To amend the Internal Revenue Code of 1986 to exclude from gross income of individual taxpayers discharges of indebtedness attributable to certain forgiven residential mortgage obligations.

Posted by Cochise at 01:41 PM | Permalink | Comments (1)

Posted by Cochise at 06:23 PM | Permalink

Posted by Cochise at 02:43 PM | Permalink

San Francisco-based Public Architecture, a nonprofit advocate for pro bono design, recently launched the second phase of its program "The 1%," which started in 2005 with a grant from the National Endowment for the Arts. The 1% program was created to challenge architecture and design firms to pledge 1 percent of their billable hours to pro bono work. More than 200 design and architecture firms have signed on.

Now the program features a matchmaking website—www.theonepercent.org—that connects nonprofit organizations in need of design assistance with architecture and design firms offering their time. Hundreds of groups seeking pro bono design work have contacted Public Architecture over the past two years, but there was nothing set up to address their inquiries. Theonepercent.org is a clearinghouse allowing nonprofits and firms to register themselves in The 1% program, identify the type of services they are seeking or offering, and connect with each other.

Public Architecture also has released a print booklet that corresponds

Posted by Cochise at 02:14 PM | Permalink

VA HOME LOAN PROGRAM

Cert. #C6689 – General Real Estate

4 hrs. Continuing Education Credit

December 12, 2007

9:00 a.m. to 1:00 p.m.

This continuing education training is for lenders and real estate professionals.

Topics to be covered in the training session include:

• VA Loan Guaranty
• Loan Limits
• Types of Loans and Requirements
• Eligibility/ACE and Certificates of Eligibility
• Occupancy
• Income and Credit Guidelines
• Allowable fees and charges
• Portal/TAS and E-Appraisal
• Specially Adapted Housing (SAH)
• LAPP
• Eligible Properties
• Appraisal Process
  

This continuing education training will be at the VA Regional Loan Center located at 3333 N. Central Avenue, Phoenix, AZ.  Click here for directions to the training site.  A Training Certificate will be issued to all participants.  Registration is required due to limited seating.

TO REGISTER, OR IF YOU HAVE ANY QUESTIONS OR COMMENTS CONCERNING THIS TRAINING OR NEED ANY OTHER ASSISTANCE, PLEASE CONTACT THE PHOENIX VA REGIONAL LOAN CENTER AND ASK FOR THE TRAINING COORDINATOR:

TOLL FREE

1-888-869-0194 x 3048

VA WEBSITE                                               E-MAIL ADDRESS FOR RESERVATIONS
www.vba.va.gov/ro/phoenixlgy/index.htm         reservations.vbapho@va.gov                      

Posted by Cochise at 10:42 AM | Permalink

TITLE VII--APPRAISAL ACTIVITIES

SEC. 701. PROPERTY APPRAISAL REQUIREMENTS.

Section 129 of the Truth in Lending Act (15 U.S.C. 1639) is amended by inserting after subsection (u) (as added by section 303(f)) the following new subsection:`(v) Property Appraisal Requirements-`(1) IN GENERAL- A creditor may not extend credit in the form of a mortgage referred to in section 103(aa) to any consumer without first obtaining a written appraisal of the property to be mortgaged prepared in accordance with the requirements of this subsection.`(2) APPRAISAL REQUIREMENTS-`(A) PHYSICAL PROPERTY VISIT- An appraisal of property to be secured by a mortgage referred to in section 103(aa) does not meet the requirement of this subsection unless it is performed by a qualified appraiser who conducts a physical property visit of the interior of the mortgaged property.`(B) SECOND APPRAISAL UNDER CERTAIN CIRCUMSTANCES-`(i) IN GENERAL- If the purpose of a mortgage referred to in section 103(aa) is to finance the purchase or acquisition of the mortgaged property from a person within 180 days of the purchase or acquisition of such property by that person at a price that was lower than the current sale price of the property, the creditor shall obtain a second appraisal from a different qualified appraiser. The second appraisal shall include an analysis of the difference in sale prices, changes in market conditions, and any improvements made to the property between the date of the previous sale and the current sale.`(ii) NO COST TO CONSUMER- The cost of any second appraisal required under clause (i) may not be charged to the consumer.`(C) QUALIFIED APPRAISER DEFINED- For purposes of this subsection, the term `qualified appraiser' means a person who--`(i) is certified or licensed by the State in which the property to be appraised is located; and`(ii) performs each appraisal in conformity with the Uniform Standards of Professional Appraisal Practice and title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and the regulations prescribed under such title, as in effect on the date of the appraisal.`(3) FREE COPY OF APPRAISAL- A creditor shall provide 1 copy of each appraisal conducted in accordance with this subsection in connection with a mortgage referred to in section 103(aa) to the consumer without charge, and at least 3 days prior to the transaction closing date.`(4) CONSUMER NOTIFICATION- At the time of the initial mortgage application, the consumer shall be provided with a statement by the creditor that any appraisal prepared for the mortgage is for the sole use of the creditor, and that the consumer may choose to have a separate appraisal conducted at their own expense.`(5) VIOLATIONS- In addition to any other liability to any person under this title, a creditor found to have willfully failed to obtain an appraisal as required in this subsection shall be liable to the consumer for the sum of $2,000.'.

SEC. 702. UNFAIR AND DECEPTIVE PRACTICES AND ACTS RELATING TO CERTAIN CONSUMER CREDIT TRANSACTIONS.

(a) In General- Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after section 129C (as added by section 601) the following new section:

`SEC. 129D. UNFAIR AND DECEPTIVE PRACTICES AND ACTS RELATING TO CERTAIN CONSUMER CREDIT TRANSACTIONS.

`(a) In General- It shall be unlawful, in providing any services for a consumer credit transaction secured by the principal dwelling of the consumer, to engage in any unfair or deceptive act or practice as described in or pursuant to regulations prescribed under this section.`(b) Appraisal Independence- For purposes of subsection (a), unfair and deceptive practices shall include--`(1) any appraisal of a property offered as security for repayment of the consumer credit transaction that is conducted in connection with such transaction in which a person with an interest in the underlying transaction compensates, coerces, extorts, colludes, instructs, induces, bribes, or intimidates a person conducting or involved in an appraisal, or attempts, to compensate, coerce, extort, collude, instruct, induce, bribe, or intimidate such a person, for the purpose of causing the appraised value assigned, under the appraisal, to the property to be based on any factor other than the independent judgment of the appraiser;`(2) mischaracterizing, or suborning any mischaracterization of, the appraised value of the property securing the extension of the credit;`(3) seeking to influence an appraiser or otherwise to encourage a targeted value in order to facilitate the making or pricing of the transaction; and`(4) failing to timely compensate an appraiser for a completed appraisal regardless of whether the transaction closes.`(c) Exceptions- The requirements of subsection (b) shall not be construed as prohibiting a mortgage lender, mortgage broker, mortgage banker, real estate broker, appraisal management company, employee of an appraisal management company, or any other person with an interest in a real estate transaction from asking an appraiser to provide 1 or more of the following services:`(1) Consider additional, appropriate property information, including the consideration of additional comparable properties to make or support an appraisal.`(2) Provide further detail, substantiation, or explanation for the appraiser's value conclusion.`(3) Correct errors in the appraisal report.`(d) Rulemaking Proceedings- The Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, the National Credit Union Administration Board, and the Federal Trade Commission--`(1) shall, for purposes of this section, jointly prescribe regulations defining with specificity acts or practices which are unfair or deceptive in the provision of mortgage lending services for a consumer credit transaction secured by the principal dwelling of the consumer or mortgage brokerage services for such a transaction and defining any terms in this section or such regulations; and`(2) may jointly issue interpretive guidelines and general statements of policy with respect to unfair or deceptive acts or practices in the provision of mortgage lending services for a consumer credit transaction secured by the principal dwelling of the consumer and mortgage brokerage services for such a transaction, within the meaning of subsections (a), (b), and (c).`(e) Penalties-`(1) FIRST VIOLATION- In addition to the enforcement provisions referred to in section 130, each person who violates this section shall forfeit and pay a civil penalty of not more than $10,000 for each day any such violation continues.`(2) SUBSEQUENT VIOLATIONS- In the case of any person on whom a civil penalty has been imposed under paragraph (1), paragraph (1) shall be applied by substituting `$20,000' for `$10,000' with respect to all subsequent violations.`(3) ASSESSMENT- The agency referred to in subsection (a) or (c) of section 108 with respect to any person described in paragraph (1) shall assess any penalty under this subsection to which such person is subject.'.(b) Clerical Amendment- The table of sections for chapter 2 of the Truth in Lending Act is amended by inserting after the item relating to section 129C (as added by section 601) the following new item:`129D. Unfair and deceptive practices and acts relating to certain consumer credit transactions.'.

SEC. 703. APPRAISAL SUBCOMMITTEE OF FIEC, APPRAISER INDEPENDENCE, AND APPROVED APPRAISER EDUCATION.

(a) Consumer Protection Mission-(1) PURPOSE- A purpose for the establishment and operation of the Appraisal Subcommittee of the Financial Institutions Examination Council (hereafter in this section referred to as the `Appraisal Subcommittee') shall be to establish a consumer protection mandate.(2) FUNCTIONS OF APPRAISAL SUBCOMMITTEE- It shall be a function of the Appraisal Subcommittee to protect the consumer from improper appraisal practices and the predations of unlicensed appraisers.(3) THRESHOLD LEVELS- In establishing a threshold level under section 1112(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3341(b)), each agency shall determine in writing that the threshold level provides reasonable protection for consumers who purchase 1-4 unit single-family residences.(b) Annual Report of Appraisal Subcommittee- The annual report of the Appraisal Subcommittee under section 1103(a)(4) of Financial Institutions Reform, Recovery, and Enforcement Act of 1989 shall detail the activities of the Appraisal Subcommittee, including the results of all audits of State appraiser regulatory agencies, and provide an accounting of disapproved actions and warnings taken in the previous year, including a description of the conditions causing the disapproval.(c) Open Meetings- All meetings of the Appraisal Subcommittee shall be held in public session after notice in the Federal Register.(d) Regulations- The Appraisal Subcommittee may prescribe regulations after notice and opportunity for comment. Any regulations prescribed by the Appraisal Subcommittee shall (unless otherwise provided in this section or title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989) be limited to the following functions: temporary practice, national registry, information sharing, and enforcement. For purposes of prescribing regulations, the Appraisal Subcommittee shall establish an advisory committee of industry participants, including appraisers, lenders, consumer advocates, and government agencies, and hold regular meetings.(e) Field Appraisals and Appraisal Reviews- All field appraisals performed at a property within a State shall be prepared by appraisers licensed in the State where the property is located. All Uniform Standards of Professional Appraisal Practice-compliant appraisal reviews shall be performed by an appraiser who is duly licensed by a State appraisal board.(f) State Agency Reporting Requirement- Each State with an appraiser certifying and licensing agency whose certifications and licenses comply with title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 shall transmit reports on sanctions, disciplinary actions, license and certification revocations, and license and certification suspensions on a timely basis to the national registry of the Appraisal Subcommittee.(g) Registry Fees Modified-(1) IN GENERAL- The annual registry fees for persons performing appraisals in federally related transactions shall be increased from $25 to $40. The maximum amount up to which the Appraisal Subcommittee may adjust any registry fees shall be increased from $50 to $80 per annum. The Appraisal Subcommittee shall consider at least once every 5 years whether to adjust the dollar amount of the registry fees to account for inflation. In implementing any change in registry fees, the Appraisal Subcommittee shall provide flexibility to the States for multi-year certifications and licenses already in place, as well as a transition period to implement the changes in registry fees.(2) INCREMENTAL REVENUES- Incremental revenues collected pursuant to the increases required by this section shall be placed in a separate account at the United States Treasury, entitled the Appraisal Subcommittee Account.(h) Grants and Reports-(1) IN GENERAL- Amounts appropriated for or collected by the Appraisal Subcommittee after the date of the enactment of this Act shall, in addition to other uses authorized, be used--(A) to make grants to State appraiser regulatory agencies to help defray those costs relating to enforcement activities; and(B) to report to all State appraiser certifying and licensing agencies when a license or certification is surrendered, revoked, or suspended.(2) LIMITATION ON OBLIGATIONS- Obligations authorized under this section may not exceed 75 percent of the fiscal year total of incremental increase in fees collected and deposited in the Appraisal Subcommittee Account pursuant to section 703(g) of this Act.(i) Criteria-(1) DEFINITION- For purposes of this section and title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (notwithstanding section 1116(c) of such title), the term `State licensed appraiser' means an individual who has satisfied the requirements for State licensing in a State or territory whose criteria for the licensing of a real estate appraiser currently meet or exceed the minimum criteria issued by the Appraisal Qualifications Board of The Appraisal Foundation for the licensing of real estate appraisers.(2) MINIMUM QUALIFICATION REQUIREMENTS- Any requirements established for individuals in the position of `Trainee Appraiser' and `Supervisory Appraiser' shall meet or exceed the minimum qualification requirements of the Appraiser Qualifications Board of The Appraisal Foundation. The Appraisal Subcommittee shall have the authority to enforce these requirements.(j) Monitoring of State Appraiser Certifying and Licensing Agencies- The Appraisal Subcommittee shall monitor State appraiser certifying and licencing agencies for the purpose of determining whether a State agency's funding and staffing are consistent with the requirements of title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, whether a State agency processes complaints and completes exams in a reasonable time period, and whether a State agency reports claims and disciplinary actions on a timely basis to the national registry maintained by the Appraisal Subcommittee. The Appraisal Subcommittee shall have the authority to impose interim sanctions and suspensions.(k) Reciprocity- A State appraiser certifying or licensing agency shall issue a reciprocal certification or license for an individual from another State when--(1) the appraiser licensing and certification program of such other State is in compliance with the provisions of this title; and(2) the appraiser holds a valid certification from a State whose requirements for certification or licensing meet or exceed the licensure standards established by the State where an individual seeks appraisal licensure.(l) Consideration of Professional Appraisal Designations- No provision of section 1122(d) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 shall be construed as prohibiting consideration of designations conferred by recognized national professional appraisal organizations, such as sponsoring organizations of The Appraisal Foundation.(m) Appraiser Independence-(1) PROHIBITIONS ON INTERESTED PARTIES IN A REAL ESTATE TRANSACTION- No mortgage lender, mortgage broker, mortgage banker, real estate broker, appraisal management company, employee of an appraisal management company, nor any other person with an interest in a real estate transaction involving an appraisal shall improperly influence, or attempt to improperly influence, through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, non-payment for services rendered, or bribery, the development, reporting, result, or review of a real estate appraisal sought in connection with a mortgage loan.(2) EXCEPTIONS- The requirements of paragraph (1) shall not be construed as prohibiting a mortgage lender, mortgage broker, mortgage banker, real estate broker, appraisal management company, employee of an appraisal management company, or any other person with an interest in a real estate transaction from asking an appraiser to provide 1 or more of the following services:(A) Consider additional, appropriate property information, including the consideration of additional comparable properties to make or support an appraisal.(B) Provide further detail, substantiation, or explanation for the appraiser's value conclusion.(C) Correct errors in the appraisal report.(3) PROHIBITIONS ON CONFLICTS OF INTEREST- No certified or licensed appraiser conducting an appraisal may have a direct or indirect interest, financial or otherwise, in the property or transaction involving the appraisal.(4) MANDATORY REPORTING- Any mortgage lender, mortgage broker, mortgage banker, real estate broker, appraisal management company, employee of an appraisal management company, or any other person with an interest in a real estate transaction involving an appraisal who has a reasonable basis to believe an appraiser is violating applicable laws, or is otherwise engaging in unethical conduct, shall refer the matter to the applicable State appraiser certifying and licensing agency.(5) REGULATIONS- The Federal financial institutions regulatory agencies (as defined in section 1003(1) of the Federal Financial Institutions Examination Council Act of 1978) shall prescribe such regulations as may be necessary to carry out the provisions of this subsection.(6) PENALTIES- Any person who violates any provision of this subsection shall be subject to civil penalties under section 8(i)(2) of the Federal Deposit Insurance Act or section 206(k)(2) of the Federal Credit Union Act, as appropriate.(7) PROCEEDING- A proceeding with respect to a violation of this subsection shall be an administrative proceeding which may be conducted by a Federal financial institutions regulatory agency in accordance with the procedures set forth in subchapter II of chapter 5 of title 5, United States Code.(n) Approved Education- The Appraisal Subcommittee shall encourage the States to accept courses approved by the Appraiser Qualification Board's Course Approval Program.

SEC. 704. STUDY REQUIRED ON IMPROVEMENTS IN APPRAISAL PROCESS AND COMPLIANCE PROGRAMS.

(a) Study- The Comptroller General shall conduct a comprehensive study on possible improvements in the appraisal process generally, and specifically on the consistency in and the effectiveness of, and possible improvements in, State compliance efforts and programs in accordance with title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. In addition, this study shall examine the existing de minimis loan levels established by Federal regulators for compliance under title XI and whether there is a need to revise them to reflect the addition of consumer protection to the purposes and functions of the Appraisal Subcommittee.(b) Report- Before the end of the 18-month period beginning on the date of the enactment of this Act, the Comptroller General shall submit a report on the study under subsection (a) to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, together with such recommendations for administrative or legislative action, at the Federal or State level, as the Comptroller General may determine to be appropriate.

SEC. 705. CONSUMER APPRAISAL DISCLOSURE.

(a) In General- Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after section 129D (as added by section 702) the following new section:

`SEC. 129E. CONSUMER APPRAISAL DISCLOSURE.

`In any case in which an appraisal is performed in connection with an extension of credit secured by an interest in real property, the creditor or other mortgage originator shall make available to the applicant for the extension of credit a copy of all appraisal valuation reports upon completion but no later than 3 business days prior to the transaction closing date.'.(b) Clerical Amendment- The table of sections for chapter 2 of the Truth in Lending Act is amended by inserting after the item relating to section 129D (as added by section 702) the following new item:`129E. Consumer appraisal disclosure.'.

Passed the House of Representatives November 15, 2007.

Attest:

Clerk.

Posted by Cochise at 08:17 AM | Permalink

Posted by Cochise at 02:51 PM | Permalink

Thanks!

Curtis D. Harris, BS, CGREA, REB
Bachelor of Science in Real Estate, CSULA,

State Certified General Appraiser
Real Estate Broker
ASTM E-2018 Commercial Real Estate Inspector
HUD 203k Consultant
HUD Real Estate Appraiser/Reviewer
The Harris Company, Real Estate Appraisers/Consultants
5780 West Centinela Avenue, Bldg 1, Suite 408
Los Angeles, CA. 90045 
310-337-1973 Office and Fax

310.251.3959 Cell

WebSite:

http://www.harriscompanyrec.com

Ranked Number One on Google:

 http://www.google.com/search?hl=en&newwindow=1&rls=com.microsoft%3Aen-US&q=commercial+appraiser+los+angeles

Get In The "LOoP," a Real Estate Services Directory and Custom Search Engine:

http://www.google.com/coop/cse?cx=000747579154309164948%3Annakvu69iqy or: http://www.harriscompanyrec.com/Custom_Search_Results_CSE 

Curriculum Vitae Posted on The Expert Witness Network website:

 http://www.witness.net/data/CDHarris.doc 

Mobile email:

3102513959@mobile.mycingular.com

Apprsiaers Talk Back:

http://www.hwforums.com/2191/

West Legal Directory Profile:

IT’S THE LAW-Designation Discrimination is Illegal [FIRREA, Sec. 564.6]:  Professional Association Membership

http://www.orea.ca.gov/html/fed_regs.shtml#Statement7 Membership in an appraisal organization:  A State Certified General Appraiser may not be excluded from consideration for an assignment for a federally related transaction by virtue of membership or lack of membership in any particular appraisal organization.

CONFIDENTIALITY/PRIVILEGE NOTICE: This transmission and any attachments are intended solely for the addressee. The information contained in this transmission is confidential in nature and protected from further use or disclosure under U.S. Pub. L. 106-102, 113 U.S. Stat. 1338 (1999), and may be subject to consultant/appraiser-client or other legal privilege. Your use or disclosure of this information for any purpose other than that intended by its transmittal is strictly prohibited and may subject you to fines and/or penalties under federal and state law. If you are not the intended recipient of this transmission, please destroy all copies received and confirm destruction to the sender via return transmittal.

-----Original Message-----
From: Curtis Harris [mailto:harris_curtis@sbcglobal.net]
Sent: Sunday, November 25, 2007 2:14 PM
To: Curtis
Subject: Fwd: Fannie Mae: Training in California

Vendor Desk <vendor_desk@fanniemae.com> wrote:

Subject: Fannie Mae: Training in California
Date: Tue, 13 Nov 2007 15:49:59 -0500
From: "Vendor Desk" <vendor_desk@fanniemae.com>

Posted by Cochise at 02:44 PM | Permalink

Announcement 07-11, Collateral Valuation Practices and Declining ...

Posted by Cochise at 12:15 PM | Permalink

Posted by Cochise at 11:45 AM | Permalink

CONSTRUCTION, INJURY AND TORT LAW, LABOR & EMPLOYMENT LAW
Millard v. Biosources, Inc., No. D049737
In case involving HVAC subcontractor's employee who was injured after the lights went out on the job, summary judgment for defendant general contractor is affirmed over plaintiff's claims that: 1) precedent did not bar his action as defendant retained control of the electrical work; 2) defendant owed a duty to him under Labor Code section 6304.5; 3) defendant's failure to exercise control of safety on the jobsite affirmatively contributed to plaintiff's injuries; 4) defendant failed to fulfill an assumed duty to determine the reason the lights went off previously; and 5) it should have been determined whether a cause of action for negligence per se was included in the action. Read more...   PDF version

Posted by Cochise at 10:31 AM | Permalink

GOVERNMENT LAW, LANDLORD TENANT LAW, PROPERTY LAW & REAL ESTATE
TG Oceanside, L.P. v. City of Oceanside, No. D049387
Judgment issuing a petition for peremptory writ of administrative mandamus in favor of mobile home park owner who challenged defendants' decision to deny it a rent increase and won an increase is reversed where the evidence presented by plaintiff on its special adjustment application did not serve to rebut an evidentiary presumption that existing rent adjustment formulas contained within defendant city's rent control ordinance provide a fair return. Read more...   PDF version

Posted by Cochise at 12:43 PM | Permalink

Public Outreach Training,  City of Los Angeles

ZIMAS Training:

http://zimas.lacity.org/AnnouncementLinks/Public%20Outreach%20Trainning%20dec07.pdf

Posted by Cochise at 10:56 AM | Permalink

Posted by Cochise at 07:59 AM | Permalink

Posted by Cochise at 07:49 AM | Permalink

CalHFA Homeownership Update

With many changes in today’s housing market, CalHFA is a sound, responsible solution for your low to moderate income homebuyers. We will continue to achieve this by providing safe, affordable, easy-to-use home loan programs.  Low income families are finding it increasingly difficult to qualify for home loans due to the high housing costs.  Fortunately, they can use CalHFA's 100% financing, subordinate loans and other down payment assistance through the Affordable Housing Partnership Program, to have a better chance at the dream of homeownership.

More Down Payment Assistance!

The California Homebuyer’s Downpayment Assistance Program (CHDAP) is a great tool for first-time homebuyers. This program has recently been augmented with $100 million from Proposition 1C, the Housing and Emergency Shelter Trust Fund Act of 2006.  CHDAP offers a deferred payment junior loan at 3% simple interest rate.  The loan amount can go up to three percent (3%) of the sales price or appraised value, whichever is less. 

If the property is located in an infill opportunity zone, transit village development district or transit-oriented development plan area, the loan can go up to 5% of the sales price or appraised value, whichever is less.  This loan may be used for down payment or closing costs and may be combined with a CalHFA or non-CalHFA conventional or government first mortgage loan.  All non-CalHFA conventional loans utilizing the CHDAP are now credit underwritten by CalHFA’s Mortgage Insurance Division.

What’s Happening: 

• We now have a quick reference to our various loan programs on the web site.
• CalHFA now offers a list of California developers offering Affordable Housing.
• A first-time homebuyer exemption is now available for Veterans.  You can read more about a Navy SEAL who used this loan in our latest issues of Housing Matters.
• HIRAP Hiatus:  Due to our effective nonprofit home counseling partners, the HIRAP Program funds have been fully utilized and are not available at this time.

We now have lower monthly Mortgage Insurance rates on Conforming 35-Year IOP loans.

Did you know? 

• Using Fannie Mae’s Desktop Underwriter “My Community Mortgage (MCM)” for all CalHFA conventional first mortgages will result in flexible findings for your first-time home buyer.
• CalHFA purchases FHA 203 (b) insured first mortgages for first time homebuyers at 100% LTV with the CalHFA Housing Assistance Program (CHAP) down payment assistance program.
• Temporary interest rate buydowns are acceptable no more than 1% per year up to a maximum of 3 years.

• CalHFA’s first mortgage loans are assumable by CalHFA eligible homebuyers.
• CalHFA’s Mortgage Insurance Division will allow four trade sources with a twelve month satisfactory payment record, in lieu of a FICO score.

Loan Turnaround Time:

In our recent survey of Loan Officers, one of the most frequent questions was how Loan Officers and Processors can help decrease processing time for loan files.  CalHFA is committed to quick turnaround review times.  Although, heavy loan volumes may dictate review times, the process slows down when we receive an incomplete or inaccurate file.  Here are some easy things you can do to help us speed up the processing of loan applications:

• Please be sure to use the CalHFA Loan Submission Checklist when obtaining documents from your borrower(s).             
• Read the Lender Program Manual and Program Bulletins for compliance review guidance, income calculations and borrower and property eligibility requirements.
• Periodically, attend Lender Training Classes or use the Lender Training Video Modules to increase your knowledge of CalHFA’s loan programs.

_____________________________________________________________________________________________

About CalHFA News

CalHFA Homeownership E-News, a semi-annual electronic publication, is available free to CalHFA partners

If you would like to unsubscribe from any of the CalHFA E-News lists, please use this link 

Please DO NOT REPLY to this email message, this email box is not monitored and therefore responses to your questions may be delayed. If you have questions or comments, please direct them to our Marketing email at marketing@calhfa.ca.gov   - Thank you.

*"HomeOpeners" is a registered trademark of Genworth Mortgage Holdings, LLC.

CALIFORNIA HOUSING FINANCE AGENCY

Posted by Cochise at 03:09 PM | Permalink

Posted by Cochise at 02:20 PM | Permalink

View Current Signatures   -   Sign the Petition

To:  U.S. Congress

We believe to be true that Section 203(k) in H.R.3837 will invalidate 12 U.S.C. 3351(d) which states: (not to)"exclude a certified or licensed appraiser for consideration for an assignment solely by virtue of membership or lack of membership in any particular appraisal organization". We regard this as a restraint of trade and in violation of existing antitrust laws; therefore we must oppose the passing of such legislation.

Sincerely,

The Undersigned

 

The "NO" to Section 203(k) in H.R.3837 Petition to U.S. Congress was created by Real Estate Professionals Free Trade Union and written by Craig H. Butterfield (info@appraisalunion.org).  This petition is hosted here at www.PetitionOnline.com as a public service. There is no endorsement of this petition, express or implied, by Artifice, Inc. or our sponsors. For technical support please use our simple Petition Help form.

 

Posted by Cochise at 09:58 AM | Permalink

House Passes Tax Increase on Commercial Real Estate

On a predominately party-line vote of 216 to 193, the House of Representatives approved the Temporary Tax Relief Act of 2007 (H.R. 3996) that would more than double the tax rate on investment managers’ carried interests—and permanently and fundamentally alter the taxation and return of many real estate transactions—to help pay for a one-year Alternative Minimum Tax (AMT) “patch” for middle-income taxpayers.  The carried interest tax hike would affect millions of Americans in partnerships of all types and sizes.  Carried interest is the compensation given to the general partner at the end of a successful real estate deal for the intangible assets, assumption of significant risk, and their intellectual capital as part of arranging and operating the real estate venture.  Currently, carried interest is taxed like a capital gain at the 15 percent rate.  The House-passed bill changes its tax treatment to that of ordinary income, which for most would be a 35 percent rate.

The bill also proposes additional tax relief for individuals and would extend for one year a number of expiring individual and business tax provisions (including BOMA-supported 15-year leasehold improvement depreciation and brownfields expensing).  These provisions were also part of a much larger tax bill introduced by Ways and Means Committee Chairman Charles Rangel (D-NY) deemed the “mother of all tax reforms” that will be considered in 2008.

Throughout the fall and leading up to the vote, BOMA International actively opposed changing the way in which carried interest is taxed.  BOMA, along with other real estate groups, canvassed Capitol Hill offices warning that the proposed change could lead to many unintended consequences for the industry, the economy and underserved communities by stifling entrepreneurial risk-taking, lowering property values and tax revenues at the local level, and encouraging real estate owners to borrow more money to avoid taking on equity partners.

The legislation will face an uphill battle in the Senate where the slim Democratic majority will have a difficult time finding 60 votes to pass the bill as currently drafted and avoid Republican filibuster.  Additionally, the Bush Administration has stated that it would veto the House bill if it made it to the President’s desk.  Contact your Senators today and tell them you object to this increase on commercial real estate by visiting the BOMA Legislative Action Center.

For more information, contact Jason Todd at jtodd@boma.org or (202) 326-6356.

Return to Headlines

FCC Issues Ban On Exclusive Contracts Between Video Service Providers And Apartment Building Owners

Late last month the Federal Communications Commission (FCC) voted unanimously to ban exclusive access contracts between video service providers and apartment building owners, declaring the move will help foster more competition in the market for delivery of multichannel video programming and increase choice and programming for consumers residing in multiple dwelling units (MDUs) and other real estate developments. 

For more information, contact Jason Todd at jtodd@boma.org or (202) 326-6356.

Posted by Cochise at 01:16 PM | Permalink

GOVERNMENT LAW, PROPERTY LAW & REAL ESTATE
Ste. Marie v. Riverside County Reg'l Park & Open Space Dist. , No. E041312
In case involving an option agreement to sell property to a community college district for construction of a college campus, summary judgment for plaintiff registered voter prohibiting conveyance of the property is affirmed over primary claim that the transfer limitations set forth in Public Resources Code section 5540 have no bearing upon defendant's proposed transfer of the property as that property was not "actually dedicated" for park and open-space purposes, as purportedly required by the statute. Read more...   PDF version

Posted by Cochise at 07:49 AM | Permalink

"Basics of Underwriting" Training Now Available

With the housing and mortgage markets facing trying times, your underwriters play a particularly important role in ensuring that you are originating high-quality mortgages that will stand the test of time. Fannie Mae offers a wide range of training resources that will help your underwriting staff originate investment-quality mortgages – including a new series of six recorded tutorials on the "Basics of Underwriting" and two full-length publications for underwriters.

Six New Recorded Tutorials on Underwriting Basics

Even if you use an automated underwriting system such as Desktop Underwriter, your staff will benefit from this series of six new recorded tutorials on underwriting basics. These free online presentations explain how to analyze the borrower's income, assets and liabilities, and traditional and nontraditional credit, as well as how to analyze appraisal reports to ensure the property provides adequate security for the mortgage.

To access these recorded tutorials, which are available 24/7 from your home or office, click the Training & Education tab on eFannieMae.com, select Originating & Underwriting, then Web Seminars.
Underwriting Pre-Recorded Seminars

New Cornerstone Publications

Underwriting Residential Mortgages and Mortgage Quality Assurance are two titles in our updated Cornerstone series of publications, which are now available for purchase online. These books are designed to ensure that your underwriters perform a comprehensive assessment of the risk factors associated with each mortgage you originate.

To view detailed descriptions of these full-length publications, click the Training & Education tab on eFannieMae.com, then select Publications.
Underwriting Resources

Posted by Cochise at 04:04 PM | Permalink

ADMINISTRATIVE LAW, CONSTITUTIONAL LAW, CONSTRUCTION, GOVERNMENT LAW, PROPERTY LAW & REAL ESTATE
Crown Point Dev., Inc. v. City of Sun Valley, No. 06-35189
A decision finding that plaintiff-developer could not state a claim for relief based on the allegedly arbitrary and irrational denial of a permit application is reversed and remanded for further proceedings where, contrary to the ruling below and in light of other Supreme Court rulings, Armendariz v. Penman, 75 F.3d 1311 (9th Cir. 1996) (en banc), does not entirely foreclose the developer's substantive due process theory. Read more...

Posted by Cochise at 01:44 PM | Permalink

New FHA Training around the nation:

 TITLE: Model Manufactured Home Installation Standards 
 AGENCY: Office of the Assistant Secretary for Housing--Federal Housing Commissioner, HUD. 
 

ACTION: Final rule.
 

DATES: Effective Date: The effective date for this final rule will be October 20, 2008.
 

SUMMARY: This final rule establishes new Model Manufactured Home Installation Standards (Model Installation Standards) for the installation of new manufactured homes
 

 and includes standards for the completion of certain aspects necessary to join all sections of multi-section homes… 
 

FOR FURTHER INFORMATION CONTACT: William W. Matchneer III, Associate Deputy Assistant Secretary for Regulatory Affairs and  Manufactured Housing, Office of 
 

Manufactured Housing Programs, Department of Housing and Urban Development, 451 Seventh Street, SW., Room 9164, Washington, DC 20410; telephone number (202)
 

708-6401 (this is not a toll-free number). Hearing-or speech-impaired individuals may access this number through TTY by calling the toll-free Federal Information Relay
 

 Service at (800) 877-8339.
 

Do Another California Cas