What is redlining in real estate? Redlining, both as a term and a practice, is often cited as originating with the federal Home Owners’ Loan Corporation (HOLC), a government agency created during the 1930s New Deal intended to aid homeowners who were in default on their mortgages and in...
The Real Estate Procedures Closing Act (RESPA) requires that lenders and mortgage brokers give buyers a Good Faith Estimate of all loan-related expenses due at closing. However, these estimates do not guarantee actual mortgage closing costs. The following charges are typically included in the total...
In Florida, the standard real estate brokerage fee is 6 percent. However, this figure is negotiable. What are all the services you're willing to provide me?The answer to this question will let you know exactly what you are paying for. When am ...
The market is shifting toward more “normal” conditions, the downturn an inevitable course correction after some of the most profitable years on record for the real estate industry. What do the changing market conditions mean for mortgage lenders, appraisers and settlement service providers? This ye...
21. What is an appraisal? 22. What is a real estate closing? 23. What does the real estate settlement procedures act (respa) require? 24. What are covenants, as they relate to real estate? 25. What does it mean to be prequalified for loan?
CFPB examiners and investigators have continued to assess consumer finance companies for compliance with the full suite of federal consumer financial laws, including, most notably, the CFPA, Real Estate Settlement Procedures Act (RESPA), TILA, Fair Debt Collection Practices Act (FDCPA), ...
[3]United States Department of Justice –"Competition in Real Estate: Questions and Answers". [4]Internal Revenue Service –"Communication Number: 200721013". [5]TurboTax –"I received a 1099-MISC from my real estate agent for a commission rebate. Is this considered taxable income for me?"....
The Real Estate Settlement Procedures Act (RESPA) prohibits you from receiving or paying referral fees or finder fees from/to mortgage brokers, title reps, or any other settlement service provider. The Sherman Act (1890) Prohibits monopolies and collusive actions that result in unreasonable restraint...
In general the new 2015 forms will merge mortgage disclosures required by the Truth in Lending Act and RESPA. You should consult your attorney as to what forms are required before and after August 1, 2015. The final edition of HUD-1-DISK has the 2010 HUD-1 forms, and Good Faith Estimate...
A sum of money given in advance of a larger amount being expected in the future. Often called in real estate as an "earnest money deposit. " depreciation A decline in the value of property; the opposite of appreciation. Depreciation is also an accounting term which shows the declining moneta...