Real Estate Today opens doors for buyers and sellers with critical and credible information on the real estate market. It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.
Lawrence Yun is the Chief Economist of THE NATIONAL ASSOCIATION OF REALTORS®.
REALTOR® Magazine recently hosted an live educational webcast, which examined every aspect of the new closing procedures. Viewers heard from Phil Schulman, an attorney with K&L Gates in Washington – a nationally recognized expert in federal closing rules. And also, Finley Maxson, senior counsel with THE NATIONAL ASSOCIATION OF REALTORS®, who is charged with helping Realtors transition to the new rules.
Pat Vredevoogd Combs is a Broker with Coldwell Banker AJS Schmidt Realty in Grand Rapids, Michigan, and the 2007 President of THE NATIONAL ASSOCIATION OF REALTORS®. Pat’s a Graduate of the REALTOR® Institute, an Accredited Buyer’s Representative and a Certified Residential Specialist.
Lisa Prevost writes the Mortgages column for the New York Times. She’s an award-winning real estate author whose work has been featured in not only the Times, but also in the Boston Globe, on CNBC, and in the Ladies Homes Journal.
We’re going to examine exactly what the new rules from the Consumer Financial Protection Bureau mean to home buyers.
Because first of all – the rules are there to help you! They’re for buyers. Buyers getting mortgages. If you’re buying, the new rules are all about you – and the mortgage you’re about to commit to.
So whether you are a first-time buyer or an experienced homeowner, you’re going to want to listen carefully, so you know what to expect when the new closing rules go into effect.
The Consumer Financial Protection Bureau – known as the C-F-P-B – says the new rules are designed to help buyers “KNOW BEFORE YOU OWE.” The CFPB wants to make sure the you know exactly what to expect – without digging through piles of paperwork. CFPB Director Richard Cordray says the new forms “will help consumers comparison shop for mortgages and avoid surprises at the closing table.”
Now if you’re a First Time Buyer…you will not see any change at all. Because, of course, you’ve never bought a house before.
But repeat buyers will see lots of differences. Because as of October? It’s out with the old, and in with the new.
Continue reading “What Should a Buyer Expect?” »
Ken Trepeta is the President and Executive Director of the Real Estate Services Provider Organization – also known as RESPRO. Ken is literally a lifetime veteran of the real estate industry, serving as a mortgage processor at Hofstra University School of Law, a Vice President at J-P Morgan Chase, and most recently as Director of Real Estate Services for THE NATIONAL ASSOCIATION OF REALTORS®.
Scott Sheldon is a writer for Credit.com. Scott is a senior loan officer and consumer advocate based in Santa Rosa, California. His articles have appeared in CNN Money, MarketWatch and the Wall Street Journal.
Jeff Nelson is a REALTOR® with The Nelson Group – Keller Williams Realty in Sioux Falls, South Dakota. Jeff serves as NAR’s Regional Vice President for the states of Minnesota, Iowa, Nebraska and North and South Dakota. And, he’s an Accredited Buyers Representative and Certified Residential Specialist, among his designations and certifications from THE NATIONAL ASSOCIATION OF REALTORS®.
HouseLogic.com is a free source of information and tools—from the NATIONAL ASSOCIATION OF REALTORS® — that can help you make smart and timely decisions about your home.
We’re talking about the new closing rules scheduled to take effect this October. Rules that will affect every residential real estate closing in America.
To recap: the Good Faith Estimate, and the HUD-1 Closing document are being retired. And in their place? We’ll see new documents: the Loan Disclosure, and the Closing Disclosure. Plus – there will be new, strict timelines in effect. Including one, that could delay settlement for three days – if there’s a big mistake, or a big change in the mortgage paperwork. So as we said, sweeping changes are coming soon, to a settlement table near you!
Throughout today’s show, we’ve asked, and answered, a lot of questions…why the rules are happening, what’s involved the the changes, whom they’ll affect, and so on. But we though we’d leave you with another question…that’s still has kind of a murky answer – and that is – when does it all happen?
Originally, the Consumer Financial Protection Bureau set a date of August First, 2015. That’s next weekend!.
Continue reading “The Delay” »
- EHS Up
- Rate Rise Likely in September
- TRID Extended
- Rents Skyrocketing
- Homes Selling at Discounts
- Builder Confidence Sky High
- EHS Up
- Foreclosures Continue to Fall
- Cheapest Energy States
- California Cuts Lawns
Continue reading “Top News Of The Week” »
It’s time to take look at the latest real estate facts and figures from across the country.
This week, we’re going to look at home affordability using recent data from THE NATIONAL ASSOCIATION OF REALTORS® for the month of May.
But first, let’s look at the forecast for the housing market for the summer, based upon the latest data from NAR’s Pending Home Sales.
Pending Home Sales reflect contract signings not closings. In May, we saw Pending Home Sales increase on both a month over month and a year over year basis. That puts pending sales over 10% higher when compared to May of 2014. And that’s their highest level in over 9 years.
Continue reading “Local Market Conditions” »