There has been discussion about a national driver’s license, a national license to practice law, a national database for IRS liens, a national database for all real property liens, and a national registry for all real property records. The Federal Reserve, in its proposal for a national lien registry, says its idea would make locally recorded information [...]
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ATTENTION! ATTENTION! There is a proposed New(er) HUD-1! Actually, there are two proposed HUD-1s and YOU get to choose! Or at least you get to vote on which version you like and why. You may have heard that federal agencies were working to combine the Truth In Lending and Good Faith [...] Unlawful Inducements, according to Florida’s Department of Financial Services, are what exactly? DFS’ Proposed Rule includes the traditional “printing mailing labels for real estate brokers” and “paying for referror advertising,” but it also includes “charitable contributions on behalf of purchasers” and “entering into an affiliated business arrangement in an attempt to provide a kickback.” Hmm. I [...] Does it matter if you buy property from a lender that insists it will only deliver “insurable” title, not “marketable” title? Not if the buyer obtains a certain form of owner’s title insurance. In the 1980s, an owner’s title insurance policy was approved in Florida that covers defects that affect the marketability of title (Form B policy). [...] Are you working with lenders that are not sending you GFEs? Instead they are saying all of the information you need is in their loan closing instructions? Is that legal? On page 53 of HUD’s latest FAQs, HUD says: “The lender is required to transmit the information necessary to complete the [...] Yes! HUD says in its FAQs: Each loan must have a separate GFE and a separate HUD-1. However, the principal amount of the second loan and a brief explanation of the second loan should be listed on Lines 204 – 209 of the HUD-1 for the first loan. [...] From HUD: Q: Does voluntarily using the HUD-1 in a transaction that otherwise is not subject to RESPA result in RESPA applying to the transaction? A: No, using the HUD-1 form does not subject a transaction to coverage under RESPA. [...] Check out the Florida Title Insurance Study Advisory Council’s Final Report at http://www.flgov.com/pdfs/tisac_final_report.pdf |
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