IN THIS ISSUE:
- A Message From Kane Title Services
- Gift Baskets
- Check status of your closing online
- Florida Service
- Industry Update
I would like to take this opportunity to wish everyone a Happy
New Year and thank you for your business this past year. We hope you
will continue to trust Kane Title for your real estate closing and
title needs in 2005 and beyond, as we work towards becoming a full
service provider for the real estate and mortgage industry.
I would also like to highlight several new and exciting changes that
we are planning in the upcoming year.
You can expect continued improvements in the reliability and support
you receive with Kane Title in 2005. We are happy to have you as a
client and look forward to continuing our relationship.
Very Truly Yours,
Jason Kane
P.S. Thank you to all of the contestants who entered the previous
newsletter's trivia contest. Unfortunately, there were no winners.
Last Question: During the final scene in the Blues Brothers, who
started the food fight?
Answer: Joe Walsh - guitarist for the Eagles.
Back to top
After every purchase closing conducted by Kane Title Services,
the closing attorney will present the Buyer with a Housewarming Gift
Basket. The gift is given to the borrowers on behalf of their
Originator and/or Realtor. It is just a small example of our efforts
to assist our Loan Originators and Realtors in their marketing.
Back to top
We will be implementing a secure login section on our website (www.kanetitle.com),
so that you may monitor the progress of your title requests and view
and print closing and title documents. You will be assigned a unique
user name and password to access the site.
Back to top
In response to the large number of New Englanders with second
homes in Florida, we are working to build relationships with
numerous reputable title companies that can assist us in closing
loans on properties located in Florida.
Back to top
New Massachusetts Lending Law Effective Nov. 4, 2004
Provisions Applicable to all Massachusetts Mortgage Loans
New Section 28C to Chapter 183/Refinancing in the
Borrower’s Interest
Under this new law, a lender is prohibited from knowingly making a
mortgage loan if the loan pays off all or part of an existing home
loan that was made within the prior 60 months, or other debt of a
borrower, unless the refinancing is in the “borrower’s interest”.
The “borrower’s interest” standard is to be narrowly construed and
the burden is placed on the lender to determine and to demonstrate
that the refinancing is in the borrower’s interest. Some of the
factors to be considered in determining whether the refinancing is
in the borrower’s interests are:
(the list is not all inclusive):
Is the borrower’s new monthly payment lower than the total of all
monthly obligations being financed, taking into account the costs
and fees?
Is there a change in the amortization period of the new loan?
Has the borrower received cash in excess of the costs and fees of
refinancing?
Is the borrower’s note rate of interest reduced?
Has there been a change from an adjustable to a fixed rate loan?
(Taking into account costs and fees)
Is the refinancing necessary to respond to a bona fide personal need
or a court order?
Back to top |
