Here are some recent statistics from Seattle Bubble on Notice of Trustee Sales, Trustee Deeds, and Warranty Deeds for the Tri-County area. By the way, Tim Ellis offers these stats in report format here.
Here’s a link to the graph gallery I used at the beginning of the class.
Here’s the IRS website on the Mortgage Forgiveness Debt Relief Act. This page speaks to tax-related questions.
I promised a link to more info on the multi-state Attorneys General lawsuit against big banks/servicers.
There was a request to the article surrounding the homeownership rates and how far we’ve fallen.
I asked DFI the following question. When I receive the answer, I will post it here:
A licensed real estate broker A acts as a co-listing broker with another listing broker B.
Listing broker A has zero experience with short sales and wants to co list with broker B because broker B is experienced.In the scenario that was outlined in class, broker B ONLY does the negotiation piece of the short sale and broker A does all the other “listing broker” work. One student believed this to not be allowed unless broker B held a loan originator license.
Is there any statement out from DFI or DOL that speaks to how much work and what type of work broker A and broker B must do when co-listing a short sale?
In all scenarios I’m assuming that only normal/customary r.e.commission is being charged.
UPDATE 1: I heard from DFI. Here is their answer: “Hi Jillayne. Nothing about the hypothetical changes the fact that a
licensed real estate broker can negotiate the short sale for the normal sales commission fee, or a share of the fee commensurate with the co-listing duties, as may be determined by DOL. Check with DOL for a list of duties or activities in a co-listing situation; we do not regulate the real estate professionals. Thanks. DFI.”
I have now sent an email to DOL for us and will post the update here.
LOAN MODS
Here’s how to check on the licensing status of a loan originator: NMLS Consumer Access.
Here’s the FTC MARS Ruling on short sale negotiators and upfront fees….and the recent exemption of real estate licensees….but remember, WA State has tougher guidelines (see number 4) than Federal Law on who can/cannot collect upfront fees for negotiating loan mods or short sales.
Here’s a link to the Making Home Affordable website
and this is a news story that posted late this afternoon: Most borrowers don’t qualify for a HAMP loan mod.
SHORT SALES
Here’s a link to a blog post I wrote about the two new forms from DFI and DOL, the Short Sale Seller Advisory and the Short Sale Guide
Here’s a link to the Freddie Mac page on their website describing Short Sale Fraud
Here’s more info on the Home Affordable Foreclosure Alternative (HAFA)
Are some buyers over-paying on short sales…especially if they’re paying a ginormous 3rd party short sale negotiator fee? Here’s a fantastic article called “The Fleecing of the Short Sale Buyer” by Findwell answering this question.
HARP-Refi II
Dan Green has an extensive page devoted to HARP-Refi II
…and here’s a great Wall St Journal FAQ article.
ending with the official HARP page from the Making Home Affordable website.
FORECLOSURES
Here’s a link to the free, HUD Approved Housing Counseling Agencies in WA State and the link with more info for ppl who might qualify for free legal aid.
The WA State Attorney General’s office has published an extensive, 61 page Foreclosure Prevention Resource Guide that can be found here in PDF format.
Here’s a direct link to WA State Foreclosure Fairness Act.
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Thanks again to our sponsor, Melanie Braum with Mortgage Advisory Group!
And thanks for all your terrific recommendations on how to improve the new class….Happy Thanksgiving!
UPDATE 2: Whoa, didn’t I just mention Bank of America in today’s class? Check out the news tonight.
There is NO REASON why anyone should have more than the FDIC deposit limit in this bank.