb. 3 article for CNNMoney.com explained how banks and other lenders are now pursuing former homeowners with “deficiency judgments” – asking them to pay the difference between what they owed on their mortgage and what… CONTINUE
“Just Enough…”
There’s a proposed Federal Program to assist Banks and borrowers (one of hundreds) by paying Banks $1 for every $2 a Bank writes off on a loan. Why ‘write off’ any part in the first place? Because many of these homes are worth less than the debt; they’re underwater (banks call this “negative equity”). Sounds… CONTINUE
Cockroaches to the Court: Turn Out the Lights!
Backed by The Clearing House Association, a consortium of banks (and was there ever a better name?), the Federal Reserve has asked an appeals court to shield the names of participants in the federal emergency financial system bailout program from the press and the public. In response to a lawsuit brought by Bloomberg News and… CONTINUE
Turkeys in the Straw
A mortgage broker who took out astronomical loans on behalf of “straw buyers” has been sentenced to a five-year term in federal prison (“the big house”) for the mortgage fraud scheme. Viktor Kobzar, a Federal Way mortgage broker, and six other associates charged in the scheme had falsified income documents to obtain loans and then… CONTINUE
What Brokers Need to Know About REOs: Part 2
Welcome to the REO Business How do you start? By getting to know your local bankers. (Note: most REO properties are coming from national banks, and bankers handling the mass volume of REO properties are just too busy and losing too much money to be friendly. So be persistent. And take donuts.) We presume that… CONTINUE
New Laws Establish More Oversight for Mortgage Broker Activities
AB 260 – Effective Jan. 1, 2010: Tightens restrictions on mortgage brokers so they cannot steer borrowers to riskier, higher-interest loans when they qualify for less-expensive ones. Mortgage Broker Activities Restricted: Commencing January 1, 2010, a mortgage broker will be deemed a fiduciary with a duty to place the borrower’s economic interest above his or… CONTINUE
Don’t Mortgage Your Career by Being Ignorant of California’s New Real Estate Laws
Knowledge is power…and a powerful weapon that can be used against you in litigation if you don’t pay enough attention to the rules and regulations that govern California real estate transactions. Several new laws took effect while you were out celebrating the New Year or catching the bowl games…do you know what they are? We… CONTINUE
Are Piggyback Lenders Being Piggy? And Is It Illegal?
CNBC real estate reporter Diana Olick broke a story on Jan. 15 about some piggyback lenders – or second lien holders – committing alleged short sale fraud by demanding a cash payment to release their lien in order for a short sale to take place. Basically, because so many homeowners have taken equity out of… CONTINUE
What Brokers Need to Know About REOs: Part 1
By now, if you don’t know that REO stands for Real Estate Opportunities, you’ve been living under a rock. For agents and brokers in California, REO (bank parlance for foreclosed properties which are now, to them, “Real Estate Owned” assets) properties ARE the market. After all, with home values plummeting nearly 50% in some areas,… CONTINUE
When a Broker Gets Sued
When a broker gets sued, we step in: as the hand-picked attorneys for the broker – all at the insurance carrier’s expense. A broker is generally sued for negligence and some form of intentional misconduct. Why? Because plaintiffs want “punitive damages” and they can’t get that from a ‘negligence’ claim. That’s a problem for the… CONTINUE
- « Previous Page
- 1
- …
- 30
- 31
- 32
- 33
- 34
- 35
- Next Page »
