In its first act of business in the 114th Congress, and following strong REALTOR advocacy efforts, the House passed H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIA), by a vote of 416-5. The following day, the Senate passed it by a vote of 93-4. It has been sent to the White House for signature into law by President Barack Obama. 

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On January 8, 2015, President Barack Obama announced that the Federal Housing Administration (FHA) would reduce FHA annual mortgage insurance premiums (MIP) by 50 basis points. The National Association of REALTORS estimates that a 50-basis-point reduction in the annual MIP from 1.35 percent to 0.85 percent would price-in an additional 1.6 million to 2.1 million renters, along with many trade-up buyers. This would result in 90,000 to 140,000 additional annual home purchases.

The premium reduction will be effective for case numbers assigned on or after January 26, 2015. To allow borrowers already in the loan pipeline to take advantage of the lower rates, FHA will temporarily approve cancellation requests for active FHA case numbers within 30 days of January 26. Full details of the premium changes are published in Mortgagee Letter 2015-01.

Existing-home sales are forecasted to rise about 7 percent in 2015 behind a strengthening economy, solid job gains and a healthy increase in home prices, according to National Association of REALTORS (NAR) Chief Economist Lawrence Yun. 

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The New York State Legislature officially gaveled in to session on January 7, 2015. In the Assembly, the first order of business was to overwhelming re-elect Sheldon Silver (D-Manhattan) as the chamber’s speaker. Assemblyman Brian Kolb (R-Canandaigua) was reappointed as Minority Leader.

Meanwhile in the Senate, the Republicans, with a narrow 32-seat majority, established new rules that stripped away the co-leadership status of the Independent Democratic Conference along with other procedural changes. There were no surprises in that chamber either, with Senators Dean Skelos (R-Rockville Center) being reconfirmed as majority leader and president pro temp, Andrea Stewart-Cousins (D-Yonkers) as minority leader, and Jeff Klein (D-Bronx) as leader of the Independent Democrat Conference.

Douglas Trudeau, of Tierra Antigua Realty in Tuscon, AZ, received permission from the Federal Aviation Administration (FAA) to use Unmanned Aerial Vehicles (UAVs), also known as drones, to create marketing videos to sell property. Currently, the FAA prohibits the use of drones for any commercial purpose without their permission. 

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The Tuesday, January 20, NYSAR Radio show cover agency, focusing specifically on seller’s agents. Tune in at 10 a.m. on January 20 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.

Gently-used items will be sold to business meeting attendees shopping in the NYSAR Housing Opportunities Foundation's "It's New to You" couture store on February 9-10 at the Desmond Hotel in Albany, NY. Shop for men's and women's formal wear, business wear, smart casual clothing, outerwear, shoes and accessories. You still have time to donate as well - just bring items with you to the meetings! Click here for more information.

Capitalize on what sets REALTORS apart from real estate licensees with the GRI-1 Ethics course. This course satisfies NAR’s mandatory quadrennial ethics training requirement and is a must for Professional Standards Committee members and local board leaders. You’ll discover how to put the Code of Ethics to work for you, maximize your REALTOR benefits, and enhance your professionalism and your career through community involvement.

Upcoming GRI-1 classes include: January 16 in Binghamton; January 21 in East Syracuse; January 23 in Albany; January 29 in Batavia; February 27 in Lake Placid; March 23 in Woodbury; and April 16 in West Nyack. Register online today or call NYSAR at 800-239-4432 x219. Click here for more information.

The Instructor Training Institute (ITI) will be offered January 27-29 at the Greater Capital Association of REALTORS office in Albany, NY. This three-day intensive program will help you develop or enhance your skills as an instructor. You’ll learn how to deliver information in the most meaningful ways to meet the needs of a diverse audience. 

Click here for more information or to register.

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. Click here to learn more.

Enrollment for health insurance in 2015 will close on February 15, 2015. Look to NYSAR Member Perks partner USI Affinity to help you navigate the plan options and find the coverage that best suits your needs. Remember, you will face tax penalties if you do not obtain coverage. Also, if you miss open enrollment, you will not be able to obtain health insurance until the next open enrollment period unless you qualify for a special enrollment. For more information, visitwww.myrealtorinsurance.com/nysar.

"True Blues" features Presidents Jimmy Carter, John F. Kennedy, Bill Clinton, Woodrow Wilson, Lyndon B. Johnson, Harry S. Truman, Andrew Jackson and Franklin D. Roosevelt gathered for a friendly game of poker! The print is matted, framed and ready for your wall. Bidding closes on Friday, January 30. Click here to learn more.

Back by popular demand, the RPAC VIP Lounge will be held at the Desmond! Take refuge from NYSAR’s hectic business meetings by visiting the RPAC Lounge where you’ll gain access to a continental breakfast, hot lunch buffet, snacks and beverages, chair massage, manicurist, psychic readings, cable TV, computers, printer, unlimited internet access, cell phone chargers, newspapers and more! 

Register online while registering for the business meetings. The cost is a $250 RPAC pledge or investment. Questions? Email NYSAR Political Affairs Coordinator Derick King at dking@nysar.com or call 518-463-0300 x238. Click here for a flyer with more information.