E-News

Pursuant to a proposal in the 2014-15 New York State budget that requires the licensure of title agents, solicitors and closers, the New York State Department of Financial Services (DFS) has issued proposed regulations that will potentially limit the amount of business that can be conducted between a real estate broker and his/her affiliated title company. This proposal is not limited to real estate companies and affiliates, but it is relevant to NYSAR members because they are among the business that are impacted. 

Click here to learn more and read the proposed regulations.

In its U.S. Foreclosures Market Report for July 2014, which reports default notices, scheduled auctions and bank repossessions, RealtyTrac Inc. reported that New York State had 4,495 total foreclosures, a 29.20-percent increase from June and a 12.18-percent increase from July 2013.

Click here to learn more.

Nationwide housing affordability dipped in the second quarter of 2014, as several markets saw a firming of home prices, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI).

Syracuse, NY once again ranked at the top of affordability chart of major U.S. housing markets. New York-White Plains-Wayne, NY-NJ ranked near the bottom of the affordability chart.

To read the entire NAHB press release, click here.

The Consumer Financial Protection Bureau (CFPB) and Federal Reserve will be hosting a webinar on the implementation of changes to the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) on Tuesday, August 26, at 2 p.m. In addition to major changes to the loan disclosure and closing forms themselves, the new rules will require that the settlement statement be completed three days prior to closing. The new forms and rules go into effect less than one year from now. This webinar is part of the process of answering questions and concerns relating to implementation. All those with an interest in disclosures, the closing process, and RESPA/TILA should sign up and listen in. 

Click here to view the sign-up page.

Last month, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2014-15 allowing dual agency agreements in FHA short sales. Dual agency includes transactions in which two agents are working for the same broker and one agent represents the seller and the other agent represents the buyer. Dual agency also applies to a single agent who represents both the buyer and the seller in a short sale transaction.

Some agents have received information from loan servicers that HUD will only allow a 3-percent commission if there is a dual agency agreement on an FHA short sale. This is not true. HUD has clarified its guidance to servicers that FHA short sales with dual agency agreements are eligible for up to a 6-percent commission if the contract that is submitted meets all current pre-foreclosures sales guidelines including the required marketing period, and yields the highest net return to HUD.

Today’s NYSAR Radio show will review recent court and New York State Department of State decisions. Tune in at 10 a.m. this morning on your PC or Mac by using the player on the NYSAR Radio page. You will need to be logged in to listen. If you have not yet created your account with the website, you will need to click on "New User" on the Member Login page and follow the prompts.

Click here for more information as well as a list of links to play NYSAR Radio from any of your mobile devices.

Dig your old cell phones out of your desk drawers and bring them with you to Turning Stone! The Young Professionals Network will be collecting cell phones to be donated to domestic violence centers across the state during the NYSAR Fall Business Meetings, September 28-October 1. 

This year, the collection has a twist - each region will be competing to see who can collect the most. The collection from each region will be taken back by a representative to be donated locally. The region that collects the most phones will be spotlighted in a future issue of New York State REALTOR magazine.

The New York State Association of REALTORS will hold its annual Fall Business Meetings from September 28 to October 1 at the Turning Stone Resort & Casino in Verona, NY. NYSAR encourages all members to participate as many of the sessions do not require official committee service.

For more information or to register for the meetings, click here.

The NYSAR Housing Opportunities Foundation will be raffling off a prize worth more than $1,200! The winner will enjoy a two-night stay at The Lodge at Turning Stone as well as a complimentary round of golf for two or spa treatments at Skana worth $210. And to top it off, the winner will receive a $200 American Express gift card to use during their stay. The winner will be announced during the Board of Directors meeting at the Fall Business Meetings. A special thanks to our generous sponsor, The Turning Stone Resort and Casino. Some restrictions apply. Enter between now and September 30. Click here for a flyer with full details.

By popular demand, the deadline for enrollment in NYSAR’s dental plan with optional vision rider has been extended until August 30. After August 30, you will have to wait until next summer to enroll. Key benefits of United Concordia dental plan include: options to offer you a range in coverage and cost; lower rates with a two-year guarantee; orthodontia coverage; and more. New in 2014, the optional vision rider, administered by Davis Vision, includes: an annual vision exam; annual allowance for glasses or contacts; discounts on disposable contact lenses and laser vision correction; and more.

For more information about the plans and rates, please call 888-834-3713 or visit www.myrealtorinsurance.com/nysar.

TransUnion SmartMove is an easy, comprehensive and reliable web-based tenant background check offering access to a full credit report, criminal report, customized leasing recommendations and suggested deposit amount to request at lease signing. The trusted brand’s process is all online and you pay only when you use it with no set-up, minimum or annual fees. Click here to learn more.

RPAC of NY is hosting the "LOL Stand-Up Comedy Night" fundraising event on Monday, September 29, from 7:30-11 p.m. during the NYSAR Fall Business Meetings at the Turning Stone Resort & Casino in Verona, NY. Enjoy a night of comedy, a ventriloquist, and live and silent auctions - all in the name of RPAC! Tickets cost $50 each and will be sold on a first-come, first-served basis. Click here to view a flyer about the event. 

Register online to attend NYSAR’s Fall Business Meetings and the RPAC fundraising event today. Or, simply download, complete and return the registration form to NYSAR via fax or mail.

Tired of hunting for an outlet to power up your mobile device? The Yubi Power Pack battery charger rapidly charges two devices at the same time including Apple, Samsung, HTC, Motorola, LG, Nokia, Blackberry, Sony, and more. Bidding closes tomorrow, Wednesday, August 20.

Click here to learn more.

Last week, two local boards held successful RPAC fundraising events. The Jefferson Lewis board hosted their second annual RPAC BBQ at the Coyote Moon Vineyards and raised nearly $4,000 for RPAC. This brings the board’s 2014 RPAC fundraising total to more than $11,000 or 247-percent of their 2014 fundraising goal! The newly-formed Chautauqua-Cattaraugus Board of REALTORS hosted an RPAC picnic and managed to raise more than $4,000, exceeding their 2014 RPAC fundraising goal in the process by raising 105-percent of their goal.