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Rainmaker
2,362,966
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

This is beyond your pay grade. Don't discuss things you don't know and that you don't need to get into. In short. Don't deliberately swim into deep water in the dark by yourself with no life preserver 

Jun 20, 2016 10:57 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

If you use a trigger term you have to disclose so the public is not misled. Don't mess with the Feds on this law. The penalities are stiff.

Jun 20, 2016 07:41 AM
Ambassador
2,684,109
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

## I don't touch that topic.  Let the Lender and the Title Closer deal with it.

Jun 20, 2016 07:12 AM
Rainmaker
634,482
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

As a Realtor it is important NOT to discuss this. It is outside the bounds of your license. Leave it to the lenders to educate the client.

Jun 20, 2016 06:17 PM
Ambassador
3,164,294
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

because get out of jail free cards are just for monopoly

Jun 20, 2016 03:53 PM
Rainmaker
1,231,853
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Ditto Fred Griffin comment here.

Jun 20, 2016 07:31 AM
Ambassador
6,393,494
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Its the Law.

 

Jun 20, 2016 07:31 AM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I believe it is law

Jun 20, 2016 10:45 AM
Ambassador
2,178,603
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

 Not something an agent should even consider discussing.  That is lender territory.  

Jun 21, 2016 01:00 AM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

It's the law.

Jun 20, 2016 10:17 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

That I leave for the Lender to handle

Jun 20, 2016 09:16 PM
Rainmaker
7,836,139
Roy Kelley
Retired - Gaithersburg, MD

This is a requirement.

Jun 20, 2016 09:05 PM
Rainmaker
1,090,637
Diana Zaccaro Broker Associate
ZOOM Realty Group - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

That is not a question that a Realtor can answer...it is best answered by a lender or mortgage expert.

 

Jun 20, 2016 04:47 PM
Ambassador
5,049,450
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

That sounds like a good question for our mortgage experts here on AR - I haven't a clue but interested to find out. I imagine it's required disclosure

Jun 20, 2016 02:23 PM
Ambassador
3,727,873
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

It's the law. The Feds don't want lenders to mislead consumers, who are already confused.

Jun 20, 2016 01:37 PM
Rainmaker
290,969
Allie Angeloni
Long Realty - Oro Valley, AZ

"If you use a trigger term you have to disclose the APR, so that the public is not misled" Minnette Olsen.  I took the above quoted sentence from activerain.com's site.    

Jun 20, 2016 11:10 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Minnette Olsen To my knowledge APR does not trigger full disclosure of down payment or percentage; nmber of payments; amount of payment; or finance charge. Refer to Reg Z.

Jun 20, 2016 08:33 AM
Ambassador
1,076,551
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Because the Feds are constantly trying to make the largest financial decision of someone's life "idiot proof", and in reality, making large financial decisions is not a game for idiots.

They think APR will help people see a "true cost" of a loan, but fail to realize that APR is not indicative of a "true cost", and certainly not indicative of a "best loan option".  

For example:  I could put a loan together for a client with sky high fees, and sell them on an ARM that would have a lower APR than a fixed rate loan with much lower fees.

 

Feds are looking for a magic bullet for people to understand large-scale finances, when there isn't one.

 

....but it's important to disclose because unfortuantely it's the Feds, not us, that make the rules, despite how stupid they are (the rules).

Jun 21, 2016 04:16 AM
Rainmaker
4,572,183
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Don't pull that trigger and refer such questions to qualified professionals.  

Jun 21, 2016 12:44 AM
Rainmaker
5,216,409
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

It is a question better answered by legal counsel. The Feds are not lenient on this!

Best left to the lender!

Jun 20, 2016 11:10 PM
Rainmaker
4,882,355
Richard Weeks
Dallas, TX
REALTOR®, Broker

Because the truth in lending requires it.

Jun 20, 2016 10:58 PM
Rainmaker
1,617,916
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

It believe because it is the law. Then, I let the lender do their job.

Jun 20, 2016 10:51 PM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It is the law to do so. I let my loan officer explain that aspect

Jun 20, 2016 10:50 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Minnette Olsen - it is for the consumers - so that they can compare apple to apple.

Jun 20, 2016 04:30 PM