The CFPB is Making Changes to the HUD-1 Settlement Statement - again... - 03/23/12 08:45 AM
The CFPB Is Making Changes to the HUD-1 Settlement Statement - again...
Imagine a combined Truth-in-Lending Statement and HUD 1 Settlement Statement.  That is precisely what the Consumer Financial Protection Board has been working on for a number of months.   If this is the first you have heard about this topic, you will want to sign up for their email alerts and perhaps "friend" them on Facebook.The CFPB is proposing that this document be in it's final form and available to the borrower 3 days before signing.  As you know, there are many moving parts to a HUD, including but not limited … (0 comments)

Earnest Money Notes Payable to Escrow - WHY? - 03/23/12 08:33 AM
Earnest Money Notes Payable to Escrow - WHY? Please do not make your promissory notes for earnest money payable to escrow/title, make the Note payable to the seller.If the buyer backs out of the transaction and the seller seizes the note for compensation, what good will it do the seller if the Note is payable to your escrow or title company?Remember that escrow is a Neutral Third Party - not a representative of either the buyer or the seller.  I have seen many, many notes payable to escrow and or title.  Thankfully none of these deals fell through - but in this … (0 comments)

February's Drop In Unemployment Rate May Shorten Unemployment Benefits - 03/21/12 10:22 AM
                 
February’s drop in unemployment rate
may shorten unemployment benefits
 
OLYMPIA – Washington gained an estimated 4,200 jobs in February, adding to the state’s gradual climb up the employment ladder, according to the state’s Employment Security Department.
The seasonally adjusted unemployment rate dipped to an estimated 8.2 percent in February, down from a revised rate of 8.4 percent in January.  It was the lowest unemployment rate since January 2009, when it was 7.7 percent.
As a result of the improved unemployment rate, the maximum weeks of unemployment benefits in Washington will likely be reduced from 99 down to 73 … (0 comments)