Office meeting notes - 8/4/09

Thanks to Regina for handling our meeting this morning while Linda is on vacation. She discussed what she learned from the CE class last week about Springfield Twsp. Did you know the population of Springfield Twsp. is 39,755 people? That it covers 16-1/2 square miles, it has 12 neighbor parks plus Winton Woods, that it is in 7 different school districts, it has 3 different business districts, and many different communities within the township. Springfield Twsp is having a township wide open house on Sunday Sept. 20 from 1-4 and asking as many realtors as possible to hold their listings in the township open. They will be wrapping up the event that day at Parky’s Farm in Winton Woods with a free dinner, hayride, gift bags & door prizes.
Chris w/CB Mortgage was here to talk about the new rules that took effect 8/1. A truth in Lending (TIL) must be sent out within 3 business days, borrower is not permitted to close until 7 days after the initial TIL was sent out so that means no closing before 10 days. A new updated TIL must be sent out 3 days before closing if the APR changes more than an 1/8th of a percentage. What can affect the APR? Renegotiations after inspection, changes in purchase price, change in fees such as adding an owners policy of title insurance after initial application or requirement of a second FHA appraisal that have sold within a year. More new changes are coming like lenders will have to notify borrowers of payment changes 60 days before hand on a mortgage, 45 days on a home equity line. Hud is definitely making changes to the condo approval process also.
Before Linda left she put out a training calendar for August. There will be a call nite every Monday evening at 6PM, a twilight training class every Tuesday at 6PM starting Aug. 11, starting Aug. 13 there will be a Frog class every Thursday at 1PM, starting Aug. 14 there will be new agent training at 10AM and if you hold open a house every Sunday in August your name will go in a drawing for a prize.