Utah Real Estate Reform

I just finished a lunch with Brad Daw, Utah State Representative, and Howard Headlee President of the Utah Bankers Association. Among the topics discussed were Loan Modification Regulation, and Short Sale Investment Scams.

I mentioned these two topics to Brad a few weeks ago, he checked them with Howard to see the urgency / legitimacy, and called a meeting with the three of us.

Brad is meeting with the Finance Committee this afternoon, I am talking to David Clark, and Howard is going to meet with David on Thursday.

Froom this meeting look for a few of the following things to happen;

* Loan modification companies to register with the state prior to conducting business in Utah
* Loan mod. companies required to disclose to banks the fees they will charge to assist in the process.
* Cancellation window given to home owners to talk to ban, after fees disclosure, with the option of terminating loan mod contract.
* Audit of short sale listings in UT, to determine how many are involved with an exclusive investor.
* Meeting with Association of Realtor's to enact education, ethics, and disclosure training for agents.

This was a great meeting.

Now... Back to work as a real estate agent to make some money! (Six kids are expensive!)