NJ Bill modernizes e-recording process

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County recorders in New Jersey will now be required to accept electronic documents.

Govenor Christie recently signed Assembly Bill A 2565 which modernizes the e-recording process, providing the mechanism for significantly changing the method we will follow to record real estate related documents in New Jersey.  It significantly revises NJSA chapter 46 -the recording statute by repealing  NJSA 46:15-1 and 16, plus a lot more.  There will be forms that will be promulgatedby the State Division of Archives and Records Management ot effectuate these chages.  The law will take affect later this Spring.  Read more here >>>. 

Updates will follow.

FHFA recently announced changes to the Home Affordable Refinance Program (HARP)

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The Federal Housing Finance Agency (FHFA) recently announced changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their mortgage loan. As a result of FHFA’s announcement, Fannie Mae will be making the changes to Refi Plus™ (manual underwriting) and DU Refi Plus™  
11/15/11 FHFA Announcement: Read more >>>

Governor Christie Signs Bulk Sales Legislation into Law

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[source: New Jersey Association of REALTORS® www.njar.com]

On September 14, 2011, Governor Chris Christie signed into law A-2748, the bulk sales legislation initiated and strongly supported by NJAR®. This law, which took effect immediately upon being signed, exempts individuals, estates and trusts involved in purchasing one- and two-family residential and certain seasonal rental properties from bulk sales notification requirements.  Please note that LLC’s involved in real estate transactions pertaining to one- and two-family residential and seasonal rental properties are still subject to bulk sales requirements.

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Brave New Paradigm: Part II

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“I see the states, across this big nation. I see the laws made in Washington, D.C.
I think of the ones I consider my favorites. I think of the people that are working for me.”
– Lyrics from Talking Heads’ “Don’t Worry About the Government”

The real estate financing paradigm shift is becoming clearer with the now front-burner onset of proposed “Qualified Residential Mortgage” (QRM) requirements, a key provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act passed last year.

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