Pamela Knight

The U.S. Department of Housing and Urban Development has issued long-anticipated mortgage reforms that will help consumers shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers. HUD will require that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. HUD estimates its new regulation will save consumers nearly $700 at the closing table.

The easy-to-read standard Good Faith Estimate (GFE) will clearly answer the key questions consumers have when applying for a mortgage, including:

o What's the term of the loan?
o Is the interest rate fixed or can it change?
o Is there a pre-payment penalty should the borrower choose to refinance at a later date?
o Is there a balloon payment?
o What are total closing costs?

The GFE will consolidate closing costs into major categories to prevent junk fees, and display total
estimated settlement charges prominently on the first page so the consumer can easily compare loan offers. HUD will specify the closing costs that can and cannot change at settlement, and if a fee changes, HUD will limit the amount it can change.

The Department performed rigorous consumer testing and found that the new Good Faith Estimate helped consumers select the lowest cost loan 9 out of 10 times, regardless of whether the loan was originated by a lender or a broker. HUD will require the new standardized GFE and HUD-1 beginning January 1, 2010.

PD&R's Office of Economic Affairs was instrumental in the development of the RESPA rule by providing policy guidance in developing the rule, conducting research to define the problems in the mortgage settlement process, overseeing the development of the new forms required by the rule, and writing the Regulatory Impact Analysis/Final Regulatory Flexibility Analysis.

For additional benefits and details about these reforms to the regulatory requirements of the Real Estate
Settlement Procedures Act (RESPA), click on the following links:

News release and fact sheet_HUD's Standard Good Faith Estimate_HUD-1 Settlement Statement


Please share this information.

***Urban Knight Enterprises, Inc. *** www.UKENotary.com 610.935.5944 / 484.482.6249

With all that is going on in this economy, many people losing their jobs, losing their homes, higher gas and food, etc., many ask how do I talk to my kids. I like many of you feel bad about having to say no to my kids when they reach for that special snack or that toy.

The fact of the matter, this is economy is cause families to come back to dinner table together and have open discussions together. So why not discuss the what is going on with the economy with your children. My daughter (8 years old) stated, "Mommy, I noticed that there has been a lot of people talking about money, lately. We have even been talking about it in school, some kids don't understand what's going on, some kids are sad because there parents lost their jobs." As a parent, finding the right words to say was hard.

I recalled conversations that I had with my parents as a child about the value of a dollar. So I had to put on my FDIC Speaker Hat and broke it down to my kids in a language that met their age range. Many may say you have an unfair advantage because you give "Money Smarts" seminars, well, that might be so, however, there are programs out there to assist parents with this matter.

We have got to get back to the basics of remembering the times of when we were children and how our parents had these discussions openly with us. Many children of today are being sheltered from the truth about money and the role it plays in our lives. The FDIC has information that can assist you in teaching your children about money, the banking system,etc.

For additional info, please see my blog, "Money Smarts", Our Children Need to Have Them Too!

Please take a look at these websites http://www.fdic.gov/ and http://www.mymoney.gov/, you will not be sorry! The website offers a free on-line seminar. You are never too old or too young to learn how to become financially literate.

The is one of the best gifts to give to your children!

Urban Knight Enterprises, Inc. * Real Estate Investment Services * 610.935.5944 www.UKENotary.com

In the last couple of weeks, we have experienced some major problems in the banking world. In these times, it is difficulty to know what to do or where to go for answers. However, you can count on Urban Knight Enterprises, Inc. to be there for you.

When an insured bank or thrift closes, the Federal Deposit Insurance Corporation (FDIC) usually arranges for another institution to take it over, including branches where you might have a safe deposit box. In those situations, you should be able to conduct business as usual. If the FDIC cannot find a buyer for your bank, it arranges for you to remove the contents of your safe deposit box so you can obtain a box at another institution, if you wish. This is done within a few days after the bank fails.

It is imperative that your contact information is up to date: Your address, telephone numbers,etc. By law the banking institutions are required make three attempts to contact you. If they are unable to reach you, your contents may be placed on the www.UnclaimedProperty.com by the Federal Reserve. If this occurs you should check this website to verify if contents are there. If they are there, you will need to either call for or download a claim form from their website.

You will need to send two forms of ID, at least one of them must have a photo along with the claim form. It is also required that the form is notarized before mailing to the required party.

So please practice due diligence and safeguard your contents, make a list of your items that are stored, and check with your elder family or friends to alert them of this information. Don't forget to call on us if you should need your claim form notarized.

Serving the Pennsylvania Counties of: Berks, Bucks,Chester, Delaware, Montgomery and Delaware.

Urban Knight Enterprises, Inc. ** www.UKENotary.com*** 610.935.5944 or 484.682.6249

Urban Knight Enterprises, Inc. specializes in performing safe deposit inventory for many bank institutions. Banking institutions are typically not allowed to used internal notaries to perform or assist in the inventory of bank safe deposit boxes.

Often times, we are asked what can or can not be stored in safe deposit boxes. We have compiled a comprehensive list. Please be advised that you don't have to put all of the items below into your box. Once you decide what items you are going to store there, keep a list of the contents, updating it whenever you add or remove items. The list should include the location of the box and key.

A good list to start with:

Deeds, Divorce decrees, Marriage certificates
Military records, Mortgage papers
Passports Photographs/negatives of valuables
Retirement plans
Stock/bond certificates and notes
Wills and TrustsAdoption papers
Automobile titles
Birth certificates, Citizenship papers
Contracts, Copyrights and patents
Court recorded documents
Death certificates, Inventory of valuable possessions (including appraisals and receipts)
Leases
Life insurance policies
List of insurance policies and numbers

Note: There are some items that are deem unlawful to store in safe deposit boxes. Check your State Regulations.

Fire Arms (guns, bombs,etc.)

Money (large lump sums of loose money)

Gold/Silver Bars

These items are usually flagged, recorded and the local authorities are notified.

Urban Knight Enterprises, Inc. **www.UKENotary.com** 610.935.5944 or 484.682.6249