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Show F4 The Salt Lake Tribune, Sunday, December27, 1998 by the Agency Corporation Complicated real estate transactions are helping to keep paper mills in business By STEVE KERCH Citicaco Trusune In some measure,a lot of the additional paperwork burden is designed to protect consumers,especially the TILA CHICAGO — When Congress passed requirements under which borrowers the federal Paperwork Reduction Act of must be given the true annual percent1995,it meant only one thing for cerage rate, or APR,costoftheir loans tain: more paperwork. a number whichfigures in any originaIn thereal estate transaction process, tion fees, discount points and other this is not a good thing. Anyone who closing costs or mortgage insurance has beenat the closing table in the last premiums thatwill be financed overthe 20 years,either to buy a house orrefilife of the loan. nance an existing mortgage,can tell Butfor the mostpart, the stacks and you what a mountain of documents stacks oflegal formsare really there for awaits even for the least complex of the protection of the lenders and the deals. big-money agenciesandinvestors that “We see more problemsatthe closing fund so muchof the mortgage market than weused to,” said Dick Bales, an today. office counsel for ChicagoTitle Mortgage andrealty industry groups Insurance Co.“It’s notthat the attorand consumeradvocates have been neys are less prepared than they were in workingfor about three years now on the past. It’s just that everyoneis overreform of the complicated process, trywhelmed by paperwork.” ing to cometo agreementwith the fedThirty or so years ago, homebuyers eral government on RESPA and TILA would cometo a closing and have to changesthatwill betterreflect current sign a mortgagenote. That was aboutit. market conditions. Mostpaid their owntaxes and so they One ofthe few pieces ofhard evididn’t even havetoestablish an escrow denceof any progress is a 100-pageaccount. plus report from the U.S. Departmentof Today,it’s almost impossible to count Housing and Urban Development, the documents that have tobe signed. which administers RESPA,and the There are papers demanded underthe Federal Reserve, which regulates banks, Real Estate Settlement and Procedures that cameoutin late summer. But even Act (RESPA), the Truth in Lending Act HUDandthe Fed don’t yet agree on (TILA) and Regulation Z, as well as every proposed change,let alone the documents demanded by mortgage 100 realty industry interests and five investors and secondary market agenconsumergroups involved in whatis cies that may purchasea loan. called the Mortgage Reform Working “There is even a ‘nameaffidavit,’ in Group. whichthe buyer mustsign a form that Keyissues include: says, in essence, borrower John Jones is Origination. Most would like to see the sameas John A. Jones,” Bales said an industrywide modelloan origination ATE wnat SECOND FLOOR PLAN 1685 $0. FT. Landmark Designs FIRST FLOOR PLAN 1734 SOFT, . The main sleeping quarters in the Rachelare located on the secondlevel. Thebeautiful wood and stone exterior ofthe Rachelis a perfect showcase for a 3,4019-square-foot floor design spread overtwolevels. A wrap-around front porch welcomes visitors into this gracious home. A vaulted entry leads youtoa first floor abounding with open spaces. To the rightofthe entry, pastthe stairs to the upper level, is a comfortable living roomequipped with a gasfireplace. This is the perfect spot for after dinner coffee and good conversation. Totheleft of the entry is a good-sized office/guest roomwith closet and storage space. The family roomin the Rachelis huge, befitting the main gathering spot. Here you have a cozy fireplace along with a built-in entertainment center. Thereis access to the back deck, for loads of summerfun, You mayalso godirectly fromthe family roomintothe two-car garage. There is extra storage roomavailable here, along with plenty of roomfor a complete shop. The U-shaped) kitchenhasall the built-in cabinets you would expect, plus an adjoining breakfast nook, big pantry, island cooktop and double ovens. The top of the secondfloorstairwayoffers a viewof the entryway below. Thislevel contains the main sleeping areas, includingthe exquisite master suite with its coffered vault overthe sleeping section, handy security system, gas fireplace and twin walk-in closets. The master bathroomis very large, with skylights, twin basins, spa andlinen storage. Between the twin closetsis access to 513 feetofattic space. There are two very nice secondary bedroomsonthis floor, along with anotherfull bathroom,a big linen closet and utility room with a builtin ironing board and tablefor folding clothes. For astudy kit of the Rachel (337OS0NA84) send $14.95, to Landmark Designs, 33127 Saginaw Rd. E., Cottage Grove, OR 97424. Be sureto specify plan name and numberfor kit ETNA 2 1GSTAND 1-800-456-5192 Lk? Beb AND ASSOCEAT RUCUMel CUSTOM COTTONWOOD! New French country on quiet, ‘wooded Back lonculde-toc, clin9stream coonin usin suse ofonite, plankMoin hardwood, floormattile.suite& louie beaual 180800 HOMES FOR SALE HOMES FOR SALE PRICE SLASHED FROM ocean UPPER HOLLADAY! UNIVERSITY 900! 4 bdrs/3 bihs, Move right'nmarbleaetna enjoy, vaulted counter Tteplace. norwood tivateGrane nace’ pant x |cailingy, oppionces gracious i pone windows, now oak kchen. 2 bars/t bth Bins in eo wilow Creek. rate $269,900, faaseo 487-0488 forced C°set Thtbo dot Ped [Kaye Conaca —B720e Oo ms |" masns 749/455-4338 HOLLADAY EAST MILLCREEK COTTAGE! DRAPER! $20,000) Owners | Lovely redo! Belge cpanel Interior His open. ‘of Homes Area! Inctedt Reduced moving. Stylibrick romblet, Hardwood entry stair New light & charming! Main foot DESPERATE IN bie Views! Quollty oroe Every extra jinablel bars, ‘new kitchen/fam combo, $ bdrs/3 vinyl windows! Fresh paint 4 bdrs/3 bins, cor Wolk to maevee 1m, anes din Dds. ig 25 bl schools & community spa (bot ox $269. Hil soe-ssee ‘llStra.s00 sess $899, 44904 HORSE fou Amodtzocie |CAPE COD! COTTONWOOD HEIGHTS! an sree 4ba1/2 bth all brick rambler of ineredibie horse proper! icin connate _touarmcseclusion Fonone lengicoped i sa Glorious min set feat 28653 tg Soo ocre. ret5 eee peishood priced ‘ight at 7 BEST HOUDAY GIFT) js, corion " Moneiout kre eresatin pemre Stem B93 anow hometevel ramble, antrtining) via Wi Sect or Salen insetre bihs! cor gar, central air, A orcise EEen Sng Curate Sah FIRE “PANORAMIC VIEWS" np, eau wok Kove | Betec, - ‘domi krchen, ride of an artisan. Greatcity Beaton $469,900. ¥ ingdining 0kingyard.gollcourse A mani: tee Walker ‘90-3598 BEST BUY IN HOUADAY! - Sonny & “Gohtradfass-naa Kast GREAT PRICE FOR LOCATION! Nice remodeled kitchen, nice backyard w/large patio. 4’bdrs, * Syne onGal gon SPACIOUS CHARM! On wooded fl newer kchen, trmidining. Ledeen bien Rseck.a/cAbe,ire cargos doy’ favorite neighborhoods. | sh) . “41 lan, tichen, Dardwood Mrs, So ete Sond ions dies new corpel& paint Charming Mines eon = decor. plantation shutters, —— = Gruemmer GREAT BRICK cue z Best vols Horvard/Yole ore0, Wonder ike new. views in ail steam in matbin, fi jh voulled ceil- eed the extras Inge, booutichen $465 0. {2996 | $ Greenclover Ln (420 Terry HiBiock 455-4939 Constonce Smith 272.2900, an Bok 64-761 A...EXTENDED sPAce? Wopwenwaeticct rage 8 ee hcppei storyMain Bmat ats) sult oie. Mealings fone feyHauigationNow backyard, mature I Foocetul deck over-| ation, $424,900. Owner/A: ‘ihas30 es Terry Bock no d. 3-4994 ay 11 CUSSIC BUNGALOW brick, ace spacious rooms Soa Parking main fr ol, new x or Sianaon! FO¥®Parkrk oreo 999-2800 ROEM” sata Market Continued from Page F-1 The long andshort ofit: Unlike many homesbuilt during the 1930s and ’40s, this home has a spacious and inviting feel. Many homesofthis vintage and square footage have a boxy, crammedatmosphere,butnotthis one. “This homehas a real contemporary design,” Reynolds explained. “The homeis real openinside.It has a large feel toit. And with the vaulted ceiling in the great room and the twinstaircases that lead upto the dining room and the sleeping quarters, the floor plan has a very uniquelook. I have never seen anotherplan like it.” The main floor of the homefeatures a large, charming living room, which, becauseofits location, could also be used as a great room.It includes an attractive fireplace with decorative mantle and provides accessto one of the home's twopatios. The many windows in the living room welcome great naturallight, both in the morning and afternoon. And the vaulted ceiling, a novelty in homes of this nature, creates a pleasing atmosphere. “From the living roomyou can go up to the dining roomononeside, then throughthe kitchen,” Reynoldssaid. “Orup the otherstaircase on the other side to the twoupstairs bedrooms.” The formal dining room, located at the southeast comerofthe upperlevel, opensuptothe kitchen, which includes spacefor a small breakfast nook. A hallway runs perpendicularto the kitchen, which provides accessto the The living room is open andbright, the perfect place to visit with friends, family. twoupstairs bedrooms andbathroom. A doorat the south endofthis hallway leadsto the back yard patio. The basementlevel of the homefeatures a small kitchenette, full bathroom and third bedroom.It could be used as a mother-in-law apartmentor converted into a family room.Thereis also space in the basementfor a workshoporutility room. “The mother-in-law apartment helps providea little privacy for those who havein-laws living with them,” Reynold “Butif there is no need forthis, it could easily be turned into a great family room ora study.” In addition to a two-car garage, the REFINANCING NO INCOME- NO ASSETS 90% *Loan amoun: ts to $350,000 THE perin Magne siorter. 4 bars, hardwoogtr oss fn bammt eae Keteleae ANS THREE FOUNTAINS CONDO! Spacious 2800 sq. ft. Manor House. car garage, 3 bh, newer carpets & draperies. aT Tmt frener 1760 South 1100 East LOCA ABSOLUTE PERFECTION! 4 yra Hew! ‘SNOOZE YA LOSE! $5,000 reduction-priced fata need Iai& out tacous, ihronbie| Kexer mul eve ooltes UATEAU FORET! rg eeaoe Carpets, hardwood firs, new shorptichen, omy. Ing Cottonwood Creek, New 15 Minute Loan Approvals On Most Loans PPRO' % &NO ORIGINATION FEES* x > YOU eeCue * xLOW CLOSING COSTS x * * x COMPETITIVE RATES * * Program Rate tnt. APR %Down 30 Year 6.875 ce 6.999% 3% 3-1 ARM 6.50% 6.625% 5% 7/23 Balloon6.50% 6.597% 10% Me Year 6.50% 6.624% 3% 1 Yr ARM 5.00% 7.125% 10% One ee SAVED Cali The eam ee CLD For A Loan As Personal As Your Signature. Wonderful 3 v1 new 2-slory. 4 CONDO UNITS! (No NEW Conversions). 9" high elings,crownmaidings 2 Potcony Low tesacelont fet Hsina8oe Sony Tongaro 772-5867 GREAT ADULT COMMUNITY! for odor ober zo ‘oceans, hance w/intercom. Elevator : room foc shopping. Lots of ment hes. $90,000 3 homealso includes central air-conditioning, automatic sprinklers and a homesecurity system. “This would be a good home for a small family,” Reynolds said. “Or for a working couple who wantto be close to the downtowndistrict.” The neighborhood:Theeast bench is a coveted location for many prospective home buyers, and the neighborhood surrounding the Bonneville Golf Course is no exception. Peoplein the neighborhood display a great pride of ownership andit shows in how theytend to their yards and their homes’ exteriors. The architectural style is diverse, yet cohesive. MORTGAGECORP. Cite ota bun!$90. un ling & immaculate 2 bar/2 Project Lg pinwftemt dining, tam ri Exckuswerm3 Fountains down, $485,900. $249 90 hardwood irs undercarpet family hak Conperter 598-0909 $158,900, GREAT HOLLADAY UKE NEW! AUTUMN RIDGE! pagar ot gtcbhn aden sulte-Vauled cellings-Cusiom doorOversized 3 corPrivate ing, neutral colors, exclusive Sarceza celing.ye.mainfifam Tm, ig mountaln vlewsSule! cure: $299.50. : sac. Only $154,900. ter ine Pivate ‘8 elegantrn t rambler feo:t Quiet GREAT Bae me viewsUke tures: expansiveopen ent. tnabed chen Pew pens o courtyard & seclusion. Jo sel 156,700. OLYMPUS COVE Seis bee. 924900i Kaye Cundick ecaly the rood%0 WALDEN HILLS 2-TORN w/bemi MOSES arcoomy upc yManeHAS 2STORT Badi,2corgrflere reer tmerotoing wil Yomohre.| toe reboots vod lon TBE tmphe (38008), Goon Woke S499 $445 900. ‘eo OSS Ter y Back ABSA 487-0488 REDUCED 25K FOR m'sock pees | agreementthat would include up-front disclosure of the lender’srelationship to the borrower, of how the lenderis being paid andofthe actual costs ofclosing. Somewantthe current Good Faith Estimate ofclosing costs retained, while others are pushing for a Guaranteed Settlement Costplan. Comparisons. Many believe the APRstandard for comparing loan costs is confusing and wouldliketo see it replaced by disclosures that more reflect the way consumers shop for mortgages,i.e. giving theinterestrate, all closing costs, total cash to close and the final monthly payment. Once a lender gives a borrowerall that data, mostproposals call for consumers to havea “shopping period” during which they can search fora better deal. Fees. How brokers, Realtors and otherservice providers interrelate, and how theyare paid for intracorporate business, has becomea real quagmire in this age of corporate agglomeration. Deception. Consumer groups want strong penalties for those whotake advantage of borrowers through unfair lending practices, especially considering scamsagainst minority andelderly homeowners. “It’s painful. But we are getting there. Onsomeissues, like (more simple, concise) disclosure, we’re close. On other issues, frankly, there is a wide gulf,” said John Courson, president of Central Pacific Mortgage Co.in Citrus Heights. Calif., and a leading memberof the working group contingent from the Mortage Bankers Association of America. Ask About The Rates On Our No Cost Loans PRE o rror Service With Application Taken CCL Rates h daily,Call Pa 30 year i byirg tara rm ieee by today. Cal = oe a Pig i) | is pis APR 6.875% APR 6.375% APR 8.16% © Credit problem O.K. © 4st and 2nd mortgages @ 100% programs available © Purchases & Refinances ® Debt consolidation © Afler hours & weekend service avaiable © Free pre-qualifications © True no cost loans ici pes $125,000 . For ProtessionclSi Rn SSE as mee es (Ere sar taeseaac tec us oy EVR ence (599-2800 Mike Corpenter (oye Cundick 5720609 Debs ‘oblom S- i ae = | eee Car 870 E. 9400 So. am l:} Ean |
