Posted by Daniel Ripper on October 19, 2009 at 6:00am
This week Governor Schwarzenegger signed several pieces of legislation into law that will affect real estate transactions in the state of CaliforniaSB 36, by Senator Ron Calderon (D-Montebello), creates licensing requirements for all residential loan originators.SB 237, by Senator Ron Calderon (D-Montebello), creates a registration program for appraisal management firms.SB 239, by Sen. Fran Pavley (D-Agoura Hills), makes it a felony to commit fraud on a mortgage loan application.AB 260, by Assemblyman Ted Lieu (D-Torrance), bans negative-amortization loans and limits mortgage prepaymentpenalties to no more than 2% of the loan balance.AB 329, by Assemblyman Mike Feuer (D-Los Angeles), requires lenders to give more and clearer information to those interested in reverse mortgages, which let seniors borrow against their homes’ equity.AB 957, by Assemblywoman Cathleen Galgiani (D-Stockton), allows buyers of foreclosed homes to choose local escrow officers, rather than being forced to use the escrow company chosen by the bank seller.AB 1160, by Assemblyman Paul Fong (D-Cupertino), requires that mortgage loan documents be written in the same language the verbal negotiations were conducted in.See more of the article here:http://erinattardi.featuredblog.com/?p=111
Comments