Chicago Relocation

Transferees, Professionals Prepare For Upcoming Business Changes

June 19, 2009

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A number of new federal requirements in the housing industry (Chicago real estate as well as nationwide) are on deck for the near future – It is important as a relocating transferee or a relocation professional to be ready for it. Here’s an overview of four of the events coming between July ‘09 and January ‘10 — A more complete post on each is coming soon!

HERA – Hera is the Housing & Economic Recover Act. It will be begin 7/30/09 and will implement new timelines for delivery to consumers regarding disclousures and TIL. Many states, including Illinois, will also implement fingerprinting as an enhanced background check (see our blog post on that subject!).

HOEPA – The Home Ownership and Equity Protection Act – Effective 10/1/09, HOEPA affects high dollar mortgages. It will involve new categories, disclosures and processes. Get ready for lots of changes to the marketing materials consumers will receive.

HVCC – The Home Value Code of Conduct – Already enacted, HVCC includes new appraisal delivery regulations. HVCC requirements MUST be met for sale to Fannie/Freddie.

Finally, RESPA changes – The Real Estate Settlement and Procedure Act – Althought legislation is still in flux, RESPA plans include a revised HUD-1 and Good Faith Estimate; the “required use” provision will go away.

Lots of new stuff on the horizon for anyone buying or selling a home in Chicago or anywhere in the U.S., stay tuned for details!


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