HUD Issues New Mortgage Rules

HUD issues new mortgage rules to help consumers shop for lower cost loans.  New good faith estimate will will help borrowers save nearly $700.00.

Notary Act to Change

The new law will provide that for the period from June 1, 2009 until July 1, 2013 notaries will be required to create a notarial record (to be kept for seven years) of each act performed in connection with a document of conveyance. Notaries are authorized to charge up to $25 for notarial records required under this legislation. These records are not subject to inspection or copying under the Freedom of Information Act. The notarial record must contain:

1)    the date of the notarial act;

2)    the type, title or description of the document of conveyance being notarized, the PIN used to identify the residential real property for assessment or taxation purposes, and the common street address for the property;

3)    the signature, printed name and residence street address of each person whose signature is the subject of the notarial act and a certification by the person that the property is residential real property;

4)    a description of the satisfactory evidence reviewed by the notary to determine the identity of the person whose signature is the subject of the notarial act;

5)   the date of the notarization, the fee charged for the notarial act, the notary's home or business phone number, the notary's residence street address, the notary's commission expiration date, the correct legal name of the notary's employer or principal, and the business street address of the employer or principal;

6)     the notary public shall require the person signing the document of conveyance, including an agent acting on behalf of a principal under a duly executed power of attorney, to place his/her thumbprint on the notarial record.

New Illinois Laws, 2009

Have reviewed Frank Watson Senate Republican Leader's New Laws for 2009 an "A" to "Z" review of more than 100 new laws that are slated to take effect January 1.

Of particular interest to the real estate Industry:

Annexation (SB 2677/P.A. 95-0931)
Fairness in Lending (SB 1879/P.A. 95-0961)
Home Ownership Consumer Education (SB 2387/P.A. 95-0863)
Rental Property (SB 2366/P.A. 95-0857)
Zoning Decisions (SB 2014/P.A. 95-0843)

Illinois Real Estate Escrow Law Changes as of January 1

HS 1361/Public Act 95-0851 amends the Real Estate License Act of 2000. Provides for the transfer by a licensee under the Act to the Office of the State Treasurer of escrow moneys, prior to the consummation or termination of a transaction, at the end of a 6-month time period when, in the absence of the filing of any claim in a court of competent jurisdiction, the principals to the transaction have remained in a continuous and uninterrupted dispute during that 6-month period.