Jason Lopez

The CA Association of REALTORS just released information on Assembly Bill 957, also called "The Buyer's Choice Act". The bill, authored by Assemblywoman Galgiani, will require fair treatment for real estate owned (REO) buyers in the choice of title and escrow providers. Here is an excerpt form the e-mail sent out minutes ago by the CA Association:

C.A.R. Achieves Compromise in AB 957,

Choice of Escrow Bill

C.A.R. achieved a compromise in AB 957, "Choice of Escrow Bill." In multiple discussions with the author, C.A.R. worked with Assemblywoman Galgiani, to come up with compromise language that will require fair treatment for real estate owned (REO) buyers in the choice of title and escrow providers.

The new language now protects fair negotiation over settlement services, and has removed C.A.R.'s opposition.

The new language will codify in California law the federal RESPA rules for selection of title insurance, and extend the same rules to protect buyers in the selection of escrow services. In a nutshell, the sellers will have to negotiate the selection of title and escrow. Under the new language, if an REO seller wants to try and direct choice of escrow, the seller will have to pay for the privilege.

AB 957 will also impose new penalties on REO sellers that violate the law, and will empower state regulators to go after both RESPA and "steering" violations.

This has been an on-going issue in CA where many banks have been "steering" buyers into using the banks preferred escrow company even when a local option existed and in many cases was less expensive. There was also a groundswell of opinion among real estate agents and brokers that offers submitted to banks were not getting a fair shake if they objected to using these preferred services. For more background on this bill visit:

http://democrats.assembly.ca.gov/members/a17/Pressroom/Press/20090420AD17PR01.aspx

Today marks day 1 of the new brand...Bank of America Home Loans...finally putting an end to the Countrywide name. Link here: http://www.inman.com/news/2009/04/27/bofa-launches-loan-summary-form. Countrywide has been hit hard in the mortgage meltdown and perhaps this new brand will help them over time...but I'm not sold. Countrywide and BofA are miles apart when it comes to image and how they do business. BofA has always played the buttoned down, coat and tie kind of company, and Countrywide...is...well...not so much. Both certainly have had great runs and I'll be intersted to see how things shake out. But as one former Countrywide loan officer asked me when they told me they were leaving, "Do you like BofA"? Says a lot about what their own employees thought of the deal.

Also in the news today is a new bill aimed at removing incentives for mortgage brokers to put borrowers in risky loans. Link here: http://www.inman.com/news/2009/04/27/sweeping-lending-bill-under-fire. HR 1728, http://thomas.loc.gov/cgi-bin/bdquery/z?d111:h.r.01728: or the Mortgage Reform and Anti-Predatory Lending Act of 2009...would require loan originators to determine a borrower's ability to repay a loan, and only refinance mortgages when there is a "net tangible benefit" to the consumer. Hmmm...we'll wait and see but there is talk that it could backfire and actually hurt the very people it is trying to help.

Last week also marked a new pilot program between us, RealEstate.com, REALTORS in CA and Lending Tree Loans aka The Home Loan Center. As sister companies under the Tree.com umbrella, I am excited to be able to tap into this great team and know that our customers will have the opportunity to interact not only with a great REALTOR, but also a tremendous team that specializes in purchase financing. Lending Tree Loans is dedicated to providing the best possible service, rates and terms to their customers. Add in the RealEstate.com, REALTORS dynamic call center that responds instantly to every inquiry and you have a team that stands ready to deliver top notch service to customers. Lending Tree Loans can handle all of your conventional and FHA financing needs. Check them out today at http://homeloancenter.com.

A marketing coup...

CHARLOTTE, NC - President Obama recently encouraged Americans to take advantage of historically low interest rates by refinancing their mortgages. To show their appreciation for the President's efforts, Charlotte-based LendingTree responded by naming President Obama their "Employee of the Month".

"This may not be as life-changing for President Obama as appearing on Oprah, being elected President or bowling a 37 on the campaign trail, but around here, Employee of the Month is kind of a big deal,"" said Ned Schneibly, Co-Chair of LendingTree's Employee of the Month Committee.

In addition to an honorary plaque on LendingTree's "Wall of Fame", President Obama can look forward to several other exciting rewards: a $5 credit for the break room vending machine, a limited edition LendingTree t-shirt, and a reserved parking space next to the front door.

Click for more info and articles:

http://www.lendingtree.com/obama/

In a declining market and an uncertain economy it takes a special breed to press on in real estate. With challenges at every turn, market forces working against you daily, and competition fierce, the focus must remain on attracting the top talent available. The agents not only surviving but thriving in this market recognize they need an edge...something that will help push their business to the next level...and many find it here at RealEstate.com, REALTORS®. I want to welcome the following agents to the California RealEstate.com Team

In the Greater Los Angeles/Inland Empire Market:

• Jessica Mansfield
• Marie Palacious
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In the Greater San Diego/Orange County Market:

• John Hunycutt
• Janet Ryan
• Laura Littrell
• Ricardo Paxton
• Sven Roberts
• Tsehai Abate
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• Desiree Monte-Rios
• Jose Calderon

On average our agents have nearly ten years experience in real estate. We offer a high tech meets high touch solution to the issues facing agents today. With personal coaching and relevant training for today's market, we invest time, money, and effort to ensure our agents success. See what our agents are saying...

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To find out more about RealEstate.com, or to schedule a confidential interview, just contact me anytime...or visit www.join-realestate.com for more info! We are also looking at partnership and acquisition opportunities if you are a Team Leader or Broker/Owner.

It's always tough knowing where to turn for advice and guidance when the time comes to buy a home. That's why RealEstate.com has put together some great online tools to help you get started. While there are many sources of information, RealEstate.com relies on the the experience and professionalism of those who know best...your local REALTOR®! You see, RealEstate.com has over 250 agents in California and nearly 1,200 across the U.S. So why rely on questionable sources when you can get it direct from a savvy pro right in your own neighborhood! Click the link below to access the RealEstaste.com database on everything from home values to financing your dream home...RealEstate.com...Get the Knowledge...Get the Edge!

http://www.realestate.com/tipsandtools/Buying/Guide-to-Buying-a-Home.aspx