Mortgage financing giants Freddie Mac and Fannie Mae announced a new foreclosure prevention program that will roll out next year to replace the Home Affordable Mortgage Program (HAMP), which expires at the end of this month. The new program, called "Flex Modification," will reportedly provide a 20-percent reduction in mortgage payments for eligible borrowers. The program will be implemented by Oct. 1, 2017. Learn more here.

Closing times are lengthening. The time-to-close averaged 40.5 days from November 2015 to November 2016 compared to 36.7 days the year before, according to data from the National Association of REALTORS (NAR). Learn more here.

The NYSAR Mid-Winter Business Meetings will be held Feb. 5-9, 2017, at the Desmond Hotel and Conference Center in Albany, NY. The meetings will feature committee meetings, inaugural dinner, the General Session and more. Click here for more information or to register.

A new law signed by Gov. Andrew Cuomo in June 2016 intended to curb the threat posed to communities by "zombie properties" goes into effect today. The new law seeks to expedite foreclosure proceedings, improve the efficiency and integrity of mandatory settlement conferences, and obligate banks and mortgage servicers to secure, protect and maintain vacant and abandoned properties before and during foreclosure proceedings. Click here for the press release issued by the New York State Department of Financial Services detailing the new law.

With all of the votes counted, John Brooks will be the next representative for New York’s 8th Senate District. The 8th Senate District is comprised of parts of both Nassau and Suffolk County and has been represented by Venditto for two years and was previously held by Sen. Charles Fuschillo. Click here for more details.

Today’s NYSAR Radio show will take a look back at 2016 and preview what’s new for 2017. 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.

Mandatory Code of Ethics training (formerly known as the Quadrennial Code of Ethics training) must be completed by Dec. 31 of this year. Failure to complete the training by Dec. 31 will result in your local board/association suspending your membership on Jan. 1, 2017 until the requirement is met. Any member who has not met the requirement by March 1, 2017 will be automatically terminated. Learn more here.

Learn how to hit the bullseye on perfect pricing with RPR during a webinar tomorrow, Dec. 21 at 2:30 p.m. RPR’s powerful analysis tools are helping REALTORS across the country educate and impress clients. Starting with the AVM or RVM® for a property, learn how to apply your local market intelligence to refine this starting point with adjustments, addition of home improvement values, and comparison refinement tools. From there, create a quick and easy CMA as well as an in-depth sales comparison analysis, demonstrating how to lead clients through the intricacies of market realities with easy-to-understand facts and graphics. Click here to register today.

NYSAR Member Perks partner UBS Financial Services helps you reduce your taxable income and save for retirement with Independent 401(k) plans. Designed with the flexibility to decide whether to contribute and how much on an annual basis, you have the ability to borrow against your own retirement savings both tax-free and penalty-fee. Through NYSAR’s partnership, you’ll pay a minimal annual fee of only $25 for your account. Visit the Retirement page of NYSAR.com or contact Christopher Michelsen, financial advisor at UBS Financial Services, at 212-626-8515 for more details and to enroll by Dec. 31. Click here to watch a recent webinar on tax and retirement planning for REALTORS.

NYSAR’s exclusive partner for errors and omissions insurance, Pearl Insurance, offers you comprehensive and affordable coverage customized to fit your needs. Their program, underwritten by XL Insurance, includes innovative features such as: deductible reduction; open house coverage; environmental failure to advise; innocent partner protection; and public relations advisory services. For more details or a customized quote, call (800) 289-8170 or visit www.pearlinsurance.com/nysar.

The first auction item of the 2017 RPAC fundraising year is an iPad Air 2, 128 GB, in Space Gray. Email bids to dking@nysar.com, call Derick King at 518-463-0300 x238 or join the RPAC of New York Facebook group to submit a bid. Bidding remains open until COB, Tuesday, Dec. 27.

RPAC of New York raised a grand total of $884,656, representing 114 percent of our 2016 fundraising goal of $778,677. This reflects a 10-percent increase or more than $73,000 compared to 2015. Thank you to everyone who contributed to this tremendous success, particularly the local boards who hosted RPAC events this past year. A record 44 local board RPAC events and three statewide events were held to benefit RPAC of New York in 2016. Congrats to all on reaching our shared victory! RPAC of New York’s 2017 local board RPAC fundraising goals will be announced in the weeks ahead. To view the final 2016 RPAC derby, click here.