We have been reading our weekly emails from the INDIANA Association of REALTORS very closely lately to follow developing legislation that will IMPACT our STATE and LOCAL REAL ESTATE Industry!
Grace has even called and emailed the State Office, contacting our Lobbyist, to relay multiple concerns about the way in which some of the amendment's are worded, that may leave loop-holes allowing possible negative impacts on our industry.
Here is an excerpt (see discalimer below for permission to reprint with proper credit ) of the latest email describing the LAW:
Mortgage Fraud and Foreclosure Package Stalls in House
Senate Bill 89, which has morphed into a bill with a variety of provisions originally contained in now "dead" legislation from this session, was stalled on the House floor on Tuesday when what some might term a controversial and non-germane amendment was offered. Said amendment required that public school curriculum include a course on traditional marriage. The bill's sponsor withdrew the amendment as a result.
While SB 89 was not perfect public policy, it did offer several measures to help our foreclosure situation in Indiana. IAR will continue to work with the proponents of this legislation to follow it through the process, as previously approved language by either chamber (House or Senate) is still eligible for consideration by various conference committees.
SB 89 highlights:
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Requires the Attorney General to establish a toll-free number to report suspected fraudulent transactions
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Requires financial literacy education to be a part of public school curriculum for grades 9 through 12
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Increases the bond amount for loan brokers from $50,000 to $100,000
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Requires FBI background checks to be part of the licensing requirements for loan brokers, originators, principal managers and appraisers
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Allows Indiana to participate in a multi-state automated licensing and repository system for loan brokers
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Allows the Department of Insurance (which regulates title companies) to establish a system to collect names and license numbers of professionals involved in residential mortgage transactions
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Essentially eliminates "no-doc" loans
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Requires lenders to respond to the receipt of a short sale offer within 10 days and respond to the offer itself within 20 days.
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Requires closing agent to give closing documents to customer 48 hours in advance; allows the buyer the option to reschedule without penalty if closing documents do not reflect original terms (IAR has addressed the possible negative implications of this portion and will continue to do so as we move forward).
Requires the Attorney General to establish a toll-free number to report suspected fraudulent transactions
Requires financial literacy education to be a part of public school curriculum for grades 9 through 12
Increases the bond amount for loan brokers from $50,000 to $100,000
Requires FBI background checks to be part of the licensing requirements for loan brokers, originators, principal managers and appraisers
Allows Indiana to participate in a multi-state automated licensing and repository system for loan brokers
Allows the Department of Insurance (which regulates title companies) to establish a system to collect names and license numbers of professionals involved in residential mortgage transactions
Essentially eliminates "no-doc" loans
Requires lenders to respond to the receipt of a short sale offer within 10 days and respond to the offer itself within 20 days.
Requires closing agent to give closing documents to customer 48 hours in advance; allows the buyer the option to reschedule without penalty if closing documents do not reflect original terms (IAR has addressed the possible negative implications of this portion and will continue to do so as we move forward).
The Indiana REALTOR® Advocate is designed to keep Members updated on the Indiana Association of REALTORS® Government Affairs program so that you are equipped with information and inspiration to be an advocate for yourself, your customers and your profession. This publication may be used in whole or in part for replication if given proper credit.
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Disclaimer: The opinions expressed by members and those providing comments are theirs alone, and do not reflect the opinions of Jeff and Grace Safrin of F.C. Tucker Advantage Realty. Jeff and Grace Safrin and F.C. Tucker Advantage Realty are not responsible for the accuracy or content provided .
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