Posts - page 14

"The Mortgage Choice Act" - a NAR-Backed bill with bipartisan support that makes two adjustments to the Truth in Lending Act's definition of "points and fees" - passed the U.S. House of Representatives on Tuesday, April 14.

Fannie Mae recently announced a new online home buyer education course, which allows first-time home buyers to receive up to three percent of the purchase price in closing cost assistance toward the purchase of a HomePath property upon successful completion. Fannie Mae also will reimburse the $75 cost of the home buyer education course at the time of closing.

Sign up to receive text alerts from the REALTOR® Action Center. Text CA REALTORS® to 30644 to get alerts on CALLS FOR ACTION.

Per Governor Brown's recent executive order to conserve water, the California Energy Commission approved energy efficiency and water standards (which are anticipated to save more than 100 billion gallons per year).

Keep Your Home California recently announced changes to the free mortgage-assistance program in order to help more financially strapped low- to moderate-income homeowners.

Effective May 8, 2015, the City of San Bruno will begin enforcement of a point-of-sale requirement for sewer lateral inspections.

The Federal Housing Administration announced that it has implemented its Electronic Appraisal Delivery (EAD) Portal for FHA-insured single family mortgages.

The Consumer Financial Protection Bureau (CFPB) released a new toolkit that guides consumers through the process of shopping for a mortgage and buying a house. Developed as part of the CFPB's "Know Before You Owe" mortgage initiative, the toolkit will help consumers take full advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August.

Replace the fireplace at point-of-sale in the transaction or risk the home sale being stopped. That's the proposal from the Bay Area Air Quality Management District (BAAQMD). Attend a public workshop on Monday, April 6 and/or contact San Mateo County's representatives on the BAAQMD board to express REALTOR® opposition to this proposal.

State Senator Jerry Hill (D-San Mateo) has been appointed a member of the California Coastal Conservancy. The California Coastal Conservancy, established in 1976, is a state agency that guides the purchase, protection, restoration, enhancement of coastal resources, and access to the shore.

SAMCAR members who routinely ‘farm' their neighborhoods in San Carlos will now be barred from doing so under an ordinance that prohibits the distribution of fliers, handbills, newspapers or other literature that isn't solicited or wanted on residential properties.

The Federal Housing Finance Agency (FHFA) has announced changes to the enhanced requirements for sales of non-performing loans by Freddie Mac and Fannie Mae.

In a victory for the residents of Pacifica and for the safety of motorists traversing Highway 1, a San Mateo judge has rejected outright all claims by a handful of people who sought to stop the widening of State Route 1.

Your voice is needed. SAMCAR is joining with the Northern California Commercial Association of REALTORS® (NCCAR) to preserve 1031 Tax-Deferred Exchanges. Congress will be introducing tax reform bills in the next few months and Section 1031 Tax-Deferred Exchanges are directly threatened and could very well be repealed or severely limited.

The Innovation Act (H.R. 9) was re-introduced in the House and would require plaintiffs to disclose who the owner of a patent is before a lawsuit is filed and demand that plaintiffs explain why they are suing a particular defendant in their court pleadings. NAR is a member of the ‘United for Patent Reform' coalition supporting such legislation.

Rent control (AKA rent stabilization) is looming in San Mateo County. It is one of the foremost threats to private property rights and will impact home owners and tenants. Please contact your elected officials to oppose rent control in San Mateo County.

Assembly Speaker Toni Atkins (D-San Diego) unveiled a bill to increase funding for affordable housing by adding a statewide $75 real estate document recording fee. Home sales would be exempt.

In response to Consumer Report's recent article, "Real estate agents confess their dirty little secrets," NAR recommends members submit a letter to the editor of the magazine about the value that agents bring to their clients and real estate transactions. Read more for talking points and a model letter.

An effort is under way in the Senate to renew legislation that spares underwater homeowners from having to pay income tax on mortgage debt forgiven by a lender.

C.A.R. has revised its Independent Contractor Agreement (ICA) to include an arbitration agreement to address both the requirements of a 2011 California appellate court case as well as other cases regarding class action waivers. Learn more in this recent Business Alert.

South San Francisco's economic development plans took a huge step forward with the City Council's adoption of the Downtown Station Area Specific Plan.

HR 685 "The Mortgage Choice Act" will make two adjustments to the Truth in Lending Act's (TILA) definition of "points and fees" to ensure greater consumer choice in mortgage and settlement services.

When housing inventory is low and listings are high-end, the issue of pocket listings comes up.While an agent and broker may legally choose to not publish a listing on the MLS IF they obtain a waiver from the seller, without the waiver, they are subject to a rule violations and complaints filed against them with the MLS. C.A.R. has determined that stronger and more aggressive enforcement of current rules are a better solution than a legislative "fix" that could possible lead to a slippery slope of having the Legislature determine how the sales of properties are listed.

The FAA released a 26-page docket that grants REALTORS® the right to use drones on a case-by-case basis. If you want to legally fly a drone to promote your real estate listings, it is imperative you read and follow ALL instructions in the FAA's docket and there's still no guarantee you'll be granted an exemption.