“I first have to say thank you to the voters in the 3^rd District who, like me, are looking for a new direction in Congress,” said Kevin Yoder.  “We need new leadership in Washington; Republican leadership that defends the values of lower spending and lower taxes, with a focus on job creation.  We cannot afford to wait another election to turn this economy around, it must happen this year, and tonight is the first step towards removing the failed policies of the Pelosi Congress.”

“As we have heard all across this Nation and in the 3^rd District, the people want to get back to the basics of budget discipline, small government and free markets,” said Yoder.  “The voters have had enough with the out of control spending, embarrassing national debt and growth of government that Democrats have delivered in Congress.   So tonight we offer a choice – a contrast of what the future of our Congress will look like.  I stand for cutting spending, cutting deficits and building jobs.  Mrs. Moore and her Democrat leader, Nancy Pelosi, believe in the jobs killing Cap and Trade bill, Obamacare and stimulus plans that stimulate nothing but the size of government.  This is a debate that should happen, and this is the debate that will happen the next 90 days.”

Yoder will now go on to face Democratic nominee, Stephene Moore, in the November 2nd General Election.  Kevin lives in Overland Park with his wife Brooke.

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Part 3500 [Docket No. FR–5425–IA–01]

TITLE: Real Estate Settlement Procedures Act (RESPA): Home Warranty Companies’ Payments to Real Estate Brokers and Agents

AGENCY: Office of General Counsel, HUD.

ACTION: Interpretive rule.

DATES: Effective date: June 25, 2010. Comment Due Date: July 26, 2010.

SUMMARY: Under section 8 of RESPA and HUD’s implementing RESPA regulations, services performed by real estate brokers and agents as additional settlement services in a real estate transaction are compensable if the services are actual, necessary and distinct from the primary services provided by the real estate broker or agent, the services are not nominal, and the payment is not a duplicative charge. A referral is not a compensable service for which a broker or agent may receive compensation…

To read this Interpretive rule in its entirety, and provide comments please visit: http://edocket.access.gpo.gov/2010/pdf/2010-15355.pdf (please do not reply to this email to comment.)

As of December 29, 2009, over 80 home inspectors across the state had already registered with KHIRB.

Here is the list of registered home inspectors – http://www.ksinspectors.org/

In Missouri there is no such requirement at this time. However, many of the home inspectors registered to do business in KS also do home inspections in MO.

Here is a listing of the 2010 Kansas Senate Legislators  from Johnson County Kansas.  Thank you all for your hard work. Especially in this toughest of years. 

Here is a list of the 2010 Kansas House Legislators  from Johnson County Kansas. Thank you all for your hard work. Especially in this toughest of years. 

New Truth in Lending disclosure requirements take effect July 30, 2009 and the timing of your closings may be impacted. With the new regulations you may need to plan for at least a 30-day close if the homebuyer is financing the property.

As of July 30, lenders will be required to comply with revised Truth in Lending Act good faith estimate (“early disclosure”) requirements which will:

•require delivery or mailing of the early disclosures within three business days of receiving a consumer’s mortgage loan application. A lender also must wait until at least seven business days after delivery of the disclosures before consummating the mortgage loan.

•require corrected disclosures to be delivered at least three business days before consummation if the annual percentage rate (APR) provided in the early disclosures changes more than .125% from the initial Truth in Lending Disclosure.

•expand the requirements to mortgage loans secured by any dwelling of a consumer. The requirements no longer are limited to a consumer’s “principal dwelling.” The early disclosure requirements also now cover refinancings and home equity loans.

•prohibit a lender from charging a consumer any fee, except to obtain a credit report, until after the early disclosures have been provided.

•permit a consumer to expedite the closing of a mortgage loan subject to the early disclosure provisions to address a personal financial emergency, such as foreclosure.

•inform a consumer that he or she is not required to complete the transaction because the consumer has received the early disclosures or applied for a loan.

Discuss these new provisions with your lender or mortgage broker as well as your settlement agents to avoid unnecessary delays during the transaction. Provide the settlement agent information to the lender as early in the process as possible. It’s critical that any third party fees that impact the APR are accurate.

Buyers need to understand that their interest rate impacts their APR. Until that rate is locked with their lender, which is at the buyer’s discretion, the initial Truth in Lending Disclosure (TIL) will not be accurate, so a PreClosing TIL will likely be needed. It’s recommended that buyers should minimally plan on locking at least 10 business days prior to the date they wish to close.

For more information, go to http://www.fdic.gov/news/news/financial/2009/fil09026.html

Supplemental Note
FULL TEXT HB 2068
Fiscal Note HB 2068

This practice, which is widespread in other areas of the country, has led to many failed real estate transactions due to disputes over the fees and can cause numerous title defects in the property that can prevent the buyer from obtaining title insurance or mortgage financing. If approved by the Governor, this legislation would make all private transfer fee provisions unenforceable against future owners of the property.

Once this legislation is signed by the Governor, it will protect all homebuyers in this state from the harmful effects of these private transfer fee covenants. If you would like more information on this legislation, you can cut and paste the links below into your web browser.

Full Text of HB 2092:

http://www.kslegislature.org/bills/2010/2092.pdf

Supplemental Briefing on HB 2092:

http://www.kslegislature.org/supplemental/2010/SN2092.pdf

Housing Components of ARRA
A homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed into law
Feb. 17. For more information on the Housing Industry components of ARRA, go to: ARRA

Homeowner Affordability and Stability Plan
On February 18, 2009, President Obama announced his Homeowner Affordability and Stability Plan, designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. In doing so, the plan not only helps responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs. Key Components of the Plan

NAR Opposes Mortgage Interest Deduction Provision in Obama’s Budget Proposal
As currently drafted, President Obama’s proposed budget changes the Mortgage Interest Deduction by reducing the amount of mortgage deductibility for individuals earning over $200,000 and $250,000 for married couples. This proposed change in the Mortgage Interest Deduction will result in further erosion of home prices and home values. If this proposal is enacted it will set off a new round of price depreciation, and will cause greater distress on the balance sheets of banks as the collateral value of mortgage backed securities declines. A second credit crisis could emerge before the first one is resolved. Budget