Monthly Archives: July 2009
New Truth in Lending Rules Start 30 July 2009If your buying a home or selling for that matter.
You should be aware of the new Truth in Lending Rules that start at the end of July
(Click on the title link to read the full 17 page section of the Federal Register)
Realtor.org published the follow:
NOTE: Remember these rules only apply to loan applications filed on or after July 30,2009. There is some talk that the closing of a home will be affected by the new rules. Really only time will tell but, I can't imagine closings getting any more delayed then they are right now with the HVCC rules on appraisals.
Revised TILA Disclosure Requirements Take Effect on July 30, 2009
Lenders will be subject to new disclosure requirements for mortgage loans under the
Federal Reserve Board Truth in Lending Regulation (Reg Z).
The new requirements apply to loan applications filed on or after July 30, 2009 (about two
months earlier than originally planned).
The new rules are complex and compliance will be a challenge for lenders.
REALTORS® will want to learn the basics so they can advise clients of potential delays and
the new procedures. Here are key highlights of the changes:
• The new requirements apply to all mortgages secured by a borrower’s home, including
primary and second homes and refinancings. Investor loans continue to be exempt.
• Lenders must give good faith estimates of mortgage loan costs within 3 business days
after the consumer applies for a loan (early disclosure). The lender may not collect any
fees before the disclosure is provided, except for a reasonable fee for obtaining a credit
• The closing may not take place until expiration of a 7 day waiting period after the
consumer receives the early disclosure.
• Consumers may shorten or waive the 3‐day and/or 7‐day waiting periods for a “bona
fide personal financial emergency,” but only after receiving an accurate TILA disclosure.
In the final rule’s preamble, the Fed stated that it “believes waivers should not be used
routinely to expedite consummation for reasons of convenience.” The Fed decided not
to insulate lenders from liability even where a consumer modifies or waives the waiting
• If the annual percentage rate (APR) changes by more than 0.125 percent, the lender
must provide a corrected disclosure to the borrower and wait an additional 3 business
days before closing the loan. The APR includes not only the interest rate on the loan but
certain other costs related to settlement, so it will be important for any fees that affect
the APR to be as accurate as possible, as early as possible, to minimize the need for a
corrected TILA disclosure. - Realtor.org (http://www.realtor.org/RMODaily.nsf/files/RegZ.pdf/$FILE/RegZ.pdf)
This is why the book is named after a beer :: Milagros Boutique
Movies in the ParkSummer is by far the best time to be in Portland. There are so many things happening it's hard to keep up. The Portland Park Department has already started the Movies in the Park series for this summer. But it's not too late to enjoy a free movie under the stars. And there are some good one's coming up. Enjoy at your local park or get to know a new park close by. (click on the link for a Full Events Calendar)DATE MOVIE / PARKSAT July 18Journey to the Center of the Earth in 3DDickinson ParkWED July 22HairsprayMcCoy ParkTHU July 23E.T. the Extra-TerrestrialHolly Farm ParkFRI July 24Madagascar: Escape 2 AfricaBrentwood ParkSAT July 25Dirty DancingColonel Summers ParkSingin’ in the RainLaurelhurst ParkWED July 29Madagascar: Escape 2 Africa (in Spanish, subtitled in English)Fernhill ParkTHU July 30Indiana Jones and the Kingdom of the Crystal Skull (subtitled for those with hearing disabilities)Argay ParkFRI July 31Zathura: A Space AdventureCathedral ParkFRI July 31Kung Fu PandaKenilworth ParkSAT Aug 1ShrekEarl Boyles ParkSUN Aug 2Indiana Jones and the Kingdom of the Crystal SkullSellwood ParkTUE Aug 4Charlotte’s WebGlenfair ParkTHU Aug 6Ferris Bueller’s Day OffBrooklyn ParkFRI Aug 7HairsprayWillamette ParkFRI Aug 7X-Men Origins: WolverineMultnomah Arts CenterSAT Aug 8CoralineDickinson ParkMON Aug 10CasablancaLaurelhurst ParkTHU Aug 13Hotel for DogsGrant ParkFRI Aug 14The Wizard of OzLaurelhurst ParkFRI Aug 14The Tale of DespereauxSt Johns ParkSAT Aug 15School of RockSewallcrest ParkSAT Aug 15Iron ManLents ParkWED Aug 19X-Men Origins: WolverineMcCoy ParkTHU Aug 20High School Music 3: Senior Year (subtitled for those with hearing disabilities) Parklane ParkFRI Aug 21Iron ManIrving ParkSAT Aug 22Blue Hawaii (Salute to Elvis)Washington ParkWED Aug 26The LongshotsPeninsula ParkWED Aug 26One Night in FrogtownSellwood ParkTHU Aug 27Pirates of the Caribbean: The Curse of the Black PearlHazeltine ParkFRI Aug 28Mamma Mia! (Sing Along)Washington ParkSAT Aug 29Indiana Jones and the Kingdom of the Crystal SkullLaurelhurst ParkTUE Sept 1CasablancaDeNorval Unthank ParkFRI Sept 11The Neverending StoryMultnomah Arts Center
Warm FuzziesI ran across these wonderful creations and LOVE them! Yes it's knit, Yes it's gloves, wraps & scarves. Yes it's hot here right now but it never stays this way. She's local and her stuff is so cute I just had to share. Did I mention the hand bags...I've gotta make room in my closet! How about a sale "Christmas In July"? Check it out, be fun and fashionable! Cofygirl http://www.etsy.com/shop.php?user_id=100719