Closings

Home Buyers, Don’t Go To Home Depot Before Closing! Lenders Pulling Second Credit Reports Under New Fannie Mae Loan Quality Initiative (LQI)

by Rich Vetstein 05.25.2010 Closings
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Fannie Mae’s new Loan Quality Initiative (LQI) mandates become effective on June 1, 2010, and these rules are really taking the mortgage industry by surprise. The new rules could derail some closings for buyers who rack up purchases or even take out new store credit cards before their home sales have closed. The Wall Street [...]

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Pre-Closing Walk-Through Tips & Strategies

by Rich Vetstein 05.12.2010 Closings
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My Boston.com colleague, buyer’s agent Rona Fischman, has a great post today on walk-throughs, or pre-closing inspections. I’ve re-posted it here, along with my commentary (in italics) and my own tips. The walk through is the last thing that the buyer does before closing. The buyers, plus the real estate agents, walk through the empty [...]

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Do Buyers Need A Signed Offer Or Purchase And Sale Agreement For The April 30th Tax Credit Deadline?

by Rich Vetstein 04.26.2010 Closings
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As we head towards a major deadline for the popular $8,000 home buyer tax credit, we’ve been asked a number of times by real estate agents and mortgage professionals whether buyers need a signed offer to purchase or signed purchase and sale agreement by the upcoming April 30th tax credit deadline. We’re advising that buyers [...]

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TitleHub Has Arrived: Stay Informed And Stay Connected To Your Real Estate Transaction

by Rich Vetstein 03.28.2010 Blogging
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After months in the making, I am very pleased to announce the roll-out of TitleHub Closing Services, LLC, a cutting-edge closing settlement service that uniquely provides a full platform of legal and technology-based services. TitleHub’s mission is to transform the convoluted real estate closing process into an easy, customer-focused and technologically enhanced experience. In collaboration [...]

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What Does A Massachusetts Real Estate Closing Attorney Do Exactly?

by Rich Vetstein 03.03.2010 Closings
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A lot more than you might think. Plus, Massachusetts law now requires attorneys to preside over residential real estate closings. 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 [...]

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

by Rich Vetstein 02.02.2010 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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FHA Tightens Mortgage Requirements: Lending Costs To Rise

by Rich Vetstein 01.26.2010 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 [...]

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

by Rich Vetstein 01.24.2010 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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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 Rich Vetstein 01.06.2010 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 [...]

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

by Rich Vetstein 01.03.2010 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 [...]

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

by Rich Vetstein 12.28.2009 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 [...]

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

by Rich Vetstein 11.17.2009 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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HUD Announces Delay In Enforcement Of New RESPA Rules For 120 Days

by Rich Vetstein 11.14.2009 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 [...]

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Proposed Legislation To Enhance Massachusetts Homestead Law Protection

by Rich Vetstein 10.21.2009 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 the [...]

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

by Rich Vetstein 09.25.2009 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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