Mar 3, 2011 | Buying Real Estate, Mortgage Lenders, News, Realtors
Long-term fixed rates decreased for the third consecutive week, according to Freddie Mac’s Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage (FRM) averaged 4.87 percent with an average 0.7 point for the week ending March 3, 2011, down from last week when it averaged 4.95 percent. Last year at this time, the 30-year FRM averaged 4.97 percent.
The 15-year FRM averaged 4.15 percent with an average 0.7 point, down from last week when it averaged 4.22 percent. A year ago at this time, the 15-year FRM averaged 4.33 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.72 percent this week, with an average 0.6 point, down from last week when it averaged 3.8 percent. A year ago, the 5-year ARM averaged 4.11 percent. (more…)
Nov 11, 2010 | Buying Real Estate, Interesting Stuff, Mortgage Lenders, News, Realtors
HUD’s videos are easily accessible from HUD’s website as well as from HUD’s YouTube channel.Keeping up with the changing times and the push of social media the Department of Housing and Urban Development (HUD) has set up a YouTube Channel. HUD has unveiled three how-to videos to assist potential homebuyers find an affordable home, shop for the right mortgage and what to expect at closing. (more…)
Jun 29, 2010 | Buying Real Estate, Legislation, Realtors
Today the House of Representatives voted 409 to 5 to give home buyers three more months to close on their purchases and still qualify for the $8,000 or $6,500 federal income tax credit.
The House bill extends the closing deadline to September 30, 2010.
Now the Senate must approve the new, stand-alone House bill. But the Senate has already shown support and approval of the measure by having passed their own version of the bill last week.
The House bill doesn’t help anyone currently shopping for a home. Buyers must have signed a purchase contact by April 30 to qualify for the tax break. The issues currently is that many who now qualify for the credit may not be able to close their transaction in time. That is by July 1, 2010.
Read more on Inman News.
Apr 21, 2010 | Buying Real Estate, Legislation, Realtors, Selling Real Estate, Short Sales
The Home Affordable Foreclosure Alternatives (HAFA) program is a part of the Home Affordable Modification Program (HAMP), and offers a streamlined process for short sales and deeds-in-lieu of foreclosure. HAFA will allow homeowners to discharge their first mortgage debt without the credit-destroying step of foreclosure. The program also offers a $1,000 incentive to banks to permit short sales and a $1,500 bonus to homeowners for the purpose of relocation.
The HAFA program has eligibility guidelines:
• The property must be the owner’s principal residence
• The first mortgage must have originated before 2009
• The unpaid principal must be less than $729,750 for a single-family dwelling
• The borrower’s monthly payment must exceed 31% of their gross income
• The mortgage must either be delinquent or a default be reasonably foreseeable.
If borrowers meet the program requirements they will receive pre-approved short sale terms from their lender, which will include a minimum acceptable proceeds figure for the sale. The homeowner will be required to list the property for sale with a Realtor® and close within 120 day, extensions may be permitted up to a total of 12 months.
Based on the short sale agreement with the lender, HAFA requires property owners to be fully released from any future liability on their first mortgage debt, and in some cases, subordinate debts, so that when the home is sold, the borrower is free and clear of their mortgage.
The program ends on December 31, 2012. HAFA does not apply to FHA or VA loans. There is an extensive amount of paperwork to be completed to participate in the program, Homeowners wishing to take advantage of the relief offered are encouraged to work with a experienced Realtor®.
Apr 18, 2010 | Interesting Stuff, Legislation, Realtors
Massachusetts privacy law requires businesses to implement security controls to protect systems containing Massachusetts resident’s personal information from data loss.
What is Mass 201 CMR 17?
In an effort to protect Massachusetts residents from the rising incidence of fraud and identity theft from data loss, the State of Massachusetts has implemented aggressive regulatory requirements to protect personal information. The state now requires mandatory compliance with 201 CMR 17.00 – Standards for the Protection of Personal Information of Residents of the Commonwealth (also known as just 201 CMR 17, or the Massachusetts Privacy Law). Building on California’s landmark security regulation SB-1386, Massachusetts Privacy Law establishes a minimum standard to be met for the protection of Massachusetts resident’s personal information (PI) contained in both paper and electronic records. For the purpose of being compliant with the new Massachusetts data privacy law, PI is defined as a resident’s first name and last name or first initial and last name in combination with any one or more of the following data elements that relate to the resident:
- Social Security number;
- Driver’s license number or Massachusetts identification card number;
- Financial account number, or credit or debit card number, with or without any required security code, access code, personal identification number or password that would permit access to a resident’s financial account; or
- A biometric indicator (finger prints, DNA, voice prints, etc.).
The Massachusetts data privacy law has set a new level in state security laws by regulating both private and public sector entities that handle Massachusetts resident’s sensitive data, regardless of where that entity is located. The law is intended to bring entities into alignment with both federal and industry security laws, including the Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA) enforced by the Federal Trade Commission (FTC) and Payment Card Industry Data Security Standards (PCI-DSS) security standards overseen by the PCI Security Standards Council. Its process and technical controls are aimed at preventing criminal activity from causing data breaches of either paper or electronic records containing PI. The requirement of securing electronic records includes PI on databases, laptops, applications, portable devices, and just about any other system in which electronic PI data can be either in transit or at rest.
Who needs Mass 201 CMR 17?
All persons, corporations, associations, partnerships or other legal entities with systems containing Massachusetts resident’s personal information in transit or at rest are responsible for complying with the 201 CMR 17 regulations by March 1, 2010. However, the regulations alsor equire businesses to complete internal and external security risk assessments prior to the effective date. The regulation applies regardless of whether the entities or the data is either inside or outside state borders, and applies equally to private and public sector organizations.
(more…)
Apr 15, 2010 | Buying Real Estate, Legislation, Realtors, Selling Real Estate
Law Requires 2 Types of Smoke Detector Technology
The two most common methods of fire/smoke detection technology currently used is either ionization or photoelectric based.
Ionization sensors feature a constant current flowing between two electrodes. When smoke strikes the device, it impedes the current between the electrodes and causes the alarm to set off. Ionization sensors are usually quicker to go off than photoelectric detectors. The problem with ionization detectors is that they are not able to distinguish between smoke and steam. This makes them prone to false alarms when steam from a shower or other source interrupts the current. This is particularly true when the ionization detector is located near a kitchen or bathroom.
Photoelectric sensors send a beam of light between two sensors. This beam passes in front of the sensors in a direct line. When smoke cuts across the path of the light beam, some light is dispersed by the smoke particles causing it to activate the alarm. Photoelectric detectors are less sensitive to false alarms from steam or cooking exhaust fumes but may take longer than ionization detectors to operate. Another major concern is that ionization detectors do not offer the best protection in fires that smolder. Fires that smolder are some of the deadliest fires nationally. Photoelectric smoke alarms are more sensitive to smoldering, smoke producing fires. Most of the residential dwellings in the country have ionization detectors which are more sensitive to flames.
(more…)