Bay Area Finance: Week 4, July 2009

Another new regulation called the Mortgage Disclosure Improvement Act goes into effect today updating the Truth in Lending disclosure procedure for lenders to follow.  And this is one for lenders ONLY.  We brokers have to wait like everybody else for lenders to follow this on each loan.  From one of the announcements we’ve received: a creditor will not be able to close a loan until seven business days following the mailing or delivery of the initial disclosures.   Additionally if the Annual Percentage Rate disclosed in the initial disclosures becomes inaccurate the creditor is required to re-disclose and provide the borrower with corrected initial disclosures no later than three business days prior to the closing.  Additionally, the borrower cannot pay any fees, except a bona fide credit report fee, until initial disclosures are received by the borrower.  Disclosures are considered received three business days after mailing (snail mail).  So… email is really our best antidote to the inevitable delays this will cause.  If the lender can email these disclosures to you (the borrower), and you can immediately sign and return them, the process can be sped up possibly by as much as a week.  Keep this in mind as you shop for loans and rates these days because those who are utilizing email for this purpose will see a significant benefit over the snail mail option.  Yes, the winding trails of lending are treacherous these days.  But that’s why you hire a Sherpa to guide you, right?    

If you’d like to learn more about the new Mortgage Disclosure Improvement Act click here.

To contact me about financing your dream-home click here.

Weekend Wanderer’s Events

…finding the treasures in your town and beyond. 

Two for This Weekend:

Lakefest ’09 in beautiful Oakland:  This weekend you can come on down to my neck of the woods in Oakland for this two day festival that will feature all of the usual lovelies such as wine tasting, live music, lots and lots of arts and crafts, the huge regular Saturday farmer’s market, and much, much more.  Strolling, sipping, people-watching and buying stuff is highly encouraged!  Check it out at www.oaklandlakefest.com    

Biergartenfest 2009 also in beautiful Oakland: This one looked like good fun in the Oakland Hills: a traditional Bavarian outdoor biergarten (or beer garden) is happening at the Nature Friends Tourist Club this Sunday.  It will include the Al Gruber Band playing your favorite Bavarian hits and the Schuhplattler Dance Group will perform between band sets.  Great food and great beer!  Check it out at this Evite Site.

Help Your Fellow Living Beings:

Nursery Work Day with Friends of Sausal Creek: From their website:  Join us for an afternoon of native plant propagation. Sowing, transplanting, cuttings and maintenance. Bring layers and water; we provide tools, gloves, instruction and snack. Drop-ins welcome. Minors need a guardian to sign a waiver. Please contact Megan at field@sausalcreek.org to RSVP.   There are few better ways to feel part of a community than to get your hands dirty building it up.  You can join in, check it out here.   

Two Weekends from Now:

Pistahan: Filipino American Arts Exposition in San Francisco:  From their website: The 16th annual Pistahan features seven interactive cultural pavilions and two stages highlighting music, dance, art, crafts, cuisine, artifacts, health and a trade expo featuring products unique to the Philippines: mother of pearl, bamboo, coconut, Philippine mahogany, pineapple fiber, Philippine pearls and more.  Taking place at The Yerba Buena Gardens— a spectacular jewel in downtown SF— you can check it out at www.ybgf.org 

Pic of the Week… from my own camera.

“Fog and Sunlight vying for attention on the Marin County coast.”