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Show page 10b The Enterprise Review , June 16, 1976 Financial Summary FNMA Official Endorses Uniformity in Land Transactions Transactions Act (ULTA), approved last year by the National Conference of Commismembers of the bar endorse sioners on Uniform State Laws a legislative proposal to (NCCUSL), would go a long uniformity and greater way toward unraveling these simplification in land transac- legal tangles, Murray astion statutes among the 50 serted. states. The act is the outgrowth a as panelist Speaking of a undertaking by a before the Federal Bar Sav- Special Committee of the ings Institutions Law Commit- NCCUSL. tee meeting recently, James If adopted by the states, Murray, FNMAs General uniCounsel, said, the current the act would achieve in such basic areas as legal patchwork governing formity land transactions is complex, the rights and recourses of real estate buyers and sellers archaic, and confusing. We now have 50 dif- and security interests in real ferent states with 50 different estate, including default and sets of statutes, most of which foreclosure proceedings and are based on economic and usury limitations. social patterns which do not The American Bar Aspertain to circumstances of sociation could provide a great our modem environment. The impetus to the effort to existing laws make it difficult achieve such uniformity by if not impossible for. buyers adopting a position in favor of and lenders to be sure of their the ULTA during its annual legal rights and they inhibit meeting in August, Murray the flow of mortgage funds urged. Such action, he exacross state boundaries. plained, would encourage the all the states to proceed swiftly in The adoption by Land Uniform of the states adopting the Act. An official of the Federal . National Mortgage Association last week urged that six-ye- ar Merchants to End Parking Squabble Uniform parking validation is on the horizon for downtowrn Salt Lake. Richard Schubach, chairman of the Retail Merchants Association committee on uniform parking validation, said, years of screaming and hollering about it, it looks like it will finally happen. It is closer now than it ever wras before. Ev Gray, manager of the Association, said the group of merchants has agreed to the park concept of a uniform She and shop procedure. unisaid the concept includes form signs on all participating parking lots, and decals in windows of all participating stores. The Associations concept also includes a token that can be given to shopping customers to use to park at a later time. A token would be a nice souvenir. Shoppers can keep it in their pockets, and when they see it they can be reminded to go back downtown and shop, since they have some free parking time anyway, Schubach said. "After 14 Schubach indicated-Auerbac- Penneys h, and-ZC- have tenatatively agre- ed to the concept, and Gray is finalizing the details. But specifics about how the token would be distributed and what it would be w'orth have not yet been ironed out, Schubach and Gray said. In addition to the Association, the Downtown Council executive board also agreed to proceed with plans for the concept. park and shop Gray said. Retailers Call it Quits Two downtown stores appealing to a similar market and located in a similar location have closed their doors within the past month. Burts Shoe Store, 52 East 300 South and Mode ODay, 241 South Main, are no longer operating their downtown stores. Burts was just one shoe store we were operating, said a spokesman for Edison Brothers, manager of the We felt we former Burts. had saturated that area with Continued on Page lib Iam hopeful the bar will lead the way by adopting such a stance because the ULTA goes to the heart of many of the problems which currently beset the real estate market, Murray told the members of the Federal Bar committee. By attacking those problems at the state level, the proposed legislation would facilitate the flow of mortgage credit, reduce the cost of real estate transactions, and iron out many of the legal complexities which have been the bane of homebuyers, lenders, and secondary market purchasers of mortgages for decades. In achieving these objectives, Murray explained, the Act would also help the nation fulfill its housing goals. The housing industry has waited too long already for uniformity in land transactions throughout the country. It is certainly to be hoped that all those involved and interested in real estate and housing will actively support the current proposal. Patrick J. Vacitlin use of a particular attorney or title insurance company, the lender must state whether or not a business relationship exists and also give an estimate of their charges. -- Other regulations include kickback provisions. Kickbacks or payment of unearned fees may not be made. Exempted are payments of cooperative brokerage and referral arrangements or between real estate agents and brokers. -- A seller cannot condiFinal regulations for the Real Estate Settlement Pro- tion the sale of his property on cedures Act (RESPA) will take the buyer's purchase of title effect June 30. Highlights of insurance from a particular Violators of any the bill include: company. -- The law will require the ofthese regulations are subject uniform settlement statement to criminal penalties and triple be made available on request damages may be awarded for from the borrower at the time violations. Previous to these changes of the written loan application in or within three business days. regulation, the act required -- A good faith estimate of a 12 day disclosure of settlethe settlement charges is also ment costs, and also disclosto be furnished by the lender ure by the seller of the to the borrower within three previous selling price. These days of the written applica- and other vaguely warded tion. No prescribed manner regulations have been amendwas stipulated in calculating ed and will perhaps allow the these charges, only that they mortgage banking industry to function in a more efficient be reasonable. -- If a lender requires the manner. MORTGAGE RATES FIIA 8.5 H VA 8.5 conventional rate 9.300 9.250 9.000 9.2509.500 9.100 9.375 9.000 9.000 9.250 9.000 9.250 9.250 9.000 9.500 9.0009.500 9.250 9.250 9.000 9.000 9.0009.500 9.000 9.125 9.000 9.000 9.000 9.375 9.250 9.250 10.000 9.250 9.0009.500 9.000 9.000 These rates were obtained by telephone conversation with the above institutions. 'The rates are correct to the best of our knowledge but their accuracy cannot be guaranteed. |