Posts - page 15

Brian Martinez (Collection System Manager) and Joshua Cosgrove (Assistant Collection System Superintendent) for the City of Pacifica have announced the city is undertaking a major sewer main replacement project.

The California BRE has issued an advisory concerning salesperson owned fictitious business names and team names with the passage of AB 2018 now allowing salespersons licensed to brokers to, on behalf of the broker, apply for a Fictitious Business Name, then to deliver to BRE a FBN application signed by the salesperson and the broker, and to pay for and maintain the ownership of the FBN.

A controversial plan to use a municipality's eminent domain powers to seize properties in defaulthas suffered a severe setback with FHA, Ginnie Mae, and HUD now having no funds to insure, securitize, or establish a federal guarantee of any mortgage or mortgage backed security that refinances or replaces a mortgage that was subject to eminent domain condemnation or seizure.

Assembly Bill 2540 requires that all licensees now must provide email addresses to the California Bureau of Real Estate (BRE).

The FHFA has directed Fannie Mae and Freddie Mac to explore "alternate" credit-score models and the credit history of the loans they back. The move is part of several efforts by FHFA to ease tight mortgage standards and help more potential buyers qualify for financing.

California Energy Commission approved nearly $18 million to fund projects that will help the state meet its climate and energy goals. The City of San Mateo will receive a $3 million loan to replace more than 5,000 streetlight fixtures with LED lighting.

It's a bittersweet beginning to the New Year for the City of San Mateo. During the first Council meeting of 2015, the San Mateo City Council accepted the resignation of Council Member (and SAMCAR Broker member) Robert Ross and began discussions on how to appoint his successor.

NAR has informed all local AORs that during the recent holiday break, many in the real estate industry received a video about changes coming to appraisals conducted for Fannie Mae transactions. The video is sent by email and usually contains the subject line: "Appraisal Time Bomb." Although the video has received much attention, it is not accurate.

With the deadline looming to enroll in the Affordable Care Act (AKA ‘Obamacare'), Congresswoman Jackie Speier will be holding a "Healthcare 411: Information & Advice about the Affordable Care Act" on Saturday, January 31.

The FHFA has directed Fannie Mae and Freddie Mac to allow qualified buyers to purchase Fannie Mae and Freddie Mac REO properties at current market value.

The 2015 VA loan limits have been released and there will be a new cap at $625,500 unless the law changes.

Assemblyman Kevin Mullin was recently sworn in as Speaker pro Tempore of the California State Assembly. Assemblyman Richard S. Gordon was appointed to serve as the Chair of the Rules Committee. Assemblyman Phil Ting received the nod to head the Revenue and Taxation Committee. Congratulations to all.

FHA will not extend the temporary waiver of FHA's regulation that prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition.

Fannie Mae and Freddie Mac announced they plan to suspend evictions on foreclosed single-family properties nationwide during the holidays, from December 17, 2014 through January 2, 2015. In a related note, the nationwide mortgage loan delinquency rate—the number of borrowers 60 or more days past due on their mortgage—is projected to drop to 3.12 percent by the end of this year according to TransUnion.

Fannie Mae has published an update to its lender selling guide to improve and streamline its condominium project approval process. Full details are available in Fannie Mae Seller/Servicer guide.

Final changes to the second hand smoking ordinance in Foster City have been adopted by the City Council. The ordinance regulates/bans smoking in and around city controlled spaces and events, commercial/retail spaces, apartments, condominiums and townhomes and will impact private property rights.

President Obama stated he will not end government control of mortgage-finance companies Fannie Mae and Freddie Mac without legislation. SAMCAR along with NAR have recommend that Fannie Mae and Freddie Mac be replaced by a non-shareholder owned authority, subject to tighter regulations.

FHFA has announced that it will propose a new framework early next year for how mortgage giants Fannie Mae and Freddie Mac will set their so-called G-fees.

As part of a wide-ranging set of recommendations to 'raise the bar' on REALTOR® professionalism, the NAR Board of Directors at its business meetings in New Orleans approved the drafting of a proposed aspirational Code of Excellence to be brought to the board at a future meeting for approval.

The EPA issued the Renovation, Repair and Painting (RRP) rule in 2008 which requires contractors, property managers and others who perform renovations for compensation in residential houses, apartments and child-occupied facilities built before 1978 to be trained and certified as renovators and to use lead-safe work practices. The rule went into effect in April 2010. Learn more about certification and training.

The City of Foster City's City Council has voted 5-0 to ban smoking in apartments and townhomes or condominiums. However, SAMCAR was successful in getting single family homes and townhomes or condos that have no shared walls, floors, ceilings or ventilation exempted.

The City of Brisbane is proposing changes to their sewer lateral testing/notification requirements. Point-of-Sale inspection/testing/repair/replacement are NOT included. SAMCAR Government Affairs Director Paul Stewart explains the proposal.

After December 31, investors will once again have to own a property for at least 90 days before reselling it at a higher price if they use agency financing.

FHFA announces plans to expand home buyers' access to mortgages by loosening up lending standards. Learn more about this plan to help home buyers access loans.