U.S. Government News

Important Announcement to FHA/HUD Appraisers

Fri, 23 Oct 2009 09:26:46 PST

The approval of the Housing and Economic Recovery Act of 2008 mandates revised eligibility requirements for appraisers to qualify for placement and retention on the FHA Appraiser Roster.

HUD Settles Lawsuit with Real Estate Brokerage and California Hazard Reporting Company

Fri, 08 Aug 2008 09:51:59 PST

The U.S. Department of Housing and Urban Development today announced that it has settled its federal lawsuit under the Real Estate Settlement Procedures Act (RESPA) against Property I.D. Corporation, a large hazard reporting company in California, Realogy Corporation, Cendant Corporation (now known as Avis Budget Group, Inc.) and Coldwell Banker Residential Brokerage Corporation.

Money Laundering Methods and Trends in Residential Real Estate Industry: FICEN Warns

Fri, 02 May 2008 09:04:21 PST

Laundering money through residential real estate involves turning the proceeds of crime into the use or ownership of real property assets. For example, a criminal may use illicit funds to outright purchase or to make monthly rental payments on real property.

Real Estate Appraiser Sought to Appraise 107 Parcels of State School Lands

Sun, 10 Feb 2008 09:49:29 PST

The California State Lands Commission (CSLC) is seeking an experienced Real Estate Appraiser to appraise 107 parcels of State School Lands located within the California Desert Conservation Area in Southern California. The appraisal will be used by CSLC and U.S. Bureau of Land Management. The Appraiser must be able to demonstrate knowledge and experience appraising remote desert properties and must be familiar with both the Uniform Standards of Professional Appraisal Practice and the Uniform Appraisal Standard for Federal Land Acquisitions. Details are provided in the attachments.

Working with Borrowers: Residential Real Estate Loan Restructurings

Fri, 12 Oct 2007 07:36:04 PST

Federal Finanical Agencies issued the attached Statement on Loss Mitigation Strategies for Servicers of Residential Mortgages (statement. The statement encourages federally regulated financial institutions and state-supervised entities that service securitized residential mortgages to review and make full use of their authority under pooling and servicing agreements to identify borrowers at risk of default and pursue appropriate loss mitigation strategies designed to preserve homeownership.

Stewart Title and E-Title to Pay $1.5 Million to Settle Charges that the Firms Used Illegal Methods to Generate More Business

Thu, 19 Jul 2007 09:11:23 PST

SACRAMENTO - Insurance Commissioner Steve Poizner today announced a settlement with Stewart Title Guaranty Company (Stewart Title) and Electronic Closing Services, Inc. (E-Title), that requires the firms to jointly pay $1.5 million and immediately cease aiding and abetting unlicensed firms conducting business illegally in the State of California.

Update: Continuing Education Requirement Change Effective July 1, 2007

Sun, 10 Jun 2007 09:12:24 PST

Real estate salespersons renewing an original license for the first time must complete four separate three-hour DRE-approved continuing education courses in Ethics, Agency, Trust Fund Handling, and Fair Housing. Real estate brokers renewing an original license for the first time must complete 45 clock hours of DRE-approved continuing education consisting of....

Real Estate Brokers: HUD's New Partnership With National Association Of Real Estate Brokers To Increase African American Homeownership

Mon, 26 Feb 2007 07:06:41 PST

U.S. Housing and Urban Development Secretary Alphonso Jackson and the National Association of Real Estate Brokers (NAREB) today highlighted Black History Month by pledging to work together to increase minority homeownership, particularly among African Americans. This partnership is another step towards achieving President Bush's goal of 5.5 million new minority homeowners by the end of the decade.

Real estate withholding law changes for 2007

Mon, 25 Dec 2006 22:47:50 PST

Previously, where withholding was required, sellers had to withhold three and one-third percent of the property�s sale price. Now, sellers may choose between the original withholding method, or elect an alternate withholding amount based on applying the maximum tax rate to the seller's estimated gain. The maximum tax rates are:

Internet-Based Real Estate Brokers: Lawsuit Challenges NAR Rules that Obstruct Internet-Based Real Estate Brokers

Sun, 10 Dec 2006 21:21:23 PST

The brokers that NAR targeted with its rules operate password-protected Web sites through which they provide information, including property listings, to their customers, potential home buyers. These are sometimes called "virtual office websites" or "VOWs," because a broker operating such a site is able to provide customers with the same property listing information on-line that customers can obtain by visiting the "brick-and-mortar" office of a traditional broker.

Los Angeles Area Real Estate Scam:Attorney General Lockyer Announces Felony Arrests in Los Angeles Area Real Estate Scam That Takes Homes from Elderly, Infirm

Thu, 19 Oct 2006 09:39:00 PST

Attorney General Bill Lockyer today announced the felony arrests of two Monterey Park residents in connection with a �squatter� scam in which the defendants victimized elderly and other homeowners by unlawfully taking possession of roughly 100 houses, and subsequently renting out the property and keeping the income for themselves.

What�s New: California Real Estate Business Address Lookup

Sun, 24 Sep 2006 11:54:00 PST

New California Real Estate License Search Now available online

Housing Bubble Cool, Not Popped

Tue, 27 Jun 2006 15:59:00 PST

According to DataQuick Information Systems �A total of 27,286 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 10.3 percent from 24,748 for the month before, and down 11.7 percent from 30,886 for May a year ago.� Statistics like these may support that the real estate market�s bubble hasn�t necessarily popped, but has slowed down.

New Real Property Appraiser Licensing Requirements Effective January 1, 2008

Thu, 20 Apr 2006 06:38:00 PST

In February 2004, The Appraiser Qualifications Board (AQB) of the Appraisal Foundation adopted changes to the real property appraiser qualifications criteria that will become effective January 1, 2008. The requirements individuals must meet in order to become a licensed or certified appraiser will change significantly. The changes include increased requirements for qualifying education and experience, and a new Uniform State Appraiser Examination