Knowing what the servicers know - The Servicer Handbook - Version 3.0

This reference guide outlines the requirements and guidelines for the Makhing Home Affordable (MHA) Program for non-GSE mortgagees.

To get your copy of the guide, click here.

The 8 chapters are:
Chapter I -- contains standard information affecting all MHA programs
Chapter II -- contains specific program information on the Home Affordable Modification Program (HAMP)
Chapter III -- contains specific program information on the Home Affordable Unemployment Program (UP)
Chapter IV -- contains specific program information on the Home Affordable Foreclosure Alternatives Program (HAFA)
Chapter V -- contains specific program information on the Second Lien Modification Program (2MP)
Chapter VI -- contains specific program information on government loans
Chapter VII -- contains specific program information on the Treasury/FHA Second Lien Program (FHA2LP)
Chapter VIII -- contains specific program information on interactions with HFA Hardest Hit Fund Programs

LIEB's Offer to Real Estate Agencies - Dual Agency Disclosure

Please contact Lieb at Law at 631-878-4455 to schedule a complimentary 20 minute question & answer at your office about the new dual agency disclosure forms - the new forms will be provided.

Email from Department of State on Dual Agency

Dear Real Estate Education Coordinator,




Please be advised that the recent amendments to Article 12-a of the Real Property Law, regarding agency disclosure requirements, have been added to the real estate qualifying course curriculum.



Effective January 1, 2011, the amendment will permit real estate licensees to obtain advance consent to dual agency from consumers. This consent would be obtained at the time of the first substantive contact between the agent and consumer. The amendment is clear that advance consent to dual agency must be ‘informed’.



Accordingly, the Department is of the opinion that the bill would require real estate licensees to disclose the benefits and detriments of providing advance consent prior to the form being executed and to provide later disclosure when the dual agency relationship has actually been consummated. Not providing this follow-up disclosure would be a violation of the broker’s fiduciary duties of full disclosure and reasonable care to the consumer and would be a demonstration of untrustworthiness pursuant to section 441-c of the Real Property Law.



Additionally, condominium and cooperative apartments in buildings containing more than four units are currently exempt from the disclosure form requirements of section 443 of the Real Property Law. This amendment eliminates this exemption.



Attached to this communication are the statutory amendment, the updated real estate sales and broker syllabus, learning objectives and the amended agency disclosure form which take effect on January 1, 2011. Although the new agency disclosure form will not be required to be used until January 1, 2011, it is recommended that you immediately begin including this new curriculum in your qualifying course lesson plan.



The attached new agency disclosure form will be posted on our website at www.dos.state.ny.us in the near future.



Please feel free to contact me if you have any questions.



Sincerely,



Marc Mastrobuono

Department of State

Division of Licensing Services

Bureau of Educational Standards

There are approximately 78,000 pending foreclosure cases in NY

To read a fascinating report on the current state of foreclosures in NY brought to you by the Chief Administrator of the Courts click here.

Some highlights include the following:

1. Over 20,000 more foreclosure cases were pending in 2010 than 2009;
2. 40% of the total cases pending in Supreme Court Suffolk County are foreclosures;
3. This year through October 42,536 foreclosure cases had settlement conferences;
4. In 2010, the default rate on appearing at any point during a foreclosure case was 20% by homeowners;
5. Only 27% of homeowners have representation during foreclosure settlement conferences; and
6. This year through October only 4,062 settlements occurred in foreclosures. 

Your License = Your Livelihood

We get many questions at our school about the process that happens when someone makes a complaint to the Department of State about your actions as an agent. To learn about the Licensing Complaint Resolution Process, click here.