Mortgage Disclosure Act

The rules for the Mortgage Disclosure Improvement Act were finalized Friday, May 8^th and it is applicable to all mortgage lenders (federally chartered or state licensed).  For applications taken as of July 30, 2009, new requirements about the delivery and the accuracy of disclosures will apply.  One of the new requirements is that the borrower must be provided with an accurate APR disclosure at least three business days prior to closing.  It must be in their hands three business days prior to closing and they are permitted to close on the 3^rd business day after receiving it, or later.

 

An easy way to remember new rule is “3/7/3.”  This means:

 

• 3 days after application – an initial Truth In Lending (TIL) statement must be provided no later than 3 business days after receipt of the loan application. 

 

• 7 business days after initial application – Waiting period – the borrower is not permitted to close until at least seven business days have passed since the TIL was placed in the mail or provided to the borrower.

 

• 3 business days prior to closing – Waiting period – The borrower must receive an accurate APR on their TIL at least 3 business days prior to closing.  If it was provided before that period of time, because the loan terms were locked in earlier in the process, no new TIL is required if there is no change to the APR or the change is less than 1/8^th of a percent (1/4 percent for construction loans).

 

If the final loan terms cause the TIL/APR top be understated by more than 1/8^th of a percent, a revised TIL with an accurate APR must be provided to the borrower, so that they receive it at least three business days prior to closing.  It must be in their hands at that time, and they may close on the 3^rd business day after that day.

 

Some issues to consider:

These new timing requirements limit mortgage companies’ ability to accommodate rush closings, and they could delay closings.

 

For loans where the final loan terms increase the APR by more than 1/8^th of a percent, a revised TIL is required to be received by the borrower at least 3 business days prior to closing.  This means closing table changes may result in having to reschedule the closing date.

Patty Cunningham, Realtor®                                                   390 Waterloo Blvd, Suite 101
Coldwell Banker Preferred                                                 Exton, PA 19341
web: http://www.pattycsellshomes.com                                      O. 610.363.6006
blog: http://pcunning.wordpress.com/                                                  F. 484.356.0540
                                                                                                                        C. 610.659.4669
                                                                                                                        E.  pcunningham@cbpref.com
Access my Business Directory here: http://www.pattycunningham.com/realestate/Contractor%20Referrals.pdf

Natural Gas Pipelines in Chester County

From the Philadelphia Inquirer last week, word that rights of natural gas pipeline companies may impact some homeowners in Chester County.

 

Pipeline push worries Chester County landowners and farmers

Hundreds of Chester County residents are confronting requests from companies for larger rights-of-way to expand existing natural gas pipelines or for new rights-of-way to add lines. And under federal law, the landowners might not have much choice. The price depends partly on the land’s appraised value; farmers also would be compensated because land dug up for a pipeline takes about five years to return to productivity. More than 700 miles of natural-gas pipelines crisscross Chester County, and because natural gas is a clean-burning fuel, demand is growing. Last month, the Federal Energy Regulatory Commission approved a controversial expansion of a Williams-Transcontinental pipeline near Downingtown and Exton. For natural-gas suppliers looking to build pipelines, Chester County has an advantage that few other places can match because of the presence of farmland and open space coupled with a nexus of three federal pipelines. Landowners who thought conservation easements guarded against development are shocked to find out that when pipelines enter the picture, that protection doesn’t mean much. The 1938 Natural Gas Act gave what is now the Federal Energy Regulatory Commission full authority over interstate natural-gas pipelines, overriding state or local restrictions such as easements. West Vincent has become the latest battleground between the pipeline companies and landowners. Dominion Keystone, an offshoot of Dominion Resources Inc. of Virginia, hopes to build a 280-mile pipeline from Greene County in the southwest corner of Pennsylvania to Chester County.

 

Patty Cunningham, ePro, SRES, ABR, AHS
Coldwell Banker Preferred
office: 610-429-4400
direct: 484-881-6051
cell:    610-659-4669
email: pcunningham@cbpref.com
web: http://www.cbpref.com/pcunningham
blog: http://pcunning.wordpress.com/
 
Oh, by the way…  I’m never too busy for one of your referrals! 

 

 

 

September 11 — Take a Moment

Where were you on this date in 2001?  I’m sure you remember what you were doing when you heard the news about the attacks on the twin towers and the Pentagon.  Take a moment today to reflect on the passing of life and innocence on that fateful day.  What do you do each day that honors your life?  How did this event change your view of the world? 

 

Blessings and peace.

 

Patty Cunningham, ePro, SRES, ABR, AHS

Coldwell Banker Preferred

office: 610-429-4400

direct: 484-881-6051

cell:    610-659-4669

email: pcunningham@cbpref.com

web: http://www.cbpref.com/pcunningham

blog: http://pcunning.wordpress.com/

 

Oh, by the way…  I’m never too busy for one of your referrals!

Estimate Your Future Social Security Benefits

Want to figure out what your future Social Security benefits should be?  The Social Security Administration has put an “estimator” on their website.  You can find it here: http://www.socialsecurity.gov/estimator/.  If you are currently receiving Social Security payments, you cannot use the estimator.  Otherwise, you can run up to three different scenarios, once you verify your personal information.  Very interesting.  Enjoy!
 

Patty Cunningham, ePro, SRES, ABR, AHS
Coldwell Banker Preferred
office: 610-429-4400
direct: 484-881-6051

cell:    610-659-4669
email: pcunningham@cbpref.com
web: http://www.cbpref.com/pcunningham
blog: http://pcunning.wordpress.com/
 

Oh, by the way…  I’m never too busy for one of your referrals!

The Fed Rescues Fannie Mae and Freddie Mac – Good for You?

You may have heard that the Fed is making some commitments to supporting Fannie Mae and Freddie Mac. You may also have noticed that the stock market rallied a bit this morning and is responding positively to this news.

In brief the federal government has seized control of the mortgage giants and is restructuring them to ensure fiscal stability. They are infusing the companies with $200 billion and replacing the CEO’s as part of this very dramatic rescue. You can read more about it here: http://online.wsj.com/public/us, in the Wall Street Journal, although every news company has its own report.

Why? And how will this help you? In the short run, the stock market is responding favorably and has rallied in trading following the weekend announcement. In the long run, the increased liquidity should produce a reduction in rates, and because shareholders will no longer have to be appeased, there will be fewer restrictions on who can qualify, thus helping more consumers get loans. We won’t be going back to the days where anyone could get a 100% mortgage. I hope we’ve learned that is not a sensible approach! But this is good news, indeed. For, when the housing market is strong, the economy is not far behind and everyone benefits.

Patty Cunningham, ePro, SRES, ABR, AHS
Coldwell Banker Preferred
office: 610-363-6006
direct: 484-881-6051
cell: 610-659-4669
email: pcunningham@cbpref.com
web: http://www.cbpref.com/pcunningham
blog: http://pcunning.wordpress.com/

Oh, by the way… I’m never too busy for one of your referrals!

Coldwell Banker Preferred Rocks in Exton!

Every now and then it’s a good idea to toot your own horn and I want to share with you that Coldwell Banker Preferred is one of the hottest franchises in the country!  CBP is #1 in the state of PA and #7 of all franchises internationally.  In a market when the average decline in business last year was 12%, CBP was up 38% — making us 50% ahead of the average real estate firm in SE PA!  In the first quarter of this year, we are up 12% year-to-date, vs an average 20% decline in the area.

 

When friends ask why I chose Coldwell Banker Preferred, I point out the strong performance of the company overall and share how that kind of strength helps me, as an agent, and my clients, in getting the best price for their house and the best service available.

 

Do you know anyone who needs a good Realtor?

 

Patty Cunningham, ePro, SRES, ABR, AHS

Coldwell Banker Preferred

office: 610-429-4400

direct: 484-881-6051

cell:    610-659-4669

email: pcunningham@cbpref.com

web: http://www.cbpref.com/pcunningham

blog: http://pcunning.wordpress.com/

 

Oh, by the way…  I’m never too busy for one of your referrals!

 

Housetrology Quiz – What’s Your House Sign?

Coldwell Banker has a quiz on Facebook that’s a fun applet to play with.  From your Facebook page, do a search for Housetrology and you’ll find the applet that you can load and the quiz you can do that will tell you your house sign.  Are you an Urbanista?  A Colonialista?

 

Patty Cunningham, ePro, SRES, ASR, ABR, AHS
Coldwell Banker Preferred
office: 610-429-4400
direct: 484-881-6051
cell:    610-659-4669
email: pcunningham@cbpref.com
web: http://www.cbpref.com/pcunningham
blog: http://pcunning.wordpress.com/

 

Oh, by the way…  I’m never too busy for one of your referrals!

 

 

 

What Bad News? Truth about The Housing Market

 

A recent article in the Washington Post (see this link: http://www.washingtonpost.com/wp-dyn/content/article/2008/08/03/AR2008080301572.html) gives another slant on the true situation with the current housing market.  The Post says “…(t)he projected losses have been wildly exaggerated. Most Americans have not experienced any significant decline in the value of their homes — nor are they likely to.”

 

While there is widespread fear of the increase in foreclosures due to market decline, only a very small number of homeowners are affected.  In fact, “Only four states — Arizona, California, Florida and Nevada — have had declines of more than 4 percent in home prices over the past year, according to the house price index of the Office of Federal Housing Oversight.”  (See this link to read more about this issue: http://www.washingtonpost.com/ac2/related/topic/Office+of+Federal+Housing+Enterprise+Oversight?tid=informline)

 

Patty Cunningham, ePro, SRES, ABR, AHS

Coldwell Banker Preferred

office: 610-429-4400

direct: 484-881-6051

cell:    610-659-4669

email: pcunningham@cbpref.com

web: http://www.cbpref.com/pcunningham

blog: http://pcunning.wordpress.com/

 

Oh, by the way…  I’m never too busy for one of your referrals!

A couple of favorite quotes

Here are a couple of my favorite quotes.  Enjoy!

 

“People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents.”  Andrew Carnegie (1835 – 1919)

 

“What lies behind us and what lies before us are tiny matters compared with what lies within us.” — Oliver Wendell Holmes Jr., Supreme Court Chief Justice

 

Patty Cunningham, ePro, SRES, ABR, AHS

Coldwell Banker Preferred

office: 610-429-4400

direct: 484-881-6051

cell:    610-659-4669

email: pcunningham@cbpref.com

web: http://www.cbpref.com/pcunningham

blog: http://pcunning.wordpress.com/

 

Oh, by the way…  I’m never too busy for one of your referrals!

Economic Recovery Act of 2008

This article just came across my desktop from RISMEDIA, a real estate news service:

 

“Buying smart in today’s market got a little easier recently following the signing of the Housing and Economic Recovery Act of 2008 by President Bush. There are significant benefits aimed at helping buyers, such as a repayable first-time home-buyer tax credit. First-time buyers are important to the health of the housing economy because their home purchases help to stimulate sales up the price points. Through the home-buyer tax credit, buyers who are purchasing for the first time or who haven’t owned a property in the last three years can now qualify for a tax credit equal to 10% of their home purchase price, up to $7,500.”   To read more, click here: http://rismedia.com/wp/2008-08-11/housing-bill-creates-great-environment-for-first-time-buyers-says-industry-leader/