In his speech to REALTORS® from across the country last week at the NAR Mid-Year Conference in Washington D.C., Shaun Donovan, secretary of U.S. Housing and Urban Development (HUD) outlined the main points of the Federal Housing Administration (FHA) monetization program. The FHA program permits lenders to allow homeowners to use the $8000 federal tax credit toward a downpayment. Donovan said:
“We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly.”
The NAR has received numerous inquires regarding the proposed new policy. The FHA has not yet republished the mortgagee letter to include specific details on monetizing the tax credit for the downpayment. The NAR and MAR will send an immediate notice to members when the letter is published. We will continue to keep you informed as things progress.
MAR is excited to now be accepting this year’s REALTOR® of the Year Award nominations. REALTOR® of the Year is the highest honor bestowed upon a Michigan REALTOR®. It stands for integrity, individual achievement and perhaps the greatest compliment: recognition from peers in the real estate industry.
Each nominee should embody the following qualities:
• Advocate for and expand the interest of fellow REALTORS®, their profession, and the real estate community at large
• Demonstrate the outstanding work by REALTORS® to the general public
• Leadership among peers and spirit of camaraderie between locals, state and national REALTORS®.
Also remember to submit your REALTOR® Active in Politics nomination. This award recognizes a member that has gone above and beyond the norm in serving the REALTOR® profession in the political arena.
To start the nomination process for your association, you can find the necessary form on the MAR
Web site. All entries are to be sent directly to
jrowell@mirealtors.com, with “ROTY Nomination” or “RAP Nomincation” in the subject line. Please include a high quality photo with your nomination form. The deadline for submission is August 15, 2009.
All nominees will be honored at MAR’s 2009 Convention & Expo, held October 7-9, 2009. For more information visit the MAR
Web site.
MAR is proud to announce the launch of the
Foreclosure 101 Web site. Part of the Michigan Initiative, to help prevent, respond and raise awareness to the issue of Foreclosure, the Web site will be a useful tool for Consumers and REALTORS® alike. Included on the site are :
• Foreclosure 101 Resources
This section of the site includes resources, such as flyers, brochures, and links that will be helpful for those in foreclosure, or nearing a foreclosure situation. REALTORS® can download, print, or distribute the resources to their clients in need, or direct clients to the site.
• NAR/MAR/Local Prevention and Response Programs
This section of the site explains how the Michigan Initiative team has developed a comprehensive toolkit of resources to help members address the challenges of foreclosures, as well as facilitate distressed and short sales to the benefit of the buyers, sellers, lenders and communities.
The site will also include a list of Regional Field Sessions, that are being scheduled around the State of Michigan.
Visit the Foreclosure 101 Web site
Effective June 1, 2009, Real estate forms and publications previously purchased through MAR’s supplier, Nash Systems Company of Jackson, can now be purchased directly through the MAR office in Lansing. Nash Systems Company will discontinue its forms business on June 1.
MAR stocks a wide variety of standard real estate forms and publications for members’ real estate transaction needs. MAR’s real estate forms library contains agency forms; closing statements; disclosure forms; lead based paint forms; listing agreements; sales contracts; and sample language for miscellaneous transactions. Sample forms are available to view or download from the MAR Web site.
Four easy and convenient ways to order MAR’s real estate forms and publications!
Online order form at:
http://www.mirealtors.com/content/forms.htm
By email:
forms@mirealtors.com
By fax: fax order form to: 517-334-5568
By phone: (800) 454-7842
MAR also stocks publications to keep members in the know with informative brochures and guides. These make great additions to new member packets. Visit the real estate forms and publication library online at:
http://www.mirealtors.com/content/forms.htm for a listing of available publications while supplies last.
MAR is looking for stories about members, to feature in the soon to be launched REALTOR® Focus area on Mirealtors.com. If any of your members have been featured in a local or national news story, been featured on a TV show, or other news related items, please send the story to
ctrzos@mirealtors.com.
All members are eligible for inclusion in the rotation in the new site. Features will be displayed on the main page of the site for 30 days. MAR appreciates your feedback, and looks forward to honoring and showcasing members who continue to contribute to the real estate industry.
CAS specializes in dispute resolution involving residential real estate and has established a preeminent position as the principal dispute settlement organization utilized by state REALTORS®, home warranty companies, home inspectors, and construction companies. CAS staff has administered over 75,000 disputes to a fair, prompt, and inexpensive resolution.
CAS has a statewide panel of trained and highly qualified arbitrators, many of whom have in excess of 10 years experience. CAS supports its arbitrators with periodic training, a highly automated case management system and case administrators available to guide the parties through the process.