Co-author: Zakary A. Kessler Colorado first passed its license law statute in 1929.(E1) This author knows of no situation where, absent harm to a consumer, a person encountered litigation or criminal prosecution for the unauthorized practice of brokerage. In the 80 plus years in which Colorado has had real estate licensing law, the annotators of the … Continue Reading
What the National Mortgage Settlement Means for Colorado Homeowners The National Mortgage Settlement is an agreement between five of the largest residential mortgage loan servicers and a coalition of state attorneys general and federal agencies that resolves violations in the way the banks handled loan modifications and foreclosures. The Settlement is designed to compensate borrowers … Continue Reading
Homeowners Who Faced Foreclosure May Be Entitled to More Than $125,000 for Lender Abuses If your home was improperly foreclosed on in 2009 or 2010, you may be entitled to financial relief — possibly in excess of $125,000 — as part of the Independent Foreclosure Review. But borrowers need to act quickly to apply for … Continue Reading
Co-Author: Tasha J. Power, Esq. Question: I have seen news reports explaining that banks and other mortgage lenders need to produce the original signed promissory note if the lender is going to foreclose on a piece of real estate. I’ve also heard that many lenders can’t produce the original promissory notes. Can I demand that … Continue Reading
What Functions May an Apartment Manager Perform Without a Real Estate License? It can be a complicated task to successfully navigate the maze of Colorado laws and regulations regarding what type of real estate functions, especially property management functions, require a real estate license. The laws and regulations themselves sometimes lack clear and specific requirements … Continue Reading
The United States Supreme Court just made it easier for real estate brokers to charge flat fees and generally test the market with different fees structures. In a unanimous decision in the case of Freeman v. Quicken Loans, Inc., No. 10-1042, slip op. at 1 (May 24, 2012), the U.S. Supreme Court confirmed that … Continue Reading
What Happens to Debt Secured by Real Estate After A Foreclosure (or Short Sale)? When a property is sold at a foreclosure auction (or short sale) and the proceeds of the sale are insufficient to satisfy the outstanding debt on the property, there may be a deficiency, or an amount of debt remaining for which … Continue Reading
Co-Author: Peter G. Sotiropoulos Part I: Brief Overview This article addresses the effects of the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (“Dodd-Frank”) on the compensation of mortgage originators (defined below). This, Part I, provides a brief overview of the new regulations, while Part II discusses specific compensation options for brokerage companies. Dodd-Frank is a … Continue Reading
Co-Author: Peter G. Sotiropoulos Part II: Questions and Answers about Lender-Paid Compensation Question 1: May a brokerage company contract for different compensation arrangements with different lenders? Yes, as long as the company pays its mortgage originators in a certain way. Pursuant to Dodd-Frank, Title XIV, Section 1403, “for any residential mortgage loan, no mortgage originator shall … Continue Reading
What is a zoning variance? A zoning variance is a deviation from the standard zoning regulation. In Colorado, municipalities recognize that the strict, literal enforcement of zoning regulations may not always make sense. For this reason, Colorado law requires that counties, cities and towns each form boards of adjustment consisting of a panel of … Continue Reading
