Guest Post: Massachusetts Mortgage Rate Weekly Report by Brian Cav of Smarterborrowing.com

by Richard D. Vetstein, Esq. on March 18, 2010 · 1 comment

in Mortgages

Massachusetts mortgage loan lender

I’m pleased to welcome mortgage professional Brian Cav, the creator of a great mortgage blog called Smarterborrowing.com. Brian was nice enough to give us his weekly mortgage rate report which I’m sure you’ll find interesting.
Mortgage Market
How did the FOMC meeting affect mortgage rates? Pricing actually got a bit better, both benchmark treasury yields and MBS [...]

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A Real Estate Attorney’s Guide To Choosing A Massachusetts Real Estate Broker

by Richard D. Vetstein, Esq. on March 16, 2010 · 0 comments

in Massachusetts Real Estate Law, Realtors, Technology

Choosing Massachusetts Real Estate Broker Realtor

As a real estate attorney, it should come as no surprise that people often ask me to recommend a real estate broker. I often give out several names, but I also give out this Guide To Choosing A Realtor, to help them focus on all the issues and ask the right questions.
Guide To Choosing A [...]

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Spring Forward & Check (And Replace) Your Smoke Detectors With The Latest Photoelectric Technology

by Richard D. Vetstein, Esq. March 13, 2010 Massachusetts Real Estate Law
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As we turn the clocks ahead one hour tomorrow night, it’s always a reminder to check the batteries on your smoke and carbon monoxide detectors.
This year, please consider purchasing a new photoelectric smoke detector for the kitchen and bathroom areas which is required by the new Massachusetts smoke detector regulations which go [...]

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What Does A Massachusetts Real Estate Closing Attorney Do Exactly?

by Richard D. Vetstein, Esq. March 3, 2010 Closings
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A lot more than you might think.
Many buyers and sellers often wonder what a real estate closing attorney does other than conduct the closing. Well, quite a bit of work actually.
The closing attorney acts as the “quarterback” of the closing process, performing many time consuming tasks preparing a transaction from intake to closing. (Important note: [...]

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In Search Of A “Good Faith Accurate,” Not Just A Good Faith Estimate: A Senior Loan Officer’s Review Of The New 2010 RESPA Rules

by Richard D. Vetstein, Esq. January 6, 2010 Closings

I’m pleased to welcome another guest blogger, David M. Gaffin, a licensed Loan Officer with Greenpark Mortgage Corp. of Needham MA. Dave is licensed to originate in MA, NH and FL. You can visit him at Greenpark Mortgage or through his LinkedIn profile.
The new 2010 RESPA rules are all the rage right now. So I’m [...]

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FHA Tightens Mortgage Requirements: Lending Costs To Rise

by Richard D. Vetstein, Esq. January 26, 2010 Closings
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I’m happy to welcome guest blogger, Patrick Maddigan, Esq.,the Director of Operations and Business Development at our new entity, TitleHub Closing Services. Pat is writing today on the new FHA lending changes.

On January 20th, the Federal Housing Administration (FHA) announced it would tighten certain lending requirements and guidelines with the purpose of reducing risk and [...]

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Four Toed Salamanders and SLAPP Suits

by Richard D. Vetstein, Esq. March 9, 2010 Massachusetts Real Estate Law
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The recent case of Brice Estates v. Smith where an abutter trespassed on a developer’s land to photograph endangered female four toed salamanders got me thinking about the frequent convergence of developer’s rights vs. citizen’s free speech rights in real estate disputes. In the case, the abutter sought refuge under the pro-free speech anti-SLAPP law, [...]

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We Cracked The Top 100!

by Richard D. Vetstein, Esq. March 12, 2010 Blogging
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As reported through PR NewsWire, the Massachusetts Real Estate Law Blog is now ranked #95 of all legal blogs according to Avvo.com and Alexa rankings! As far as I can tell, this puts us Numero Uno in Massachusetts for all substantive legal blogs focusing on Mass. law.
Much thanks to all of you — our readers [...]

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Ibanez Foreclosure Case Heading To Massachusetts High Court?

by Richard D. Vetstein, Esq. February 22, 2010 Foreclosure
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For those of you following the controversial U.S. Bank v. Ibanez case, which invalidated potentially thousands of foreclosures across the state, both sides last week asked the Massachusetts Supreme Judicial Court to take the case — as I originally predicted. The SJC’s acceptance of the case would cut months to years off the normal appellate [...]

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Update: Jury Sides With Realtor Over Second-Hand Smoking Disclosure Case

by Richard D. Vetstein, Esq. February 17, 2010 Condominium Law
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In the recent and well publicized case of the disgruntled condominium buyer suing her realtor over the disclosure of second-hand smoke, the jury today sided with the realtor. The Boston Globe reports today that the jury took less than an hour to deliberate whether a realtor was liable for allegedly not disclosing to a condominium [...]

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Massachusetts Lead Paint Law Advisory: Family (Un)Friendly Policies Can Get Landlords Into Big Trouble

by Richard D. Vetstein, Esq. February 16, 2010 Condominium Law
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My Boston.com fellow blogger, buyer’s agent Rona Fischman, has fielded several questions recently regarding the Massachusetts Lead Paint Law. Prospective renters have called apartment listings only to be hung up on abruptly with a “It’s not deleaded!” if they hear a child in the background or if they answer truthfully about having children. Mothers have [...]

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Lawsuit Against Realtor Over Second Hand Smoke Disclosure Raises A Stink

by Richard D. Vetstein, Esq. February 10, 2010 Condominium Law
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Yesterday the Boston Globe reported on a controversial lawsuit by Alyssa Burrage, a condominium buyer, against a realtor over the disclosure of second hand smoke emitting from downstairs neighbors. Click for the story: Suit Over Second Hand Smoke Targets Real Estate Broker. As the hundreds of comments to the story indicates, this lawsuit raises a [...]

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The New Good Faith Estimate (GFE): Some Glaring Omissions

by Richard D. Vetstein, Esq. February 2, 2010 Closings
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Lenders have been using the new Good Faith Estimate for a little over one month now. Gauging from the vociferous complaining in the lender blogosphere, it is an understatement to say that many lenders believe HUD really blew it with this new form. One would think that the new 3 page GFE would provide everything [...]

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The USDA Loan: Not Just for Farmers Anymore

by Richard D. Vetstein, Esq. January 29, 2010 FHA
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I’m pleased to welcome back guest blogger, David M. Gaffin, a licensed Loan Officer with Greenpark Mortgage Corp. of Needham MA. You can visit him at Greenpark Mortgage or through his LinkedIn profile.
Dave is here to talk about USDA loans which are, surprisingly, available in such *rural* areas of Massachusetts such as Hopkinton, Sudbury, Ashland, [...]

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Lenders React To Loan Worksheet Controversy, Express Frustrations With New GFE And RESPA Rules

by Richard D. Vetstein, Esq. January 24, 2010 Closings
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My post on lenders using loan cost worksheets and estimates was the featured post on ActiveRain yesterday, spawning over 140 comments by last count. It turned into quite a lively discussion by mortgage lenders about how frustrated they are with the new Good Faith Estimate and RESPA rules. After digesting all the comments, I have [...]

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RESPA Fallout: Lenders Combat Deficiencies With New Good Faith Estimate Through “Loan Worksheets”

by Richard D. Vetstein, Esq. January 20, 2010 HUD

The Los Angeles Times and other media outlets are claiming that lenders’ use of loan cost worksheets and estimates are a “sidestep” of the new RESPA mandated Good Faith Estimate which went into effect on January 1. HUD officials say they plan to conduct a review of the growing use of “worksheets” and “fee estimate” [...]

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New RESPA Rules 2010: Disclosure of Settlement Services, Closing Attorneys’ Fees, And Title Insurance

by Richard D. Vetstein, Esq. January 3, 2010 Closings
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In this post, I’ll discuss a very important issue to lenders, closing attorneys and borrowers alike: how the new RESPA rules handle the disclosure of closing attorney fees/costs and title insurance.
The new RESPA rules significantly change the way lenders must disclose settlement services, in particular closing attorneys’ fees, and title insurance. Generally, under the new [...]

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Green Energy Trends: Geothermal Technology Becoming More Popular In Massachusetts

by Richard D. Vetstein, Esq. January 3, 2010 Green Technology
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I’m pleased to welcome guest blogger, Leslie Mann, a Realtor with Hallmark Sotheby’s International Realty who specializes in the Dover-Sherborn area of Massachusetts. Leslie is here to talk about geothermal technology, which is growing in popularity in Massachusetts.
Geothermal technology is a great way to heat and cool your home. It costs far less to run [...]

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Massachusetts Real Estate Law Year In Review: Top Posts Of 2009 And Predictions For 2010

by Richard D. Vetstein, Esq. December 28, 2009 Closings
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In the spirit of the New Year, let’s look back at the top legal issues of the past year and peer into the crystal ball for a glimpse at 2010.
Top 5 Posts For 2009
#1.  The Catch-22 Impact of New Fannie Mae Condominium Regulations. In January, Fannie Mae was the first government agency to drop a [...]

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Ibanez Ruling Foreclosure Update: Nothing Much To Report

by Richard D. Vetstein, Esq. December 23, 2009 Foreclosure
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Update (2/25/10)–Mass. High Court May Take Ibanez Case
I’ve been asked several times recently for an update on the status of Land Court judge Keith Long’s controversial ruling in U.S. Bank v. Ibanez, which invalidated thousands of foreclosures across Massachusetts. Click here for my prior post on the case.
Unfortunately for those affected by the decision, not [...]

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RESPA Webinar Available: New GFE and HUD-1 Settlement Statement Guidance

by Richard D. Vetstein, Esq. December 21, 2009 RESPA
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I received a link to a pretty good webinar on the new HUD RESPA rules. HUD’s Assistant Secretary for Residential Homes, Vicki Bott, participated in it along with mortgage industry veterans. It’s about an hour long.
Click here and click the play button on the small screen.

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RESPA Update: HUD Issues New Settlement Cost Booklet and Powerpoint Presentation

by Richard D. Vetstein, Esq. December 21, 2009 Condominium Law
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With 11 days and counting until all lenders and closing attorneys must be in compliance with the new RESPA requirements and the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement, HUD has released two helpful documents:

Shopping For Your Home Loan: HUD’s Settlement Cost Booklet. Loan originators are required to provide consumers with a copy [...]

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Check Those Smoke Detectors: New Massachusetts Smoke Detector Regulations Go Into Effect April 5, 2010

by Richard D. Vetstein, Esq. December 15, 2009 Massachusetts Real Estate Law
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Whenever a home is sold in Massachusetts, the smoke detector law requires that the local fire department issue a certification that the smoke detectors are working properly and are in the correct location. The  new smoke detector regulations go into effect on April 5, 2010. The new regulations require that certain properties be equipped with [...]

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New FHA Condominium Guidelines: Financially Sound Projects = Better Investments

by Richard D. Vetstein, Esq. December 9, 2009 Condominium Law
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I’m getting pretty tired of all the condominium developers and realtors out there claiming and clamoring that the new FHA condominium guidelines which went into effect this week are the next coming of the Apocalypse. The fact remains that the new guidelines will ensure that condominiums are financially sound and well-run, and that’s good news [...]

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FHA Condominium Lending Rules Go Into Effect Today: Today’s Hurt Is Tomorrow’s Gain

by Richard D. Vetstein, Esq. December 7, 2009 Condominium Law
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Today, the controversial Federal Housing Administration (FHA) condominium mortgage rules go into effect. I’ve written about them extensively on this blog here. The new FHA rules, in summary, require that condominiums undergo a much more rigorous financial review prior to being accepted into FHA mortgage programs.  Sort of like a cardiac stress test for condominiums.
I [...]

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With Real Estate, Tough Options For Massachusetts Divorcing Spouses In This Economy

by Richard D. Vetstein, Esq. December 2, 2009 Divorce
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Divorce, unfortunately, often plays a major role in real estate transactions and decisions. The tough economy has added insult to injury for those unfortunate souls facing divorce in Massachusetts.
Quincy, Massachusetts Divorce and Family Law Attorney Gabriel Cheong offers great advice on his blog, the Massachusetts Divorce Lawyer Blog, about what to do if you are [...]

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Short Sales Get Boost From New Obama Treasury Guidelines

by Richard D. Vetstein, Esq. December 1, 2009 Foreclosure

The Obama administration on Monday set long-awaited guidance on a plan for mortgage companies to speed up short sales of homes and other loan modification alternatives to stem the rising tide of foreclosures. The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in which [...]

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Final (Hopefully!) Revised FHA Condominium Lending Guidelines Issued

by Richard D. Vetstein, Esq. November 21, 2009 Condominium Law
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After several revisions and delays, the Federal Housing Administration (FHA) has finally issued major changes to its revised guidelines on mortgage insurance requirements for condominium projects. FHA first proposed the revisions back in June (under Mortgagee Letter 2009-19). The new guidelines are effective December 7, 2009; however, some of the requirements are phased in through January 31, 2010.
There [...]

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Are You Ready For Some RESPA Reform? Part I, An Overview Of The New Regulations

by Richard D. Vetstein, Esq. November 17, 2009 Closings
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New, sweeping changes regulating how lenders, closing attorneys and title companies disclose loan and closing costs are set to go into effect January 1, 2010. The new regulations are part of a long awaited reform to the 30 year old Real Estate Settlement Practices Act known as RESPA aimed at providing greater transparency and fostering [...]

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Creating A Memorable Blog To Market Your Law Practice Free Webinar Now Available Online

by Richard D. Vetstein, Esq. November 20, 2009 Blogging

Noted Boston legal marketing guru, Steve Seckler of CounseltoCounsel.com, and Richard Vetstein (that would be me) recently co-presented a free webinar for lawyers who are interested in blogging, called Creating a Memorable Blog To Market Your Law Practice.  The webinar is now up on the Web for all to check out and enjoy.  Click here [...]

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HUD Announces Delay In Enforcement Of New RESPA Rules For 120 Days

by Richard D. Vetstein, Esq. November 14, 2009 Closings
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For my entire series on the new 2010 RESPA rules, look to the right under “Spotlight On: RESPA Reform” or click here.
The U.S. Department of Housing and Urban Development (HUD) announced on Friday that it will not enforce for a 120 day period new, sweeping regulatory changes to the Real Estate Settlement Procedures Act (RESPA) [...]

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FHA To Ease New Condominium Guidelines–Spot Loan Approval Extended Until Feb. 1

by Richard D. Vetstein, Esq. November 10, 2009 Condominium Law
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Update: 11/10/09–FHA Issues Final Revised Guidelines–Spot Approvals Extended Until Feb. 1, 2010
With an eye on the “volatility” of the condo market, the Federal Housing Administration (FHA) has backed off some of the stingy new rules for condominium lending set to be implemented Dec. 7.
After a meeting with the Mortgage Bankers Association last week, the FHA [...]

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Thanks to our Readers! The Massachusetts Real Estate Law Blog Is Top Of The Class

by Richard D. Vetstein, Esq. November 27, 2009 Blogging

Thanks to you, our readers, the Massachusetts Real Estate Law Blog has quickly become the highest ranking legal blog focused solely on Massachusetts substantive law according to Avvo.com and Alexa.com rankings. As reported in BizJournals, the blog has proven very popular to home buyers, sellers, consumers, realtors and lenders due to its easy to read [...]

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Lenders To Appeal Controversial Ibanez Foreclosure Ruling Of Massachusetts Land Court

by Richard D. Vetstein, Esq. November 3, 2009 Foreclosure

Banker and Tradesman is reporting that Wells Fargo and U.S. Bank will appeal the controversial U.S. Bank v. Ibanez Massachusetts Land Court decision that stung the lenders earlier this year by invalidating two foreclosures in Springfield because of improperly recorded mortgage assignments.
Lenders filed the appeal on Oct. 29, according to Lawrence Scofield, a senior real [...]

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Google Real Estate? Yup, Real Estate Listings Now On Google Maps

by Richard D. Vetstein, Esq. November 2, 2009 Massachusetts Real Estate Law

In its never ending quest for world dominance, Google is now putting real estate listings on its popular Google Maps platform. I have to say that it’s pretty cool.
Just go to Google Maps and type in a city/town or street address. On the “More” pull down menu on the right side, there is a box [...]

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Massachusetts Landlords And Realtors Settle Discriminatory Housing Practices With Attorney General

by Richard D. Vetstein, Esq. October 29, 2009 Housing Discrimination
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Massachusetts Attorney General Martha Coakley today announced that her office has settled 20 cases against landlords and real estate agents accused of violating state anti-discrimination laws across Massachusetts. The companies allegedly made discriminatory statements in online rental advertisements on Craigslist.org which stated “no children” or “no Section 8.” Section 8 is a rental subsidy program [...]

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A Quick Question & Answer Session On Massachusetts Condominium Law And Liability Issues

by Richard D. Vetstein, Esq. October 28, 2009 Condominium Law
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Rona Fischman, a buyer’s agent and co-author of Boston.com’s Real Estate Now Blog asked me to answer a couple of questions regarding condominiums on her Boston.com blog which I’ve reprinted here:
Is an individual unit owner liable if someone gets hurt in the condominium’s common areas?
The answer is most likely not. This is good lead in [...]

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New FHA Condominium Regulations Delayed (Again) to December 7, 2009

by Richard D. Vetstein, Esq. October 26, 2009 Massachusetts Real Estate Law
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IMPORTANT UPDATE: 11/16/09:  FHA Issues Final Revised Condominium Lending Guidelines
The FHA has announced that it will again delay the implementation of the new regulations governing condominium mortgages until December 7th, 2009. The new regulations were initially proposed in June and would change the approval process and the criteria used to determine if a buyer can [...]

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The Long And The Short Of It: A Massachusetts Short Sale Legal Primer

by Richard D. Vetstein, Esq. October 21, 2009 Massachusetts Real Estate Law
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A short sale is special type of real estate transaction between a homeowner, his mortgage holder, and a third party buyer. In a short sale, the homeowner’s mortgage company agrees to take less than what is owed on the outstanding mortgage, thereby being left “short.” In some but not all cases, the lender will agree [...]

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Massachusetts Land Court Reaffirms Controversial Ibanez Ruling Invalidating Thousands Of Foreclosures

by Richard D. Vetstein, Esq. October 14, 2009 Foreclosure
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Update (2/25/10)–Mass. High Court May Take Ibanez Case
Today, Massachusetts Land Court Judge Keith Long reaffirmed his controversial ruling made back in March 2009 that invalidated foreclosure proceedings involving two Springfield homes because the lenders did not hold clear titles to the properties at the time of sale. A copy of the decision can be found [...]

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The Catch-22 Impact Of New Fannie Mae (FNMA) Condominium Lending Regulations

by Richard D. Vetstein, Esq. July 1, 2009 Condominium Law
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Recent Fannie Mae (FNMA) condominium lending regulations are beginning to live up to the hype as having an onerous impact on condominium sales and project development. The changes, made in January, were part of an effort by mortgage giants Fannie Mae and Freddie Mac to limit risky lending in a segment of the housing market [...]

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New Stricter FHA Condominium Lending Regulations and Guidelines Sure To Slow Financing And Chill Sales

by Richard D. Vetstein, Esq. October 6, 2009 Condominium Law
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Update: 11/10/09–THESE RULES HAVE CHANGED. Please see my post: FHA Issues Final Revised Guidelines–Spot Approvals Extended Until Feb. 1, 2010
Update: 10/26/09–The FHA Has Delayed Implementation Of New Rules Until December 7, 2009

Under revised guidelines which were to be effective October 1, 2009 but now delayed until November 2, 2009, the Federal Housing Administration (FHA) [...]

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There’s Nothing “Standard” About The Massachusetts Standard Form Real Estate Purchase And Sale Agreement

by Richard D. Vetstein, Esq. August 21, 2009 Condominium Law
Standard Form Massachusetts Real Estate Purchase Sale Agreement

Although home buyers sign a never ending pile of legal documents to purchase a home, arguably the most important document in the entire transaction is the purchase and sale agreement. In Massachusetts, the purchase and sale agreement most often used is the so-called standard form agreement supplied by the Greater Boston Real Estate Board or [...]

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Hiring A Massachusetts Home Improvement Contractor: 10 Things You Need To Know

by Richard D. Vetstein, Esq. July 14, 2009 Construction Law
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Sadly, completing a home improvement project on time, on budget and with good, quality work is the exception rather than the norm these days. I have seen homeowners pour their home equity lines and savings into home improvement projects only to see the project left incomplete and riddled with defective and poor quality work, or [...]

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Electronic Real Estate Closings (E-Closings): The Future Of The Real Estate Closing Industry

by Richard D. Vetstein, Esq. September 25, 2009 Closings
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An excited young couple about to close on their first home walk into into the closing attorney’s office. The day before they received via secure email all of the loan documents to review and approve with their personal attorney. The closing attorney arrives without any paper, armed only with a laptop attached to a digital [...]

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Massachusetts Landlord Tenant Law: A Legal Refresher Course For Landlords

by Richard D. Vetstein, Esq. July 28, 2009 Housing Discrimination
Massachusetts landlord tenant law

With the impending influx of renters and students invading the Greater Boston area soon, let’s review some often asked questions concerning Massachusetts landlord tenant law to assist landlords in navigating the rental process.

Screening Prospective Tenants: What You Can and Cannot Ask?
Landlords can legally ask about a tenant’s income, current employment, prior landlord references, [...]

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The Massachusetts Offer To Purchase Real Estate: A Binding Contract

by Richard D. Vetstein, Esq. September 8, 2009 Condominium Law
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The first step in purchasing or selling Massachusetts residential real estate is the presentation and acceptance of an Offer To Purchase. Most often, the buyers’ real estate broker prepares the offer to purchase on a pre-printed standard form and presents it to the seller for review, modification, and acceptance. Attorneys are often not involved in [...]

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Proposed Legislation To Enhance Massachusetts Homestead Law Protection

by Richard D. Vetstein, Esq. October 21, 2009 Closings

There’s a bill (House Bill No. 1584) currently pending this legislative session to update the Massachusetts Homestead Law which would provide additional financial protections to homeowners and consumers in Massachusetts.
A Massachusetts homestead declaration is a simple and inexpensive tool enabling homeowners to protect up to $500,000 of equity in their principal residence from [...]

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Community Associations Institute Weighs In Against New FHA and Fannie Mae Condominium Regulations

by Richard D. Vetstein, Esq. October 5, 2009 Condominium Law
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IMPORTANT UPDATE: 11/16/09:  FHA Issues Final Revised Condominium Lending Guidelines
As a follow up to my post on the new FHA condominium regulations, I received word from my friend Seth Wills at XLT Property Management, that the Community Associations Institute — the leading condominium and homeowner’s association trade group — recently sent a bulletin to its [...]

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Massachusetts Property Values: An Appraiser’s Outlook And Predictions On Future Massachusetts Property Values

by Richard D. Vetstein, Esq. July 31, 2009 Appraisals
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I’m pleased to have Donald J. Griffin, MAI, SRA, an experienced appraiser with Don Griffin Appraisals, Inc., who is here to guest blog about a topic very much on the mind of Massachusetts homeowners, buyers and sellers:  Massachusetts property values.
What Happened?  The Last Three Years

The Massachusetts real estate market was artificially stimulated by forces outside [...]

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