La Jolla Real Estate, Del Mar real estate, Rancho Santa Fe Homes, Carmel Valley Real Estate, University City and
Downtown San Diego real estate, homes and condos for sale in California - Ruth Mills & the Mills Team, REALTOR.






Search the San Diego MLS
(includes all areas in San Diego County)



 October 09, 2007

New State Law in California Bans Commissions on Appraisals
Last week, California Governor Arnold Schwarzenegger signed off on three new laws which affect real estate transactions.
The new legislation makes it unlawful for licensed appraisers to engage in any appraisal activity which results in compensation which is impacted by the final price which is generated by the appraisal.

A second law requires lenders to clearly disclose any risks and fully evaluate a borrower's ability to pay on their loan based on the long-term costs of the mortgage, not just the introductory rate. In the state of California, state-regulated lenders provide the majority of subprime mortgages.

The third bill increases the amount of affordable housing in the state by raising the total debt that the California Housing Finance Agency is allowed to carry up to a cap of $2 billion. The agency issues bonds to finance housing for low income families.

Back to Real Estate News

Search San Diego Real Estate