Online Articles
Repurchase Demands
March 28, 2016
Stephanie Wilson Stoops, Denious, Wilson & Murray, PLC Many mortgage brokers do not think about investor repurchase demands and “make-wholes” claims. However, these demands continue to nag most mortgage brokers. The most common alleged bases for these claims are stated-income misrepresentations, appraisal misrepresentations, occupancy misrepresentations and undisclosed debts. Anytime there is a non-performing loan, ultimate… Read more
Mortgage Bankers Association Arizona Update
March 28, 2016
Joel Kan Associate Vice President, Industry Surveys and Forecasting Mortgage Bankers Association In the Mortgage Bankers Association (MBA) most recent Mortgage Finance Forecast, revisions to national mortgage origination estimates for 2015 through 2018 were made. The 2015 originations total was revised from $1.49 trillion to $1.63 trillion including upward revisions of purchase originations for… Read more
When In Doubt, Disclose
March 28, 2016
Christopher J. Charles, Esq. Provident Law It has been famously said that “with great power comes great responsibility.”1 This is especially true for REALTORS® who, under Article 26 of the Arizona Constitution, may “draft any and all instruments, including contracts, incident to the sale, exchange, trade, or leasing of property.”2 Because of this authority,… Read more
A Conversation With Commissioner Lowe
February 26, 2016
Tricia Covert Arizona Journal of Real Estate & Business It’s undeniable that the real estate industry is always in a state of change. An organization familiar with the change is the Arizona Department of Real Estate. As the first quarter of 2016 comes to an end, I asked Commissioner Judy Lowe if she could… Read more
The Courage To Thrive
February 26, 2016
Rick Murray CEO, Arizona Small Business Association Once a frontier state, specific to mining and agriculture, Arizona has since thrived over the decades. Arizona is now home to over 400,000 registered small businesses in industries such as technology, medicine, finance, and real estate. With Phoenix ranked as 14th in start-up companies1 we are seeing more… Read more
Unraveling The Lease With An Option To Purchase
February 26, 2016
David Degnan Owner, Degnan Law, PLLC Real estate agents should take note: a lease with an option to purchase is three contracts – not one. The Agreement contains an option contract, a lease contract and a purchase contract. These separate contracts are explained as follows: An Option Contract In exchange for certain consideration, the… Read more
Destination Marketing Drives Arizona’s Economy
February 26, 2016
Debbie Johnson Director, Arizona Office of Tourism The results speak for themselves: marketing Arizona as a vibrant travel and tourism destination drives our state’s economy. It’s the only industry producing revenue in all 15 counties of our state. In 2014, Arizona’s travel and tourism industry generated $20.9 billion in direct visitor spending. The majority of… Read more
Words from Mark Brnovich Arizona Attorney General
February 26, 2016
Mark Brnovich Arizona Attorney General As Arizona’s Attorney General, I’m committed to fighting against discrimination, but I also recognize the importance of protecting our real estate community from frivolous lawsuits and unmerited claims. Education is the key to protecting yourself from a housing bias lawsuit. Within my office, the Civil Rights Division enforces civil… Read more
Market Summary Cromford Report
February 22, 2016
Michael Orr Arizona Journal Columnist Owner, Cromford® Report Director, W.P. Carey School of Business 2016 started off in a much better position than in January 2015. Almost every indicator showed us that we have a stronger market than 12 months ago. Supply remains tight at the entry level but is abundant at the higher… Read more
The Dodd-Frank Act and Post-Possession Agreements
February 22, 2016
Christopher J. Charles, Esq. Provident Law As discussed in this column’s recent article regarding pre-possession agreements, key provisions of the Dodd Frank Act (“Dodd Frank”) took effect in 2015. Dodd Frank aims to revamp the United States regulatory system, especially in regard to mortgage lending. To that end, Dodd Frank created material changes to… Read more