New Truth in Lending Rules Start 30 July 2009

If 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
report.
• 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
periods.
• 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)

Movies in the Park

Summer 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 / PARK

SAT July 18

Journey to the Center of the Earth in 3D

Dickinson Park

WED July 22

Hairspray

McCoy Park

THU July 23

E.T. the Extra-Terrestrial

Holly Farm Park

FRI July 24

Madagascar: Escape 2 Africa

Brentwood Park

SAT July 25

Dirty Dancing

Colonel Summers Park

MON July 27

Singin’ in the Rain

Laurelhurst Park

WED July 29

Madagascar: Escape 2 Africa (in Spanish, subtitled in English)

Fernhill Park

THU July 30

Indiana Jones and the Kingdom of the Crystal Skull (subtitled for those with hearing disabilities)

Argay Park

FRI July 31

Zathura: A Space Adventure

Cathedral Park

FRI July 31

Kung Fu Panda

Kenilworth Park

SAT Aug 1

Shrek

Earl Boyles Park

SUN Aug 2

Indiana Jones and the Kingdom of the Crystal Skull

Sellwood Park

TUE Aug 4

Charlotte’s Web

Glenfair Park

THU Aug 6

Ferris Bueller’s Day Off

Brooklyn Park

FRI Aug 7

Hairspray

Willamette Park

FRI Aug 7

X-Men Origins: Wolverine

Multnomah Arts Center

SAT Aug 8

Coraline

Dickinson Park

MON Aug 10

Casablanca

Laurelhurst Park

THU Aug 13

Hotel for Dogs

Grant Park

FRI Aug 14

The Wizard of Oz

Laurelhurst Park

FRI Aug 14

The Tale of Despereaux

St Johns Park

SAT Aug 15

School of Rock

Sewallcrest Park

SAT Aug 15

Iron Man

Lents Park

WED Aug 19

X-Men Origins: Wolverine

McCoy Park

THU Aug 20

High School Music 3: Senior Year (subtitled for those with hearing disabilities)
Parklane Park

FRI Aug 21

Iron Man

Irving Park

SAT Aug 22

Blue Hawaii (Salute to Elvis)

Washington Park

WED Aug 26

The Longshots

Peninsula Park

WED Aug 26

One Night in Frogtown

Sellwood Park

THU Aug 27

Pirates of the Caribbean: The Curse of the Black Pearl

Hazeltine Park

FRI Aug 28

Mamma Mia! (Sing Along)

Washington Park

SAT Aug 29

Indiana Jones and the Kingdom of the Crystal Skull

Laurelhurst Park

TUE Sept 1

Casablanca

DeNorval Unthank Park

FRI Sept 11

The Neverending Story

Multnomah Arts Center

Warm Fuzzies

I 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