Eliud Gautier

Q: How the Wall Street Bail Out grew to $850 Billion? A: Earmarks

Eliud Gautier (Casa Latino Delaware Valley) — Sat, 04 Oct 2008 03:28:23 -0500

Q: How the Wall Street Bail Out grew to $850 Billion?

A: Earmarks

The housing bust has been blamed for the alleged credit crunch. But here is the list of none related issues attached to the Wall Street and Washington Bail Out that has increased this bill from $700 Billion to $850 Billion.

The increase is being blamed on Earmarks. But what is an Earmark? Well according to the Office of Management and Budget (OMB) Earmarks is defined as, "funds provided by the Congress for projects or programs where the congressional direction (in bill or report language) circumvents Executive Branch merit-based or competitive allocation processes, or specifies the location or recipient, or otherwise curtails the ability of the Executive Branch to manage critical aspects of the funds allocation process."

Earmarks are also called Pork Barrel Spending, which means "government spending for projects that are intended primarily to benefit particular constituents or campaign contributors."

So here is a comprehensive list the Earmarks or Pork Barrel Spending included by Senators and House Representatives in order to grease the wheels of the Wall Street and Washington Bail Out.

High Lighted Earmarks Needing Additonal Justification:

Wooden arrows Earmark: This tax break, backed by Oregon's two senators, would benefit an Oregon manufacturer of wooden arrows for children by $2 million over 10 years, allegedly not supported by Republican Senator Gordon and Democratic Senator Ron Wyden (Section 503)

Racetracks Earmark: Earmark would allow auto racetrack owners to depreciate their facilities over seven years, saving the industry $100 million over two years. Charles Schumer, the New York [Democrat] Senator added an earmark to the nation's $700 billion "rescue plan" that will extend current tax laws for race tracks that allow them to be considered the same as amusement parks in the eyes of the IRS. (Section 317)

Rum Earmark: Offers rum producers in Puerto Rico and the Virgin Islands a rebate on excise taxes worth $192 million over two years. (Section 308)

Wool Earmark: Reduces tariffs for U.S. makers of wool fabric that use imported yarn, worth $148 million over five years. The measure was pushed by Democrat Representative Louise Slaughter, N.Y., and Democrat Representative Melissa Bean, Ill. (Section 325)

Exxon Valdez Earmark: Plaintiffs in the suit over the 1989 oil spill could spread their tax payments on punitive damages over three years, cutting their tax bill by $49 million. The measure was backed by Republican Rep. Don Young, Alaska. (Section 504)

Hollywood Earmark: Extends a tax break for film and TV companies that keep their production in the United States, worth $478 million over 10 years. The provision was originally pushed by Democrat Rep. Diane Watson, Los Angeles. (Section 502)

If you want to see a more comprehensive list of Earmarks go to The Tax Foundation

Lone Wolf CRM, any good?

Eliud Gautier (Casa Latino Delaware Valley) — Fri, 03 Oct 2008 15:11:10 -0500

I registered for the free trial of RealFutureCRM...and it seems like realtor are pleased with the results.

But I was also asked to check this Lone Wolf out - any AR members using it?

Lone Wolf Real Estate Technologies is the North American leader in real estate software, services and solutions that help real estate offices realize their full potential.

Landlord Had Duty To Protect Visitors From Violent Tenant

Eliud Gautier (Casa Latino Delaware Valley) — Fri, 22 Aug 2008 11:46:07 -0500

A landlord can be sued for failing to take at least minimal steps to alleviate the risk posed by a violent tenant, a Court has ruled.

The Plaintiff was a former tenant of the Defendant's apartment complex who occasionally returned to visit family still living there. A tenant with a history of intimidating behavior had previously brandished a firearm at visitors and other tenants. At least one such previous incident involving the Plaintiff's family was reported to the property manager in writing. When the tenant observed the Plaintiff on the premises, he got a shotgun, shot the Plaintiff twice and beat him before the police arrived to subdue him. The Plaintiff sued, claiming the landlord had breached a duty to protect him from the tenant. The landlord argued the law required a showing that the tenant had committed a nearly identical prior crime before a duty to protect visitors could be implied. But the Court disagreed and stated, "to establish heightened foreseeabillity, the law requires ‘prior similar criminal incidents (or other indications of a reasonably foreseeable risk of violent criminal assaults in that location) and does not require a showing of prior nearly identical criminal incidents'.

Spiegel & Utrera, P.A. Newsletter - Volume X: Issue XVI

Casa Latino Delaware Valley Business Presentation

Eliud Gautier (Casa Latino Delaware Valley) — Wed, 20 Aug 2008 09:08:17 -0500

Casa Latino Delaware Valley Business Presentation

On August 23, 2008 Eliud Gautier and Holando Falcon are hosting a Casa Latino Delaware Vally Business Presentation in order to introduce our business model to potential entrepreneurs, real estate brokers and agents, and auxiliary real estate services such as lenders, title and insurance companies interested in doing business with us.

Robb Heering, CEO and Founder, Casa Latino Franchise Corporation, will be our guest speaker. Casa Latino is the only Hispanic owned national real estate franchise in the USA. Casa Latino Real Estate's mission is to achieve dominant market presence among the Hispanic community nationwide by providing exemplary quality service to home buyers and sellers with particular emphasis on educating and equipping the Hispanic community to achieve the dream of home ownership.

Saturday, August 23, 2008 at 10 AM - 12 Noon
Penn Treaty Park Place
1^st Floor Conference Room
1341 North Delaware Avenue
Philadelphia, PA 19125

RSVP is required at CasaLatino@comcast.net

FHA Workshop in Downtown Philly for Realtors

Eliud Gautier (Casa Latino Delaware Valley) — Fri, 15 Aug 2008 08:05:48 -0500

NAHREP Philadelphia and South Jersey Chapter
Cordially Invites All Realtors in the
Delaware Valley to hear from FHA Experts

Tuesday, August 19 2008 @ 9:00 AM

Do You Know The Top 10 Reasons For FHA?

Phil Caulfield, Business Analyst - US Department of HUD
Patricia Hasson, President - CCCS of Delaware Valley
Eric Bryant - Hooks Van Holm, Inc.
Stephen M. Gresh - Academy Appraisal, Inc.
Keith Langan, Vice President - Foundation Title
Edward Patane, Vice President Emerging
Markets & Affordable Lending - Chase

Continental Breakfast & Registration at 8:30 AM
Presentation begins promptly at 9:00 AM

PENN'S LANDING CATERERS
1301 SO COLUMBUS BLVD
PHILADELPHIA, PA 19147
FREE PARKING on PREMISE

SPONSORED BY
CHASE & FOUNDATION TITLE

RSVP REQUIRED

RSVP to NAHREP _SJPA@comcast.net

$15.00 Members
$20.00 Non-Members
($10.00 discount for your membership renewal
or new membership applications)

www.NAHREP.org

Real Estate Connection on Cable TV

Eliud Gautier (Casa Latino Delaware Valley) — Wed, 13 Aug 2008 21:10:58 -0500

The Real Estate Connection TV Show in the Delaware Valley

The Real Estate Connection is a half hour television program featuring professionals
in the field of real estate. The professionals specialize in mortgages, refinancing,
commercial loans, credit, realty, estate planning, home appraisal, commercial &
residential construction, title insurance and much more. The goal of the program
is to educate the consumer about these topics.

It is broadcast to 2 Million Homes in the Delaware Valley on Comcast Cable
& Verizon FIOS which covers South Jersey, Eastern Pennsylvania, and Delaware.

The show airs:
THURSDAYS: 7PM-7:30PM
SUNDAY: 1AM-1:30AM (Saturday Night)

Contact Steve Kwasnik (856) 424-0343

Short Sales Seminar, Cherry Hill, NJ

Eliud Gautier (Casa Latino Delaware Valley) — Wed, 16 Jul 2008 08:30:32 -0500

No Fee - Short Sales Seminar
Short Sales, REO, and Foreclosure

Thursday, September 25, 2008
6:00 PM to 8:00 PM

If you want to get training at no cost about Short Sales,
REO, and Forclosures register for this seminar today!

North American Title Agency
1040 Kings Highway North, Suite 700
Cherry Hill, New Jersey 08034

Seating is Limited - Reseve Your Seat Now!

Register Today!
RSVP@indeabs.com

Triple Play Realtor Convention and Trade Expo, Dec. 9 - 11, 2008

Eliud Gautier (Casa Latino Delaware Valley) — Mon, 14 Jul 2008 22:10:09 -0500

Triple Play

Realtor Convention and Trade Expo
December 9 - 11, 2008 * New Atlantic City Convention Center

Nearly 10,000 brokers, sales agents, owners and managers are expected to attend this year's event.

Casa Latino of the Delaware Valley

Eliud Gautier (Casa Latino Delaware Valley) — Thu, 26 Jun 2008 14:18:08 -0500

Eliud Gautier and Holando Falcon are the proud Franchise Developers of Casa Latino Delaware Valley, associated with Casa Latino Real Estate. They will be interviewing entreprenurs and real estate brokers within the Delaware Valley in order to develop real estate offices throughout this region (Southeastern PA, Southern NJ and Delaware).

Casa Latino Delaware Valley (CLDV) will be developing a unique approach to homeownership. CLDV will be working closely with first time homeowners, typically ignored by your larger giant franchises in the Delaware Valley. The owners of CLDV have access to grant programs managed by the States of NJ and PA. Additionally, CLDV will assist first time homeowners obtain grants managed by non profits agencies providing matching funds for down payment/closing cost assistance.

CLDV will also be associated with New Vista Asset Management (a company founded by NAHREP founder Gary Acosta and AREAA founder Jim Park) for REO assignments. Qualified Casa Latino brokers and agents have begun to receive REO listings from New Vista and CLDV will also benefit from these types of national alliances.

The CLDV regional office will be located at the Penn Treaty Park Place, 1341 North Delaware Avenue, Philadelphia, PA 19125 but they'll be looking to open franchises in the following communities:

Delaware - Newark, Wilmington
New Jersey - Camden, Hammonton, Atlantic City, Glassboro, Vineland, Bridgeton
Pennsylvania - Chester, Reading, Norristown, Bethlehem

If you are interested in this business opportunity please contact Eliud Gautier and/or Holando Falcon at the following number and email:

(856) 816-5150, Eliud Gautier
CasaLatino@comcast.net

Tino Diaz: The State of Hispanic Housing Dinner

Eliud Gautier (Casa Latino Delaware Valley) — Wed, 25 Jun 2008 01:03:49 -0500

Tino Diaz
CEO, Vertex Mortgage Bankers; and
Vice President, NAHREP

Tino Diaz was the featured speaker at the 2008 National Hispanic Prayer Breakfast(NHPB) - The State of Hispanic Housing Dinner on Tuesday, June 24 at the JC Marriott in Washington, DC. As always he did an awesome presentation.

Esperanza, the host of the NHPB, usually takes this occasion within the scope of the 3-day conference to address the needs of the Hispanic community as it relates to housing. You could obtain copies of the reports presented in previous annual State of Hispanic Housing Dinner events by going to www.Esperanza.us and getting the following -

I believe that the relationships forged at this meeting will be a tremendous blessing to the Hispanic community currently suffering because of the predatory lenders and Realtors. The philosophy behind the NAHREP Code of Ethics and the Faith based initiatives driven by Esperanza will bring many blessing to families struggling to keep their homes.

If you are a real estate professional and want to be part of this tremendous relationship between NARHEP and Esperanza then go to www.NAHREP.org and join our organization. And if you are a member of a church or House of Worship and would like to be part the Esperanza go to www.Esperanza.us

2008 NAHREP Hispanic Marketing Convention & Expo

Eliud Gautier (Casa Latino Delaware Valley) — Mon, 23 Jun 2008 10:22:31 -0500

National Association of Hispanic Real Estate Professionals (NAHREP)
2008 Hispanic Marketing Convention & Expo

Dear Colleagues,

What is the state of your business and how does it differ from this time last year? If you are like most members, your business has undergone a dramatic change that requires a whole new mindset for thriving in the current market. These are the type of market conditions that make veterans out of rookies and separate career professionals from the rest.

Those of us that have worked in the business for decades understand that these are the moments when the value of your network means the most and when connecting with other practitioners just like you can give you the drive to arrive at the next ladder of success.

We encourage you to make it a priority to join us in Phoenix for the 2008 Hispanic Marketing Convention & Expo. Our 2008 program will include experts who can give you the latest tips for working and thriving in this business environment. You will also hear from business leaders that will offer the latest forecasts about niche opportunities and how you can capitalize on them. Most importantly, the convention will provide networking opportunities with other practitioners just like you that are working with the same market forces.

In every market, there are entrepreneurs that thrive by turning lemons into lemonade. Come to Phoenix and find out who the players are in the Hispanic real estate market and their strategies to thrive in 2008!

We will see you there!

Rebecca Gallardo-Serrano
Chairman
2008-2009

Time and Place
Start Time:	Saturday, September 27, 2008
End Time:	Wednesday, October 1, 2008
Location:	Arizona Biltmore Resort & Spa
City/Town:	Phoenix, AZ

Contact Info
Phone:	(888) 292-7377
Email:	nahrepexpo.us@hrgworldwide.com

Tino Diaz, Vice Chairperson, NAHREP

Eliud Gautier (Casa Latino Delaware Valley) — Sat, 24 May 2008 20:51:27 -0500

Tino Diaz
Vice Chairman, NAHREP
Managing Director and CEO, VERTEX Mortgage
Guest Speaker
National Hispanic Prayer Breakfast
State of Hispanic Housing Dinner
Tuesday, June 24, 2008
The J.W. Marriot Hotel
1331 Pennsylvania Ave.
Washington, D.C.

Tino Diaz has been invited to be a guest speaker at the State of Hispanic Housing Dinner hosted by Esperanza, one of the largest faith based organization in the nation. Rev. Luis Cortes, President of Esperanza and one of the Most Influencial Evangelical Leaders in America (Time Magazine) is thrilled to have Tino Diaz encourage a broad spectrum of ministers, clergy and community leaders from all over the country about the importance of housing in teh Latino community.

In previous years, Esperanza has used this event to release housing studies prepared by Notre Dame, Institute of Latno Studies. You could get free PDF copies of the following two studies:

NAHREP Su Casa Online VivaReal.us

Eliud Gautier (Casa Latino Delaware Valley) — Sun, 04 May 2008 16:27:22 -0500

Latino Approach to Online Real Estate Initiative

VivaReal.us is a web project developed by Brian Requarth of Bilingual Marketing. This will distinguish itself from others sites by its approach from the Latino perspective.

Watch the video to learn more about this exciting venture and place it on your favorite list - www.vivareal.us - and get ready to develop your profile on this new site in the near future.

Eliud Gautier
NAHREP Philadelphia/South Jersey Chapter

NAHREP, Philadelphia, South Jersey Chapter

Eliud Gautier (Casa Latino Delaware Valley) — Tue, 29 Apr 2008 20:56:16 -0500

The National Association of Hispanic Real Estate Professionals
Philadelphia/South Jersey Chapter

General Membership Meeting
May 20, 2008
9:00 AM - 11:00 AM
Penns Landing Caterer
1301 South Columbus Blvd
Philadelphia, PA 19147
Continental Breakfast

RSVP by May 15, 2008
NAHREP_SJPA@comcast.net

$10.00 Members
$15.00 Non Members

Nelson Ramos, President
Eliud Gautier, Vice President
Sue Strohmeier, Secretary
Juan Perez, Compliance Officer

Ejecución Hipotecaria

Eliud Gautier (Casa Latino Delaware Valley) — Thu, 17 Apr 2008 11:18:04 -0500

Aprenda Como Evitar la Ejecución Hipotecaria.

Aquí Puede Conseguir Ayuda:

Si usted tiene dificultades con pagar su hipoteca no esta solo. Talvez perdió su trabajo, subió su pago mensual, o por alguna razón anticipa tener problemas. Al estar aquí, ya tomo el primer paso. Es importante hablar con expertos que lo pueden ayudar a encontrar la mejor solución para usted y su familia. Aquí encontrara una lista de algunas organizaciones de confianza que lo pueden aconsejar.

Recursos

Housing Opportunities Collaborative	http://www.housingcollaborative.org/
ACORN Housing	1(888)409-3557 (English & En Español) Website in English Página Web en Español
Freddie Mac	Website in English Página Web en Español
US Department of HUD	Website in English Página Web en Español

This is a reprint from The National Association of Hispanic Real Estate Professionals.

The Real Estate Connection

Eliud Gautier (Casa Latino Delaware Valley) — Sun, 16 Mar 2008 11:51:26 -0500

The Real Estate Connection has a new host: Steve Kwasnik, the Producer and Host is a twenty year veteran of the entertainment industry. Steve has hosted, written, developed, produced, directed and edited numerous film and video productions for broadcast and theatrical release.

Steve Kwasnik interviews real estate professionals from all over the Delaware Valley. It is a great way to promote your professional services, company and obtain leads.

The Real Estate Connection is broadcast to 2 million homes in the Delaware Valley on Comcast Cable, which covers Southern New Jersey, Eastern Pennsylvania, and Delaware.

I highly recommend this local cable program to any professional looking to expand their client base around the Delaware Valley.

Contact Steve at info@restate.tv

Eliud Gautier
EXiT Realty of Cherry Hill
YourHome411@comcast.net

Post this on Your Website - Annual Credit Report Link

Eliud Gautier (Casa Latino Delaware Valley) — Sun, 16 Mar 2008 10:14:00 -0500

Every real estate agent / associate should have this link on their website - in order to combat the bate and switch advertisement by the credit reporting agencies - and help your clients obtain and monitor their report without using a credit card.

https://www.annualcreditreport.com/

www.AnnualCreditReport.com

Edited after initial post: You are not required to provide credit counseling services merely because you provide the link to your custormers. I highly recommend you refer you clients to a HUD certified mortgage counselor, usually associated with a non profit community based organization.

ITIN Market Up Date

Eliud Gautier (Casa Latino Delaware Valley) — Tue, 11 Mar 2008 10:51:41 -0500

ITIN Market Up Date

Mortgage Guaranty Insurance Corporation (MGIC, pronounced Magic) has eliminated their insurance program for any ITIN loans. MGIC was an industry leader of the ITIN Loans. Most bankers used the MGIC guidelines as a secured standard for re-selling these loans in the secondary market. One of the unique aspects of MGIC was that it allowed bankers to offer this ITIN product to Mortgage Brokers.

Unfortunately, as a result of MGIC's decision, most if not all ITIN Loans will have major changes which may include the elimination of any exciting ITIN Loans. I have heard that Banco Popular has begun eliminating their ITIN Loans in specific states, in particularly Ohio. You have heard any other states let me know.

Currently, the only source of ITIN Loans was Banco Popular and "portfolio lenders". I am not sure if this is going to scare off these small lenders. There are two other sources but more difficult to process then Banco Popular, unfortunately, they don't process these loans through Mortgage Brokers. If you are a realtor and are interested in finding out more about this source merely contact me at YourHome411@comcast.net

I'll be in Washington, DC at the National Association of Hispanic Real Estate Professionals Legislative Conference, so I'll let you all know if I hear anything new about MGIC's decision and if any solutions are available for the ITIN community. Are any of you planning to attend?

Eliud Gautier
ITIN Real Estate Specialist
EXiT Realty of Cherry Hill

Breaking News: Details of new RESPA rule released 02/28/08

Eliud Gautier (Casa Latino Delaware Valley) — Tue, 04 Mar 2008 13:57:46 -0600

The Legal Description

It's out! A summary of the changes the new RESPA rule will make has been released on Capitol Hill and obtained by The Legal Description's sister publication RESPAnews.com. The summary explains what is in the current RESPA rule and compares it to what is being proposed in the new RESPA reform rule. From Section 8 revisions, to a new definition for "required use," to details of the new GFE and HUD-1 forms and other statutory changes, the scoop on RESPA reform is all right here. Read on.

On Feb. 22, a six-page summary of what is purported to be the new RESPA reform rule was sent to congressional aides on Capitol Hill, explaining what is in the current RESPA rule and comparing it to what is being proposed in the new RESPA reform rule.

The complete version of the new rule, which has been estimated by some sources to be 250 pages long, will be released in "early March" according to a Feb. 13 statement by HUD Secretary Alphonso Jackson, in testimony before the House Appropriations Committee Subcommittee on Transportation, Housing and Urban Development.

HUD Spokesman Brian Sullivan declined to confirm whether the summary circulating in Washington, D.C. was in fact from HUD, stating only that HUD could not discuss the substance of the rule yet to be published.

According to a copy of the summary, the new rule includes an intriguing change to the permissibility of negotiated discounts.

Section 8 revisions

Currently, Section 8 of RESPA prohibits any person from giving or accepting a fee, kickback, or thing of value pursuant to an agreement to refer settlement service business. "Thing of value" is currently defined to include "discounts."

The new rule revises the definition of "thing of value" to exclude discounts negotiated by settlement service providers based on negotiated pricing arrangements, provided that no more than the reduced price is charged to the borrower and disclosed on the HUD-1/1A.

There will also be a new prohibition against requiring the use of affiliates.

The summary notes that under RESPA, businesses are allowed to make referrals to affiliated businesses and to receive a benefit from their ownership interest in the affiliated business as long as three conditions are met: 1) a disclosure is made of the existence of such a relationship to the person being referred; 2) the person being referred is not required to use any particular provider of settlement services; and 3) the only thing of value received from the arrangement, other than the payments permitted for certain services, is a return on ownership interest.

New meaning for ‘required use'

Currently, "required use" is defined to mean a situation in which a person must use a particular provider of a settlement service in order to have access to some distinct service or property. However, the offering of an optional package (or combination of settlement services) or the offering of discounts or rebates to consumers for the purchase of multiple settlement services does not constitute a required use.

The new RESPA reform rule, however, will clarify the definition of "required use" to include an economic incentive or disincentive that is contingent upon the borrower using or failing to use a referred provider of settlement services. However, the offering by a settlement service provider of an optional combination of bona fide settlement services to a borrower at a total price lower than the sum of the prices of the individual settlement services does not constitute a required use.

Average cost pricing allowed

Further, while the current RESPA rule does not address the permissibility of average cost pricing, the new rule will permit loan originators to use average cost pricing for settlement services. The rule sets forth two specific methods that loan originators may use to calculate an average price for a particular settlement service. If the loan originator uses one of the methods to calculate the average price for a settlement service, HUD will deem the originator to have complied with the requirements of the rule for stating the actual charge.

A standardized GFE

As expected, according to the summary, the Good Faith Estimate (GFE) will go from having a suggested format to being a standardized form. The new rule will establish new definitions for "GFE application" and "mortgage application." Within three days of receiving a "GFE application" (which may be oral), consisting of such information necessary to arrive at a preliminary credit decision, the borrower must be provided with a GFE.

When a borrower chooses to proceed with a particular loan originator, the loan originator may require that the borrower provide a "mortgage application" to begin final underwriting. The mortgage application will ordinarily expand on the information provided in the GFE application.

During final underwriting, the loan originator may verify the information in and developed from the GFE and mortgage applications. A borrower may not be rejected for the mortgage loan unless the originator determines that there is a change in the borrower's eligibility as compared to information provided in the GFE application.

Where a borrower is rejected for the loan but another loan product is available to the borrower, the loan originator must provide the borrower with a revised GFE, notify the borrower within one business day, and document the reasons for the rejection.

Currently, there is no provision that addresses fees that may be charged for providing the GFE, but the new rule will limit the fee a loan originator is allowed to collect to the cost of providing a GFE.

New information to be included

Currently, no loan term information is required to be provided, but the new proposed GFE includes a summary of the key terms of the loan: initial loan amount; the loan term; the initial interest rate on the loan; the initial monthly payment owed for principal, interest and mortgage insurance; and the rate lock period. The GFE form also discloses whether the interest rate can rise; the loan balance can rise; the monthly amount owed for principal, interest and any mortgage insurance can rise; the loan has a prepayment penalty or a balloon payment; and the loan includes a monthly escrow payment for property taxes and other obligations.

While there is currently no requirement that the interest rate be disclosed on the GFE or be available for any particular time period, the new rule will require the interest rate of the loan to be shown on the GFE and be available until a date set by the loan originator.

The rule will likewise require that the estimate of settlement service charges be available until at least 10 business days from when the GFE is provided.

Settlement costs

The proposed standardized GFE will group and consolidate all fees and charges into settlement cost categories, with a single total amount estimated for each category. The total estimated settlement charges will be shown prominently on the first page so that the consumer can compare loan offers.

The new GFE will also inform the borrower of how the interest rate of the loan affects upfront settlement costs, and requires the loan originators to present actual options of higher and lower interest rates and upfront settlement costs.

The rule also sets a new standard for "good faith" by establishing tolerances for settlement costs. Loan originators will not be allowed to increase their own charges from those stated on the GFE absent "unforeseeable circumstances." When the interest rate is locked, the charge or credit to the borrower for the final interest rate chosen cannot be exceeded at settlement absent "unforeseeable circumstances."

The sum of other services would be subject to a 10 percent tolerance, including: required services the loan originator selects; title and closing services; lender's title insurance; optional owner's title insurance (if provider is chosen or identified by the originator); and required services the borrower can shop for when the borrower elects to use the provider identified by the loan originator. A specific charge may increase by more than 10 percent, so long as the total does not increase by more than 10 percent.

The tolerance rule

The new definition of "unforeseeable circumstances" provides that loan originators should not be held to tolerances where actions by the borrower or circumstances concerning the borrower's particular transaction result in higher costs that could not have reasonably been foreseen at the time of the GFE application, or where other legitimate circumstances beyond the originator's control resulted in higher costs.

"Unforeseeable circumstances" are defined as 1) acts of God, war, disaster or other type of emergency that makes it impossible or impractical to perform; or 2) circumstances that could not have reasonably been foreseen at the time of the GFE application, that are particular to the transaction and result in increased costs.

YSP as ‘credit to borrower'

Regarding the controversial disclosure of yield spread premiums, the new rule provides that an interest-rate based payment from a lender to a mortgage broker would be listed on the GFE as a "credit to the borrower" for the specific interest rate of the loan, and would reduce the borrower's upfront charges for the loan. This change effectively includes the yield spread premium in the calculation of the mortgage broker's total compensation.

The new informational section of the standardized GFE will inform the borrower that in addition to the monthly loan payment for principal, interest and mortgage insurance, the borrower may be required to pay other annual charges to keep the property, including property taxes, homeowner's insurance, flood insurance, homeowner's/condominium fees, and other fees.

The informational section also informs borrowers that lenders can receive additional fees by selling the loan after settlement. The borrower is informed that once the loan is obtained at settlement, the loan terms, the adjusted origination charges and total settlement charges cannot change.

Further, current FHA regulations limit the amounts mortgagees may charge borrowers for originating and closing a FHA loan. These limits are removed in the new rule in favor of the rule's approach to making total loan charges more transparent and certain.

HUD-1 modifications

The HUD-1/1A is also modified to be comparable to the new standardized GFE, and an addendum to the new HUD-1/1A, the "Closing Script," will be required to be provided to the borrower at closing. The settlement agent must read the addendum aloud to the borrower at closing, explaining: 1) the comparison between the loan terms and settlement charges estimated on the GFE and those on the HUD-1; 2) whether or not the tolerances have been met; and 3) the loan terms for the specific mortgage loan as stated in the mortgage note, and related settlement information.

The current mortgage servicing regulations will also be updated to ensure consistency with current statutory requirements, and the expired provisions of escrow regulations will be removed from the statute.

Incorporating ESIGN

Finally, the summary notes that the new rule will amend RESPA to explicitly recognize the applicability of the Electronic Signatures in Global and National Commerce Act (ESIGN) to RESPA. ESIGN is a federal law that applies to all disclosures, providing that any signature, contract, or other record relating to a transaction provided in electronic form has the same validity as if it had been provided in written form.

The new amendment will clarify that all RESPA disclosures may be provided to consumers in electronic form, so long as the consumer consents to receive such disclosures in electronic form and the other specific provisions of ESIGN are met. The amendment also clarifies that all documents that are required to be retained under RESPA may be retained in electronic format, so long as the ESIGN requirements for document retention are met.

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NAHREP Legislative Conference - March 25 - 28, 2008

Eliud Gautier (Casa Latino Delaware Valley) — Sat, 01 Mar 2008 00:51:08 -0600

The National Association of Hispanic Real Estate Professionals is hosting its Annual Legislative Conference on March 25 - 28, 2008 in Washington, DC.

You are cordially invited to attend this important annual event designed to impact lawmakers and promote homeownership for Latinos around the country. And we are honored to be joined by the National Association of Real Estate Brokers (NAREB) and Asian Real Estate Association of America (AREAA) at this year's Legislative Conference.

www.NAHREP2008LegislativeConference.com/

Eliud Gautier
Membership Director
Philadelphia/South Jersey Chapter
National Association of Hispanic Real Estate Professionals

Fine the Landlord $5,000 for Overcrowded Units in NJ

Eliud Gautier (Casa Latino Delaware Valley) — Fri, 22 Feb 2008 17:11:00 -0600

The New Jersey State Senators have introduced a bill S164 and the NJ State Assembly is considering a similar measure A1703 - Authorizing municipalities to pass ordinances aimed at fining landlords for having overcrowded rental units.

Initially, the municipalities could fine the landlord - usually a mom and pop operation - $2,500, and $5,000 for any subsequent violations.

Therefore...

A first time home buyer that has decided to save money by moving in with the in-laws and/or friends - CAN'T!
A married couple taking care of their elderly mom and dad in their rental home - CAN'T!
A brother and sister wanting to help each other save money to purchase a home - CAN'T!
A family that has always lived with extended family as part of their cultural background - CAN'T!

But you all know what is really behind this legislation. They are not going to go after the landlord with the manicured lawn and one car in the drive way. No! The untrained municipal employee will target rental units with 3 or 4 cars with a couple of dents on the side. The overweight inspector will review the homes in transitional neighborhoods. And they will all be minority and/or low income neighborhoods.

NJ State Legislators must think that poor families don't have it hard enough to survive in this difficult housing market, now they want to make it even more difficult for these families to save money in order to buy a decent home.

You know the real drill - they are going to target Hispanics, Vietnamese and other cultures that practice living together in large families because of economic and/or cultural reasons. They are going to scare first generation legal immigrant communities in an attempt to find illegal immigrants. This is the bottom line...

I was thinking about buying some rental properties and I was even encouraging other families to buy rental properties because of the great deals out in NJ. But now, the landlords have to go every month and count how many toothbrushes are in the medicine cabinet to make sure there isn't any overcrowding in the house.

ITIN Loans in MN and WI

Eliud Gautier (Casa Latino Delaware Valley) — Mon, 04 Feb 2008 08:30:37 -0600

I want to introduce you to Jose Fabricio Mejia of M & I Bank in Minnesota with an ITIN Loan. This is a portfolio product so it can't be brokered. And the only other state it is available in is Wisconsin.

Therefore, please help us promote this loan to realtors in these states. You may not make any money but you could help stimulate the economy in these two states and help more Hispanic become homeowners. And if you are aware of any other portfolio lender with an ITIN on their books, please let me know.

ITIN Loan Specifics -

as of February 2, 2008 the rate was 5.25% for a 5/1 Arm, with a 97% financing, and no MI.

Contact Jose Fabricio Mejia at M&I Bank for the specific guidelines.
3325 Broadway St. NE
Minneapolis,MN 55413
(612) 238-2276 Direct
(651) 307-3497 Mobile
www.josefmejia.com

Join National Association of Hispanic Real EState Professionals

Eliud Gautier (Casa Latino Delaware Valley) — Sat, 02 Feb 2008 06:19:45 -0600

NAHREP - National Association of Hispanic Real Estate Professionals

This is the largest trade organization training real estate profesionals to better serve the fastest growing home buyers group in America. Its stated mission is, "to increase the sustainable Hispanic homeownership rate by empowering the real estate professionals that serve the community."

NAHREP attracts professionals from a variety of real estate industries such as real estate agents, brokers, loan officers, mortgage brokers, title officers, escrow officers, appraisers, insurance agents and more.

Cultural diversity is also a part of its membership as it is not limited to professionals of Hispanic descent.

So I encourage you to join NAHREP today and sign the Code of Ethics - help us raise the standard of excellence within the real estate profession -

http://www.nahrep.org/News/NAHREP%20Code%20of%20Trust%20Final.pdf

Eliud Gautier
www.EliudGautier.com

Secret Money: Individual Development Accounts (IDA)

Eliud Gautier (Casa Latino Delaware Valley) — Fri, 25 Jan 2008 14:13:20 -0600

Secret Money
Individual Development Accounts (IDA)

I have seen up to $10,000 in grant money with 1:2 or 1:3 matching funds for down payment and/or closing cost assistance for a low to moderate income family. Wow, imagine if one of us found $10,000.00 for down payment, and we make more then moderate income, so how would a family with less means fell if you told them where to find this money.

But why is it a SECRET? Why is this great source of funds kept secret from the public? I don't know, yet!

But here is the challenge...and if you wish to participate it would help me make my point (or maybe disspell the myth).

I challenge you to find the nearest IDA program in your state, including talking to someone at the phone number provided for the public.

Keep track of time it took you to find the nearest IDA program office; and
Then track the the time it takes you to talk to a live person at the IDA Program.

2008 NAHREP Conference in Atlantic City, NJ

Eliud Gautier (Casa Latino Delaware Valley) — Fri, 25 Jan 2008 07:42:32 -0600

The leadership of the NY, NJ and PA National Association of Hispanic Professionals (NAHREP) Chapters developed the 2nd Annual NAHREP Conference - New Business Opportunities In Serving the Hispanic Market on January 23 - 24, 2008. The Conference Chairperson, Nelson Ramos of SunTrust Mortgage, Inc. should be congratulated for bringing together an awesome array of speakers and topics to the Delaware Valley.

It was a power packed event with leading industry experts presenting information so desperately needed for the continued success of any real estate professional. For a list of the presenters, go to Conference Brochure 2008

The primary message throughout the conference was Rebuilding Trust in the Real Estate Professional. And NAHREP is taking a major step towards this by having its membership sign off on the Code of Ethic: En Confianza.

Tino Diaz, CEO, Vertex Mortgage Bankers and a member of the NAHREP Speakers Bureau, pounded the importance of developing a lasting trust with our customers, community and profession which means measuring up to a higher standard, as if we were the recipients of the professional real estate services being delivered by us.

En Confianza is a step in the right direction and I invite all real estate professionals to adhere to such a standard so that we don't have another real estate melt down as experienced in the last 5 months (Sept 07 - Jan 08) because we are hoping that with these new rate cuts and stimulus package from DC, we could all begin to do some real estate business.

God bless...