E-News

Earlier this year, the Consumer Financial Protection Bureau (CFPB) announced that it was considering changes to the "Know Before You Owe" mortgage initiative – also known as the TILA-RESPA Integrated Disclosure (TRID) – which includes a clarification of the rules regarding sharing the "closing disclosure" (CD) form. Unfortunately, many lenders have chosen to withhold this document from real estate agents since "Know Before You Owe" went into effect. The CFPB is now making good on its promise when it announced a proposed rule on TRID. Read their statement here. More on this can be found here.

The Financial Crimes Enforcement Network announced an expansion of their Geographic Targeting Orders (GTO) in an effort to identify situations where property purchases are being used in money-laundering schemes or to finance terrorism. FinCEN, which is part of the U.S. Treasury Department, issued a GTO for Manhattan earlier this year and has expanded it to include all New York City boroughs. The new rules temporarily require U.S. title insurance companies to identify the buyers behind shell companies who are paying all cash for high-end residential real estate in six major metropolitan areas. Click here to learn more.

The deadline has been extended to this Friday, Aug. 5, for applications to be submitted for the 2017 NYSAR Leadership Academy. The objective of NYSAR’s Leadership Academy is to discover, educate and empower future leaders. Graduates come away with life-long friendships, a strong referral network and a real sense of accomplishment. Any full-time NYSAR REALTOR member in good standing, who has been in the business for at least three years as of Jan. 1, 2016, should consider applying. Click here for a flyer with more information. Click here to download an application.

NAR President Tom Salomone thanks members who helped pass condo legislation by responding to the Call for Action for H.R. 3700. Also, NAR Policy Expert Megan Booth explains the timeline for what happens next and what the new legislation means for real estate.

The REALTOR-supported NY First Home legislative proposal would provide first-time home buyers an incentive to save for and purchase their first home in New York State. The program would be similar to NY’s 529 college education savings account and would allow individuals to deposit after-tax income into a bank account designated only for costs associated with buying a first home in New York State. Individual taxpayers, or couples if filing jointly, would then be able to deduct these savings against their federal adjusted gross income. To learn more and take action, visit nyfirsthome.com.

The Tuesday, Aug. 16, NYSAR Radio show will cover common real estate-related environmental issues. Tune in at 10 a.m. on August 16 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. Find more information as well as a list of links to play NYSAR Radio from any of your mobile devices here.

The deadline to sign up for NYSAR committee service in 2017 has been extended through Friday, Aug. 5. Members may select up to seven of the more than 25 NYSAR committees available in 2017 – three termed/closed committees and four open committees/forums/working groups. Volunteers are asked to be sure they will be able to attend the association’s 2017 business meetings, which are Feb. 5-9 in Albany and Sept. 24-27 in Verona, before committing to serve. Click here to sign up today!

Join NYSAR and HealthiestYou for a free webinar this Thursday, Aug. 4, at 2:30 p.m. that explains what telemedicine is and how you will benefit from enrolling. Plus, the webinar will feature a live demo of the HealthiestYou mobile app to show just how easy it is to gain access to a doctor anytime, anywhere! Anyone who attends the webinar and stays until the end will be entered into a drawing to win a free one-year HealthiestYou membership! Click here to register now.

The Graduate REALTOR Institute GRI-7 Property course will be offered Aug. 10 at the Staten Island Board of REALTORS office in Staten Island, NY. Learn about all the factors impacting value and close more deals. Discover myriad elements that affect property value including: types of housing; appraisals and inspections; neighborhoods and amenities; energy efficiency and environmental issues; lender requirements; and more.

Register online today or call 800-239-4432 x219. Click here for more information.

The Seniors Real Estate Specialist (SRES) course will be offered Aug. 17-18 at the Long Island REALTOR Service Center in Riverhead, NY. Learn to specialize in the 50+ real estate market by expanding your knowledge of: current lifestyle and housing trends; how life stages impact real estate choices; and how to develop a network of resources.

Register online today or call 800-239-4432 x219. Click here for more information.

Take advantage of NYSAR Member Perks partner Taxbot to keep more of your commissions through tax deductions! The Taxbot mobile app offers you the ability to track business mileage and expenses with your iPhone or Android smartphone or tablet, and turn those expenses into IRS compliant tax deductions. Watch a video showing how easy the app is to use. Learn more here.

NYSAR’s insurance plan administrator, USI Affinity, will do the legwork for you to find the best policy to suit your needs and budget. They will shop the market for you, leverage their size and tap into their nationwide provider relationships to get you the best plans and rates possible. Plus, by bundling your auto and homeowners insurance, you can save up to 30 percent a year. Visit www.myrealtorinsurance.com/nysar to learn more.

Congratulations to the Hudson Gateway Association on raising nearly $2,000 for RPAC during the Hudson Valley Shakespeare Festival at Boscobel last week for a production of William Shakespeare’s "As You Like It." It was an amazing night of theater overlooking the Hudson. Thank you to those who participated in this event and invested in RPAC.

Our July RPAC auction winner was David Strainer from the Southern Adirondack REALTORS. David submitted the high bid of $600 for the all-in-one picnic basket. Thank you David for your ongoing support for RPAC and for your leadership serving as Regional Trustee for the Adirondack Region. Stay tuned for the August RPAC auction item to be announced later this week.

Local board RPAC events have already raised more than $92,000 for RPAC so far this year. Thank you to those boards that have already stepped up and hosted an RPAC event. The Summer RPAC fundraising season remains hot! For a complete list of the summer RPAC events on the calendar, click here.