Helping Washington State homeowners learn more about their mortgage options.
Effective today, recording fees are going up statewide due an increase with the homeless housing fee from $10 per recorded document to $30 per HB 2331.
Recording your Deed of Trust or Deed in the State of Washington now cost $20 more each.
Hat tip to The Talon Group.
I'm wondering if you have successfully registered with the Nationwide Mortgage Licensing System? Please comment below and let me know.
I registered at 9:00 pm on October 1, 2008 and DFI is telling me that they're classifying my registration effective October 2, 2008 (one day past the deadline)…I don't recall seeing any information about effective hours for registration–just the date.
I'm betting that we have many local LO's who have not yet taken the steps necessary to originate mortgages in Washington State in 2009–just over a month away.
The NMLS site is…well I can't think of any pleasant ways to describe it–it seems very unorganized and unclear. Plus the buttons/links are not easy to find. My advice to you is to not delay any further. If you think you've registered, you may want to visit the site to verify and to be sure that you have "renewed" your license for 2009. I know some are hoping that there will be an extension granted for loan originators…but I certainly wouldn't hold my breath.
Good luck! I'd love to hear from you via commenting below.
Check out my related post at Rain City Guide where I interview Jillayne Schlicke about The SAFE Act.
This from the Seattle PI:
Yes: Jim McDermott. Norm Dicks. Adam Smith. Rick Larsen. Brian Baird (All Democrats).
No: Dave Reichert. Cathy McMorris Rodgers. Doc Hastings (All Republicans). Jay Inslee (Democrat).
Elections are just weeks away. NBC is reporting that House members in close races tended to vote no on this bailout. For the record, here are the results from the 2006 elections:
District 1: Jay Inslee elected with 67.8% of the vote
District 2: Rick Larsen ~ 64.16%
District 3: Brian Baird ~ 63.15%
District 4: Doc Hastings ~ 59.88%
District 5: Cathy McMorris Rodgers ~ 56.11%
District 6: Norm Dicks ~ 70.6%
District 7: Jim McDermott ~ 79.16%
District 8: Dave Reichert ~ 51.46%
District 9: Adam Smith ~ 65.72%
House members who voted no to the bailout were elected by an average percentage of 58.81% (take out Inslee and the average drops to a narrow 55.8%).
Washington State House members supporting this bailout were elected by an average 68.5% by their constituents.
By the way, you have just a couple days left to become a registered voter, if you are not all ready, for the upcoming election.
The passage of HR 3221 has made many changes effective October 1, 2008. Here are just a few that will officially go into effect in 20 days:
FHA Mortgage Insurance is Increasing
Down Payment Assistance Programs will be gone
You have until the end of this year to take advantage of the higher conforming-jumbo and FHA-jumbo loan limits. Effective January 1, 2009, they will be reduced (from the passage of HR 3221).
And if you have not owned a home over the past 36 months, you have until the first half of 2009 to take advantage of the first time home buyers tax credit (interest free loan).
Is HR 3221 effecting you for better or worse? I’d love to hear how.
Just a friendly reminder that tomorrow you can should vote in Washington State’s Top 2 Primary.
This election will determine which two candidates will advance to the November General Election.
So vote…and vote often!
For more information, click here.
Update February 17, 2009: The American Recovery and Reinvestment Act has modified this tax credit posted here. If you're a first time home buyer who purchased January 1, 2009 – December 31, 2009; click here. If you purchased from April 9, 2008 – December 31, 2008; this post still applies to you.
Please check with your CPA or tax advisor to see how this impacts you.
With the recent passage of HR 3221, people who have not owned a home for the last
3 years may qualify for an interest free loan from Uncle Sam of up to $7,500. Here's a quick skinny on how this works:
First time home buyers may receive a tax credit of up to 10% of the purchase price of the home (not to exceed $7500). This is a "tax credit" meaning that you receive the credit (if you want it) after you file your income taxes. For example, this means that when you file your taxes in 2009 and you owe $5,000 to Uncle Sam and you qualify to have a tax credit in the amount of $7,500; you would receive a refund of $2,500. However, this is a refundable credit (aka interest free loan) that must be paid back each year to the IRS (when you file your taxes) over the next 15 years.
If you sell your home before the tax credit is repaid to Uncle Sam, then the full amount is due or if your property that you received the tax credit for is no longer your primary residence (i.e. you convert your home to a rental).
This credit does not apply if the first time home buyer is buying a home from a relative.
This tax credit is only available for purchases made between April 9, 2008 and July 1, 2009 for adjusted gross incomes of up to $75,000 ($150,000, if married, filed jointly) and phases out up to $95,000 ($170,000, if married, filed jointly).
Should you take advantage of this opportunity?
Sure! Who wouldn't want a $7,500 interest free loan? Two things I would consider using this credit for if I were a first time home buyer:
Just understand that this is essentially an interest free loan. This is not "down payment assistance". You will be paying this back over the next 15 years (or sooner if you sell, rent out the property or convert it a second home)…but you just can't beat "interest free".
For more information, click here.
Friendly reminder: I am not a tax professional, I am a Mortgage Planner assisting families who need mortgages in beautiful Washington State. Always consult with your CPA, financial or tax advisor.
Watch for more posts on the effects of HR 3221.
Last week, in San Francisco at RE Bar Camp, the attendees were surprised with their very own super hero trading cards. Somehow, my trading card didn’t make the order with the other "super bloggers" (which is easy to understand since this huge feat was pulled off in just a couple days before the event). A huge thank you goes to Gia Freer, VP and Community Manager of RealSeekr (aka Principessa di Proprieta) for creating my super hero trading card!
On a much more serious note, please check out my article on Rain City Guide about The Housing Rescue Bill which was signed off by President Bush yesterday.
On Wednesday, July 2, 2008 at Renton City Hall from 1:30 – 3:30 p.m., there will be a Rulemaking Meeting regarding SHB 2770’s Disclosure Form. This is a form that’s required to be provided from certain loan originators prior to a consumer completing a loan application effective June 12, 2008. If you think a loan package for an application all ready wastes a tree, you can expect more paperwork and disclosure forms on top disclosure forms thanks to our elected officials who just want to make sure you really do understand your mortgage (hint, if you don’t understand your mortgage…you probably need to be working with a different mortgage originator).
Click here to see DFI’s sample form.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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