Confidently navigate the home buying process with this step-by-step guide to purchasing a new home.
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As a mortgage broker, you are responsible for understanding and complying with a variety of state and federal laws. These regulations cover everything from which documents are required to close on a loan to the way that you treat your clients.
Perhaps the most significant regulations that govern your behavior as a mortgage broker are fair housing laws.
Below, we’ll outline the basics provisions of fair housing laws. We also discuss your responsibilities as a mortgage broker.
What is the Federal Fair Housing Act?
Put simply, the Fair Housing Act is federal legislation that protects home buyers from discrimination. The Fair Housing Act was originally part of the Civil Rights Act of 1968, although it has been added to and amended since that time. Virtually every state has passed additional fair housing laws to further protect home buyers from discrimination.
Who is Protected?
The Fair Housing Act was designed to protect groups that had previously been subject to unfair practices. Specifically, the Fair Housing Act prohibits discrimination on the basis of:
Presently, the Fair Housing Act does not prevent discrimination based on:
However, many states have expanded on the provisions of the federal law in order to protect these classes. In many cases, a person that has faced discrimination can still file a grievance with the U.S. Department of Housing and Urban Development.
Your Responsibilities as a Mortgage Broker
Since mortgage brokers play a pivotal role in the home-buying process, they are bound by the provisions of the Fair Housing Act. State and local fair housing laws also apply to loan officers and mortgage brokers. That is why you must familiarize yourself and your employees with state and local requirements to ensure that you are in compliance.
Generally, fair housing laws prohibit mortgage brokers from taking the following actions based on discriminatory practices:
When determining a person’s eligibility for a loan, mortgage brokers can only use pertinent financial information.
Penalties for Violating Fair Housing Laws
Violations of the federal Fair Housing Act go before a civil trial judge. Alternatively, they can be heard by a HUD Administrative Law judge. If a mortgage broker is found to have violated the Fair Housing Act, they can be ordered to:
In addition, mortgage brokers and other housing professionals may be subject to state penalties. State courts can levy additional fines or revoke business licenses.
While the penalties for violating fair housing laws are stiff, avoiding these penalties is simple. All mortgage decisions should be made based solely on verifiable financial information. In addition, mortgage brokers should strive to provide every client with an exceptional customer experience.
With autumn on the way, temperatures will cool down and the leaves will start to fall. It’s also the perfect time to get some vital home maintenance done so that you can protect your investment!
Take Proper Care of Your Gutters
Your gutters are an essential part of your home’s drainage systems. Without them, water can pool around your home, potentially degrading your foundation and presenting a risk of flooding. The late summer season is the best time to make sure that your gutters are in working order.
Heading into the fall, many homes will have leaves accumulating in gutters. When gutters are full of leaves, they aren’t able to redirect significant rainfall away from your home. Instead, they’ll overflow, sending water splashing down around your foundation.
Cleaning out gutters is just the first step. Next, carefully check the troughs and downspouts for any damage that should be repaired. By taking on these tasks early in the season, you can rest easy when the leaves start falling!
Check Your Home for Drafts
Your home relies on weatherstripping to keep out drafts. As the days get shorter and the nights get colder, these drafts will make your home less comfortable and increase your heating bills.
You might be able to identify large drafts on your own, but if you’re not sure how to do it, you may find that a consultation with a home heating professional can help. Professionals can use tools like thermal cameras to identify drafts. They can assess the places where your home is losing heat and can provide the appropriate repairs and maintenance.
Oftentimes, this is as simple as applying weatherstripping to doors or caulking around windows. You can avoid uncomfortable drafts with just a little preventative maintenance.
Repair Any Roof Damage
Autumn winds can do a number on any loose shingles or tiles. Before the fall season hits, consider scheduling a roof inspection. A professional inspection can help to identify any problems that could cause problems during rainy or snowy seasons.
Even small leaks should be promptly repaired because they’ll only get worse over time. By addressing issues while they are small, you can avoid massive repair bills down the line.
Get a Heating System Tune-Up
Your furnace or heating system likely hasn’t been running for a few months. A thorough inspection and tune-up can ensure that your systems are fully operational before the weather starts to cool down.
A tune-up usually includes an inspection of mechanical and electrical components for the heating system. These systems build up dirt over time, leading to higher energy costs. By scheduling a tune-up, you can make sure that your system is ready to keep you warm and cozy all winter.
An Ounce of Prevention
With just a few simple steps, you can make sure that your home is fully ready for the cooler weather at the end of the year. A little bit of work for preventative maintenance can keep your home in great shape for anything.
Today we have 3 Quick Actions:
1) Call each of the following assemblymembers' local district offices and ask them to Oppose SB 9 and SB 10. This is a new list for today! Leaving a message on the district office voicemail after hours is also effective:
Name Dist Phone
Ed Chau 49 323 264 4949 D
Richard Bloom 50 310 450 0041 D
Miguel Santiago 53 213 620 4646 D
Phillip Chen 55 714 529 5502 R
Lisa Calderon 57 562 692 5858 D
Reginald Jones- 59 213 744 2111 D
Sabrina Cervantes 60 951 371 6860 D
Autumn Burke 62 310 412 6400 D
Sharon Quirk-Silva 65 714 525 6515 D
Kelly Seyarto 67 951 894 1232 R
Steven Choi 68 714 665 6868 R
2) Register for the Statewide Town Hall on SB 9 and SB 10 coming on August 7. Register at this link to attend.
BACKGROUND: Thousands of single family streets in California will be destroyed to build multi-unit projects if SB 9 and SB 10 become law. YOUR BLOCK, TOO.
Legislators have heard overwhelming opposition to SB 9 and SB 10 from thousands of people. But unless legislators get an avalanche of objections before Aug. 16, both SB 9 and SB 10 could be approved by just 41 legislators. And right now, big money talks in Sacramento.
SB 9 lets developers buy the home next to YOURS to build 6-unit housing projects. They won’t have yards OR garages. There will be NO public hearings before destruction begins. Not even in severe fire zones.
SB 10 allows city councils to override local zoning, and the California Environmental Quality Act, and voter-approved land protections, to erect 14-unit buildings almost everywhere.
Developers can build, next to YOUR home a “10-unit” project with 4 added granny flats, totaling 14 units. As with SB 9: No hearing. No yard. No affordability.
You must voice opposition NOW, because you lose your right to object if SB 9 and SB 10 are passed and signed by the Governor.
Amidst drought and severe fires, neither SB 9 or SB 10 requires being ready for the environmental or infrastructure impacts of the bills, such as the demand for water, energy, sewer capacity or classroom space.
5 Things to Know About Today's Market
With home prices skyrocketing, there’s been a lot of speculation lately. Are we in a bubble? Will the housing market crash? Will home values come plummeting to the ground again?
Fortunately, those concerns are largely unfounded. Most economists agree that today’s market is nothing like the market we saw in 2008 — and a crash is highly unlikely.
Here are just a few of the conditions that economists say will ward off another crash:
Who doesn’t love having a barbeque on a warm summer day? One of the most popular summertime activities is grilling and we all understand why. Food on the grill is delicious and barbequing is a fun way to spend time with friends and family.
If you plan on doing a lot of grilling this summer, it’s important to make sure you have a great outdoor space for your friends and family to feel comfortable in. Check out three creative ways to set up your outdoor space for hosting barbeques this summer.
Create a Comfy Lounge Space
When setting up your outdoor space this summer, the comfort of your guests should be at the forefront of your mind. You’ll want to invest in quality patio furniture that will keep your friends and family cozy while you’re cooking.
This might look like outdoor lounge chairs with thick, billowy cushions. You can also have chaise lounges and outdoor couches for your friends and family to lie back and relax or even take an afternoon nap.
Add to the ambiance by setting up mood lighting. You can do this with dim string lights draped around your back patio or wrapped around the railings of a back deck. You can then accentuate the mood with scented outdoor candles that have a calming effect. This will create an almost ethereal feel for ultimate relaxation.
Make Your Own Outdoor Restaurant
Bring the beach to your backyard by creating your very own outdoor dining establishment. Turn your patio or back deck into a backyard restaurant with a bar for drinks and stool seats around it. Surround the area with tiki torch lighting to give the vibe of a tropical café.
Your guests can mingle and have mixed drinks while you prepare food on the grill. With vibes like this, they’ll feel like they are hanging out at a restaurant right on the beach after a long day spent in the sun.
Set Up Recreational Areas
If your barbeques are all-day occasions, you will want to set up an outdoor space for recreational activities. Your family and friends likely won’t spend the entire day relaxing, so there needs to be space for them to have some fun with one another. This is especially true if you will be having family or friends with children attending.
For safety reasons, set up space for people to play a good distance away from the grill. If you have the room, you can set up fun outdoor activities like a volleyball net or cornhole toss game in the yard. If you do not have a lot of yard space, invest in tabletop games that your guests can play, like cards or board games.
Yards with pools are the ultimate way to entertain guests during a barbeque. You can enhance your pool space by making an organized area near the pool where your guests can find towels, pool floaties, goggles, sunscreen, or anything else they may need. Your friends and family will feel like they are spending the day at a resort!
However you choose to set up your space, get creative!