Real Estate Escrow Unit 14

Advertisements soliciting financing that prominently display the name of the consumer's current mortgage lender is

Advertisements that prominently display the name of the consumer's current mortgage lender, unless the advertisement also discloses the fact that the advertisement is from a mortgage lender not affiliated with the consumer's current lender.

Regarding preliminary subdivision public reports and Bureau of Real Estate forms RE 612 and RE 612A

As is the case with preliminary subdivision public reports, Bureau of Real Estate forms RE 612 and RE 612A do not constitute binding contracts.

For refinance loans on primary residences, the borrower must be given the right to rescind (cancel) the loan

For refinance loans on primary residences, the borrower must be given the right to rescind (cancel) the loan within three days before loan funding and closing. The borrower cannot waive this right.

HUD also cautions consumers to be aware of predatory practices of lenders such as

HUD also cautions consumers to be aware of these predatory and illegal practices of lenders: Knowingly lend more money than a borrower can afford to repay Charge high interest rates to borrowers based on their race or national origin and not on their credit history Charge fees for unnecessary or nonexistent products and services Pressure borrowers to accept higher-risk loans, such as balloon loans, interest-only payments, and steep prepayment penalties

In July 2010, Congress passed and President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act which created the CFPB which stands for

In July 2010, Congress passed and President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The act created the Consumer Financial Protection Bureau (CFPB), which consolidates most federal consumer financial protection authority in one place.

RESPA provisions apply to lenders

RESPA provisions apply to lenders making more than $100,000 per year in real estate loans or any lender regulated by a government agency, such as the Federal Reserve Bank, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, Veterans Affairs, or HUD agencies. RESPA applies to first and second mortgages, including home equity loans for residential one-to-four-unit properties.

The category of higher-priced mortgages includes those mortgages whose APR exceeds the average prime offer rate (average market rate) as follows:

The Federal Reserve Board's amendments include the formal inclusion of a new category of "higher-priced mortgages," those mortgages whose APR exceeds the average prime offer rate (average market rate) as follows: A loan with a rate of 1.5% or greater than conventional market rate for first trust deed loans A loan with a rate of 3.5% or greater for subordinate loans

The Map Filing Act of 1929, which later evolved into the Subdivision Map Act, served to protect the interests of

The Map Filing Act of 1929, which later evolved into the Subdivision Map Act, served to protect the interests of the unsuspecting public.

The federal Fair Housing Amendments Act broadened the protected classes to explicitly include

The federal Fair Housing Amendments Act broadened the protected classes to explicitly include families with children and people with physical or mental disabilities. In addition, the revisions substantially increased the fines that can be levied for fair housing violations and provided HUD the power to represent discrimination victims in court in individual cases, not just in so-called "pattern and practice" cases. Finally, the Fair Housing Initiatives Program provides federal funding to private fair housing groups to fund local testing efforts to discover fair housing abuses.

The portion of the Subdivided Lands Act that applies to sales of undivided percentage interests

The portion of the Subdivided Lands Act that applies to sales of undivided percentage interests does not require a public report for the sale of four or fewer shares. When 5 to 10 shares are to be sold, the act requires a public report but also provides for an exemption from this requirement.

Police Power in property rights includes

Zoning is an example of police power: the right of the government to control or restrict the use of real property. Zoning helps assure a buyer that the property conforms to the zoning required for its intended use.