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April 2011 Archives

MARS Rules... Will they apply to brokers/agents?

Some say Yes, others say No. The fact is that they DO APPLY - for now. Is it likely that brokers/agents or even attorneys will be exempted? Not in my mind. The disclosures are intended to "protect" the public. When has the government EVER decided that the bother to the provider outweighs any potential consumer protection? "It's just another form" is what we'll hear. So, get used to it. It's part of life - for now.

Fraud is in the Air, Everywhere We Turn and Look and See...

Desperate Times, Lead People to Desperate Measures. Or so it seems. In the last few weeks, we’ve been contacted by three different brokerages who have been the subject of lawsuits against them because of – embezzlement. Embezzlement by agents working for the brokerages - taking client’s money! One case involved property management trust accounts, the other two arose from agents “borrowing” money from their clients for “real estate deals” the agent was going to invest in for the client.

Short Sale Approvals in 45 Days? Bologna!

RISMEDIA reported today (April 15, 2011) that a new bill to improve the process for approving short sales might soon bring relief to distressed homeowners who are unable to keep their homes and hope to avoid foreclosure. The bill, recently introduced in the U.S. House and strongly supported by the National Association of REALTORS®, would impose a deadline of 45 days on lenders to respond to short sale requests.

Fun Fact Of The Day ...

OK, Steve Frantz writes these, and I couldn't resist. (Note the "t" in Fran"t"z.)
I think they are going to become a regular feature...

Holy Moly - The MERS Mess just got Messier!

April 11, 2011 ... Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corp (FDIC), Office of Thrift Supervision (OTS) and Federal Housing Finance Agency (FHFA) all ganged up on Mortgage Electronic Registration System MERS. And I mean ganged up on it.

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