FRIDAY, April 2, 2010 MEETING NOTES Volume 44, Issue 27
We had 20 Optimists & guests today. Besides our speaker, Joy Schewe from the Fennimore Club was here. The Mystery Greeter was Arnie Roper who greeted Gary Engelke. John Dutcher, Charlie Clark, Steve & Maxine Lane, Beth Frieders, Arnie Roper Gary & Eileen Engelke and Tom Nall wore their Optimist shirts today.
Today’s Speaker – John Miller – Real Estate Transactions
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John Miller is from Guaranteed Bank and he helped us with new laws passed in January 2010 to clarify the new requirements and what they mean to potential homebuyers. The new Real Estate Settlement Procedure Act (RESPA) says that once a lending institution receives 6 pieces of information from a customer including borrower information, address and estimated value of the house, loan amount, etc. they have 3 days to produce a “Good Faith Estimate” of closing costs. By law there are some items that cannot change, like the loan origination fee. |
Other items cannot increase more than 10% of the Good Faith Estimate amount, like appraisal fees, title insurance fees, etc. If the actual charges go over the 10%, the lender has to absorb the extra cost. This has made things tough on lenders. They cannot estimate too high because there are so many lenders and customers can comparison shop rates and fees. The lender CAN change the estimate if the customer asks for different terms – like changing from 15 year to 30 year mortgage. |
Another provision is the lender has to give a list of providers. These would be the names of the Title Company and Appraiser. The law allows the customer to request a different provider within 10 days of the Good Faith Estimate. The reason is that some banks had their own appraisers and title insurance companies work for them and give bad information. The purpose of this is to eliminate the “bait and switch”. Some unscrupulous lenders were giving an estimate, then at closing, they would spring on the customer additional or higher charges. In most cases the customer would grudgingly agree to it because they have movers ready, etc. Thanks for the wonderful speech! |
This Friday - UW-P Engineers Without Borders
UPCOMING EVENTSApr 30 – Fifth Friday Social – FNB Community Room 6 - 9 PM May 8 – SWIS Conference – WI Dells |
UPCOMING SPEAKERSApril 16 – Ashley Morga - Red Cross - Summertime Disasters April 23 – Howard Crofoot - 2010 Projects and Roundabouts |
JOKER DRAWGary Engelke was the lucky one selected – from his re-invested Mystery Greeter winnings! He drew the 4 of Diamonds and won $2. Good Luck to next week’s winner. FIRST FRIDAYTerry Vaassen and Howard Crofoot were winners of a Free Breakfast from those present and Jeff Jacobson and Sam Owusu-Ababio were winners from those not present. |
On the web site is the sign up for the Fifth Friday Social. The theme is “Games People Play”. Eileen Engelke won a special gift – a full deck of cards. John Dutcher received a set of dice and Diane Van Natta got a car racing gift. Those who sign up by April 15 get in for $7 per person. Those who sign up by April 22 are $8 per person. Those who sign up by April 29 are $9 per person. Those who sign up on April 30 or at the door are $10 each. It will be held in the First national Bank Community Room. The cost includes entry fee (prizes) and a meal from Quiznos. |
TRI-STAR BASKETBALLMaranda McCarthy sent a thank you for putting on the event and allowing her to compete at SWIS District where she is now a 3 time champion! BOARD MEETINGThe next Board Meeting will be on Thursday, April 8th at 7 AM at Badger Brothers. |
Optimist International | SWIS District | Platteville, Wisconsin--Information
Please send comments, questions and suggestions about the web page to Howard Crofoot at crofooth@platteville.org
Last Modified: April 26, 2010