New, sweeping changes regulating how lenders, closing attorneys and title companies disclose loan and closing costs went into effect January 1, 2010. The new regulations are part of a long awaited reform to the 30 year old Real Estate Settlement Practices Act known as RESPA aimed at providing greater transparency and fostering better consumer choice [...]

In December 2009, the Obama administration set long-awaited guidance on a plan for mortgage companies to speed up short sales of homes and other loan modification alternatives to stem the rising tide of foreclosures. The Home Affordable Foreclosure Alternatives Program Share

Whenever a home is sold in Massachusetts, the smoke detector law requires that the local fire department issue a certification that the smoke detectors are working properly and are in the correct location. The new smoke detector regulations go into effect on April 1, 2010. Share

In this article, we’ll discuss a very important issue to lenders, closing attorneys and borrowers alike: how the new RESPA rules handle the disclosure of closing attorney fees/costs and title insurance. The new RESPA rules significantly change the way lenders must disclose settlement services, in particular closing attorneys’ fees, and title insurance. Generally, under the [...]

Recent Fannie Mae (FNMA) condominium lending regulations are beginning to live up to the hype as having an onerous impact on condominium sales and project development. The changes, made in January 2009, were part of an effort by mortgage giants Fannie Mae and Freddie Mac to limit risky lending in a segment of the housing [...]

After several revisions and delays, the Federal Housing Administration (FHA) has finally issued major changes to its revised guidelines on mortgage insurance requirements for condominium projects. FHA first proposed the revisions back in June (under Mortgagee Letter 2009-19). The new guidelines are effective December 7, 2009; however, some of the requirements are phased in through January 31, 2010. [...]

Although home buyers sign a never ending pile of legal documents to purchase a home, arguably the most important document in the entire transaction is the purchase and sale agreement. In Massachusetts, the purchase and sale agreement most often used is the so-called standard form agreement supplied by the Greater Boston Real Estate Share

The first step in purchasing or selling Massachusetts residential real estate is the presentation and acceptance of an Offer To Purchase. You, the realtor, prepares the offer to purchase, most likely on the standard form and presents it to the seller for review, modification, Share