Central Florida Holiday Prom

The Central Florida Chapter of the Florida Association of Mortgage Brokers is pleased to invite you to our FAMB Holiday Prom on December 13th, 2005 at the Shrine Auditorium.

The festivities will begin at 6:30 p.m. and end at 11:00 p.m. Dance music will be provided by the Cotton Davis Band, and there will be a cash bar.

Admission (includes two drink tickets per couple)

• FAMB Member and one guest = Free + one unwrapped new toy for Toys for Tots
• Non-member and one guest = $20.00 + one unwrapped new toy for Toys for Tots

RSVP by email to RSVP@fambcentralflorida.com or call Lane Griffin at (561) 662-5263.

Download your Invitation

Orlando Housing Bubble About to Burst?

The Orlando Regional Realtor Association recorded 8,992 homes were listed at the end of October, according to an article in the Orlando Sentinel last week. This is up more than 2200 from the number at the end of September. Listing times have also increased. What does this mean for the price of a home in the coming months? Only time will tell.

Read the Sentinel Article

HUD and FDIC Fine Mortgage Company for Kickbacks

One of New England's largest mortgage companies, 1- 800- East-West Mortgage Co., agreed to pay $150,000 to settle charges that it accepted tens of thousands of dollars in kickbacks in return for steering business to closing attorneys, home appraisers, and title companies. The press release from earlier this month indicated that the company had solicited the companies for items of value, including Red Sox and Patriots tickets. It is a violation under Section 8 of RESPA to give or receive anything of value in exchange for the referral of business.

Interestingly, if HUD had been successful in making changes to RESPA, this company might not have been breaking the law at all. HUD had proposed giving an exemption from Section 8 for companies that bundled costs into a package.

Read HUD'S Press Release.

Fannie Mae Updates Residential Appraisal Forms

On November 1, Fannie Mae began requiring appraisers to utilize the 11 new forms on all single family property inspections. The requirements result from research done by Fannie Mae and comments accepted from Lenders, Appraisers, and other organizations between November and December of last year. Read the Fannie Mae Announcement.

The changes are intended to reduce the incidence of fraud in the settlement process. For more reporting on this, read the recent article from the Austin Statesman about the new requirements.

Read about the New Appraisal Forms designed to thwart fraud

MEMBERSHIP

Members enjoy many benefits with FAMB. Discounts at the convention and other events, free continuing education, access to many group rates on insurance, overnights, pre-paid legal. If you're not a member yet, don't wait. Join today! Find out more about membership.

QUESTIONS?

For questions, suggestions, or comments regarding the Central Florida Chapter of FAMB or this newsletter, please email Kelly Guldi at newsletter@FAMBCentralFlorida.com.