LIEB BLOG

Legal Analysts

Friday, January 20, 2017

HUD Suspends Planned 25 Basis Point Reduction of FHA Mortgage Insurance Premiums

The Trump Administration has suspended a planned fee reduction of the annual mortgage insurance premiums required on FHA loans. In a letter released just hours after Donald Trump was sworn into office, the U.S. Department of Housing and Urban Development announced that "Mortgagee Letter 2017-01, reducing Mortgage Insurance Premiums for loans with Closing/Disbursement date on or after January 27, 2017, has been suspended indefinitely."

The planned fee reduction, announced by the Obama Administration earlier this month, was set to reduce the annual fee by twenty-five (25) basis points, or one quarter of one (1) percent, from 0.85% to 0.60% for loans less than or equal to Six Hundred Twenty-Five Thousand Dollars ($625,000.00). The planned reduction corresponded to a savings of approximately Five Hundred Dollars ($500.00) in the first year of a Two Hundred Thousand Dollar ($200,000.00) loan.

The FHA mortgage insurance premium rate has varied between 0.55% and 1.35% during the Obama Administration as a reflection of changing market and credit risk. 

Explaining the decision to suspend the planned fee reduction, the letter stated that "FHA is committed to ensuring its mortgage insurance programs remains viable and effective in the long term for all parties involved, especially our taxpayers. As such, more analysis and research are deemed necessary to assess future adjustments while also considering potential market conditions in an ever-changing global economy that could impact our efforts". 

Thursday, January 19, 2017

Skills That Set Apart Luxury Real Estate Brokers In New York

Wednesday, January 18, 2017

Newsday - "Long Island home prices rise as listings dwindle, report says"

Check out Newsday's front page for the article.

For real estate brokers that sounds like a mixed bag; higher numbers, but less listings.

For individual salespersons, this is the time where the top associate brokers will shine and separate themselves from the rest. Its time to roll up your sleeves and bring your A-Game.


Monday, January 09, 2017

Enforcing a Commercial Lease Against a Guarantor

Landlords cannot sue a guarantor in a Summary Proceeding because there is “no relationship of landlord and tenant … [where guarantor] was not a primary or joint obligor but assumed a secondary liability which accrued only upon default by the principal.” See Marburt Holding Corp. v. Picto Corp.,(1st Dept., 1958). Therefore, to enforce a guarantee, a landlord must pursue a Plenary Action against the guarantor following the conclusion of the Summary Proceeding. Nonetheless, landlords need not fret about the difficulty and cost incident to instituting a Plenary Action against a guarantor because landlords can proceed pursuant to CPLR §3213 and utilize the Doctrine of Collateral Estoppel in order to avoid the protracted litigation that is typical of a Plenary Action.


Read the full article by Andrew Lieb, Esq. published in The Suffolk Lawyer here. 

Friday, January 06, 2017

2016 SURVEY RESULTS ARE IN! Agency Disclosure ONLINE ranked BEST Real Estate CE



Nearly 100 NY Real Estate Agents concluded that Lieb School’s Agency Disclosure ONLINE CE course is the best real estate course on the market.

Surveys were conducted after each student completed the course. Below are some highlights: 
  • Best Instructor Ever.
  • Andrew is riveting and brilliant. A joy to watch and learn from.
  • Andrew can take a difficult to understand topic and make it easy to follow and comprehend.
  • Andrew Lieb is the only instructor that can keep me interested and awake when the content becomes boring. He is intelligent, well prepared, & entertaining. He is the only instructor for me.
  • I think Andrew Lieb is passionate and extremely knowledgeable. He makes an otherwise confusing subject easy to interpret and absorb!!!!
  • I loved the live interactions. Great sense of humor and outgoing personality made it interesting.
About The Course
  • THEEEEE BEST!!!!! Enough said. Period.
  • The best overall experience I've had. Thanks!
  • He breaks it into parts that makes so much sense, and keep you on your toes. No sleeping in this class@ :-) Even online, he makes it very interesting! 
  • I have had the opportunity to take this course in person and online and felt that this online format allowed me to better understand the subject. Particularly the section where you go through each possible way of filling out the form and what type of agency makes sense for what type of consumer. I feel more knowledgeable and confident with agency after completing this online course.
  • Was in the dark, now I see the light!!!!!!
  • This course exceeded my expectations and gave me a fresh perspective on the use of the Agency Disclosure form. I will be amending the way I present the form given the information I received and my improved understanding of the document.