Comments on: The Seven New Mortgage Laws http://www.squarefeetblog.com/commercial-real-estate-blog/2009/10/13/the-seven-new-mortgage-laws/ Commercial Real Estate Blog Mon, 16 Aug 2010 10:18:50 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: grantsobee http://www.squarefeetblog.com/commercial-real-estate-blog/2009/10/13/the-seven-new-mortgage-laws/comment-page-1/#comment-2867 grantsobee Wed, 14 Oct 2009 22:10:31 +0000 http://www.squarefeetblog.com/?p=3198#comment-2867 yeah, 260 applies to residential only, higher-priced mortgages specifically I think. but 1160 is a weird piece of legislation. That means people who speak different languages need to conduct the verbal negotiations in english for the most part. I mean if the mortgage broker and the client speak Swahili, do the documents need to be produced in Swahili? Unlikely! Seems people better stick to English the extent possible to save their hide. yeah, 260 applies to residential only, higher-priced mortgages specifically I think.

but 1160 is a weird piece of legislation. That means people who speak different languages need to conduct the verbal negotiations in english for the most part. I mean if the mortgage broker and the client speak Swahili, do the documents need to be produced in Swahili? Unlikely!

Seems people better stick to English the extent possible to save their hide.

]]> By: Joshua http://www.squarefeetblog.com/commercial-real-estate-blog/2009/10/13/the-seven-new-mortgage-laws/comment-page-1/#comment-2854 Joshua Wed, 14 Oct 2009 01:39:49 +0000 http://www.squarefeetblog.com/?p=3198#comment-2854 Im going to assume that bill 260 (2% prepayment) applies to residential loans only. Bill 1160 should require the translation, not it being written in the language. How will someone review the document properly? An attorney? The court? It requires translation, yes? Bill 957 made a local paper today. It said that local firms offer better prices and service. I find that to be false. National firms offer the best prices. It does make sense to require the escrow firm to be located relatively near the property though (as in - in the same county). Im going to assume that bill 260 (2% prepayment) applies to residential loans only.

Bill 1160 should require the translation, not it being written in the language. How will someone review the document properly? An attorney? The court? It requires translation, yes?

Bill 957 made a local paper today. It said that local firms offer better prices and service. I find that to be false. National firms offer the best prices. It does make sense to require the escrow firm to be located relatively near the property though (as in – in the same county).

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