Sweet Orange » real estate laws http://www.sweetorangehousing.com Is the Orange County housing juice worth the squeeze? Tue, 07 Feb 2012 07:37:49 +0000 http://wordpress.org/?v=2.7.1 en hourly 1 The New Year Brings New Rules for California Real Estate http://www.sweetorangehousing.com/2010/01/25/the-new-year-brings-new-rules-for-california-real-estate/ http://www.sweetorangehousing.com/2010/01/25/the-new-year-brings-new-rules-for-california-real-estate/#comments Mon, 25 Jan 2010 09:27:27 +0000 Sylvia Walker http://www.sweetorangehousing.com/?p=14051 house-for-market-reports1It’s a new year which means that many new laws went into effect on January 1st.

Here are some of the new regulations that now apply to California real estate:

  • Loan officers must register with the state.
  • Making inaccurate information during the mortgage application process in now a crime.
  • Banks must inform potential borrowers of all their loan products.
  • Lenders are not allowed to steer borrowers who qualify for a fixed-rate loan into riskier, higher-priced loans.
  • Negative amortization loans are banned in most cases.
  • Penalties that are assessed to a borrower when they pay off a loan early are now capped.
  • Lenders must give potential customers of a reverse mortgage the following: a list of counseling agencies that deal with reverse mortgages and a list that checks off the potential risks associated with reverse mortgages as well as alternatives to reverse mortgages. Reverse mortgages converts a borrower’s home equity into cash. They are geared to senior citizens. For additional information on reverse mortgages, see the AARP website.

For related information, see Realty World, Arnold CA Blog.

Source: “News laws shield buyers,” The Associated Press as printed in The Orange County Register on January 1, 2010

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