Goldstein & Levy, P.A., General Counsel Legal Bulletin February 8, 2016 | MAR Residential Contract of Sale Changes… Please note the following changes that have been made to the MAR Residential Contract of Sale as of February 8, 2016: Paragraph 38 – Paragraph 38 was added to the Contract because some lenders are refusing to…
Capitol Title becomes one of the first to be awarded certification in ALTA Best Practices by leading national auditor… Federal regulations now require that lenders and providers of real estate settlement services protect customer’s personal information and adopt practices that ensure proper and compliant handling of lenders’ and clients’ transactions and funds. In response to…
Goldstein & Levy, P.A., General Counsel Legal Bulletin June 18, 2015 | BREAKING NEWS! CFPB delays implementation of TRID (Know Before You Owe) rules from August 1 to October 1 Read more here
Goldstein & Levy, P.A., General Counsel Legal Bulletin January 7, 2015 | Mortage Forgiveness Debt Relief Act Extended Retroactively for 2014 Uncertain Whether Extension Through 2015 Will Come… On December 16, 2014, President Obama signed a bill that extended the Mortgage Forgiveness Debt Relief Act retroactively to cover mortgage debt cancelled in 2014. The Mortgage…
Goldstein & Levy, P.A., General Counsel Legal Bulletin December 8, 2014 | Alert! Email Wire Fraud Scams on the Rise We have been alerted to a growing variety of email wire fraud scams throughout the country, and in our locality. The most recent involved an email sent allegedly from the Realtor®’s brokerage stating that their…
Effective Monday, August 18, 2014, the Maryland Real Estate Commission has adopted a new regulation requiring all agents who recommend a service provider in the course of a real estate transaction to VERIFY that the service provider is licensed with the state of Maryland. This applies to the recommendation of a home inspector, plumber, electrician,…
CFPB Finalizes “Know Before You Owe” Mortgage Forms The Consumer Financial Protection Bureau (CFPB) is issuing its final rule today (November 20, 2014) requiring the use of new mortgage disclosure forms that will replace the existing federal disclosures and are intended to make it easier for consumers to understand their loan options, select loan terms…
How Will the New “Qualified Mortgage” Regulations Affect Your Transactions? The final rules and regulations implementing portions of the federally enacted Dodd-Frank Act will become mandatory on January 10, 2014. These rules require creditors to make a reasonable, good faith determination of a consumer’s ability to repay any consumer credit transaction secured by a dwelling…
Maryland’s New “Automatic Subordination” of Junior Mortgages Law Takes Effect on 10-1-2013 Maryland has enacted a new “Automatic Subordination for Junior Mortgages” statute will take effect on October 1, 2013. The statute (SB 199, Chapter 205 of the 2013 Laws of Maryland) provides that a mortgage or deed of trust (collectively “mortgage”) on residential property…
Goldstein & Levy, P.A., General Counsel Legal Bulletin January 18, 2013 | Shore Sale Debt Relief Extended Through 2013 Thankfully, Congress has acted to extend the Mortgage Debt Forgiveness Act through 2013, providing a sigh of relief to thousands of underwater homeowners who would have otherwise faced the prospect of paying income taxes on the…