In August, the CFPB entered into aconsent orderwith a Florida-based mortgage lender, which agreed to pay $1.75 million into the CFPB’s victim relief fund and cease allegedly illegal activities. According to the CFPB, the mortgage lender had been providing real estate agents and bro...
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 ...
[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?"....
Regulation Z prohibits practices in which mortgage brokers and loan originators may receive compensation for referrals or "steering." Buyers typically connect with a real estate agent, who refers them to a specific mortgage lender. The agent receives no compensation for this referral. ...
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The Real Estate Settlement and Procedures Act (RESPA) requires that mortgage companies must refund any escrow overages of $50 or more to you. The lender must send you your refund for an escrow overage within 30 days of conducting an escrow analysis. If the overage is less than $50, RESPA...
Sometimes the elderly become prey to predatory mortgage lenders. Under the Truth in Lending Act (TILA), lenders have to disclose the cost and terms of a loan along with a lot of other information. The Real Estate Settlement and Procedures Act (RESPA) prohibits the payments of unearned fees ...
Investment real estate is land and other real property that generates income for its owner instead of a place to live. Learn how to make real estate part of your portfolio.
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...