| Member of |  |
Lead Story
Gas Pipeline Disclosure – California’s New “Megan’s Law” (18)
5/18/12 •
We’ve talked at length about AB 1511 – the new bill making its way through the California state assembly that aims to include gas pipeline and hazardous liquid disclosures as a part of the mandatory filings in all real estate transactions.
It was clear to everyone that after the disaster that occurred in San Bruno, something had to be done.
On May 8th, the legislation took a dramatic new turn that makes the proposed legislation more acceptable to everyone, and seems to be modeled very much after Megan’s Law.
Under the most recent amendments, the legislation proposes that a “consumer-friendly” disclosure notice at the time of sale of a home or real property is sent to every buyer.
The seller or broker is NOT required to provide any additional information.
The notice would provide an online link to a database in the National Pipeline Mapping System (NPMS) website, which is managed by the federal Pipeline and Hazardous Material Administration (PHMA) within the Department of Transportation.
This database reflects information submitted by all pipeline operators. The website features a map viewer and a database of contact information for gas, utilities and pipeline operators.
When RE-Insider sampled real estate agents for their take on AB 1511, the result was an overwhelming opposition to the old bill. Could our sample of voters have helped change the minds of legislators? We hope so.
How do you feel about this bill? Is it improved and helpful? Or do you feel ultimately it’s one more task for agents to be responsible for?
Realtor.com TV to Launch This Year (3)
5/17/12 •
In most industries, technology has helped to build, expand and enhance efficiencies for customers and businesses alike. Now there may be a new technology that may be a game-changer for home buyers and agents – Realtor.com TV.
The Realtor.com Channel promises to be the first video listing guide for house-hunters that can be accessed virtually anywhere – on a TV screen, computer or mobile device such as a tablet or smart phone.
Move Inc. and RealBizMedia are launching the Realtor.com Channel during the second half of 2012. . It will be available on the Cox cable network initially and will reach about 55 million U.S. homes.
Features will include:
• Real-time content from over 850 MLSs from around the country
• Targeted home searching in any desired area
• Up-to-date listings (more than 85% are updated every 15 minutes)
• Videos of the interior and exterior
• All free and available 24 hours a day
Agents can pay to have their ads geo-targeted at specific buyers, and any agent can be contacted with a few clicks, eliminating hassles for the buyer and allowing agents to be found and contacted instantly. If agents are willing to pay more, their listing will appear above the rest.
The companies behind the new channel claim it will benefit both home-buyers and agents. But if prospective buyers can gather this much information on their own, do you think it will benefit or harm the agent’s business?
CFPB Proposes New Rules for Mortgage Servicers (4)
5/16/12 •
The Consumer Financial Protection Bureau plans to propose a straightforward approach to loan administration that should benefit consumers and servicers, which are the firms that loan owners hire to collect payments, disburse taxes and insurance, and chase after delinquent borrowers.
The fledgling bureau, which is not yet a year old, will propose the new rules this summer and expects to put them in place in January. Servicers could be given up to a year to make the final rules a part of their routine, which means consumers may not see the benefits until about January 2014.
“For too long, mortgage servicers have not been held accountable to their customers, and the result has been profoundly punishing to homeowners in distress,” said Richard Cordray, the former Ohio attorney general who heads the young agency. “It’s time to put the ‘service’ back in mortgage servicing.”
Even before the housing crisis and mortgage meltdown, consumers reported issues with sloppy record-keeping and unresponsive servicers. And because lenders, not homeowners, choose the servicers, those companies had little incentive to actually serve borrowers.
If the servicer is indifferent to your problem, the results can be disastrous. It can harm your credit, obliterate your finances and possibly even lead to foreclosure, all through no fault of your own.
The rules the Consumer Financial Protection Bureau is considering are aimed at tackling what it sees as two underlying issues — the lack of transparency and the lack of accountability. Its goal is “no surprises.” Borrowers, the bureau believes, should not be kept in the dark, nor should they be given the runaround.
Here’s a brief look at what the agency has in mind:
•Understandable monthly statements
•Rate adjustment warnings
•Insurance options
•Foreclosure options
Will this increase the transparency of the mortgage industry?
