Michigan Association of Realtors

 

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Does the SAFE ACT Impact You?

Do you or your clients offer seller financing (e.g. land contracts or rent to own programs) or do you assist your clients in obtaining third party financing to facilitate the sale of a home? If the answer is YES, you need to attend this overview seminar.

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) establishes a uniform nationwide mortgage licensing system administered by the states. Effective and enforceable on July 31, 2010, the Act is designed to enhance consumer protection and reduce fraud by requiring all “mortgage loan originators” to be licensed and registered. The term “mortgage loan originator” is broadly defined in the law to include all individuals who, for compensation or gain, take a residential mortgage loan or chattel application or offer or negotiate the terms of the loan. As a part of the licensure process, the law requires background checks, financial responsibility qualifications, pre-licensing education, examination, surety bonds, fees, and continuing education. While real estate professionals are not required to become licensed under the SAFE Act if they are serving their clients pursuant to their licensure, the SAFE Act does have several aspects about seller financing involving both homestead property and non-homestead property that you will want to understand.

The Michigan Association of REALTORS® along with the Michigan Manufactured Housing Association (MMHA) and the Builders Industry Association (BIA) have partnered together to offer a FREE SEMINAR which will provide an overview of both the federal and state law, steps for compliance, and Michigan’s plans for implementation and enforcement. Presenting the seminar are Mark Weigold, Director, Michigan Office of Financial and Insurance Regulation and Lori Chmura, Middleton Real Estate Training.
Starting in July 2010, the Michigan Association of REALTORS® in partnership with MMHA and BIA will be offering the required Mortgage Loan Originator Licensing Education Classes.

Download the Registration Form for the Event

For more in-depth information, read the MIREALTOR® Online Magazine makes things easier with a feature article dissecting the act and how it applies to all brokerage services. Buyers, sellers, and lessors will equally benefit from the information provided in this essential article.

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 Register for MAR’s Convention & Expo Early and SAVE!

Let MAR deal you a winning hand at this year’s Convention & Expo! Being held September 29 – October 1 at the Soaring Eagle Casino & Resort, make this the year to educate yourself on new business practices, with help from nationally recognized speakers, local leaders, and new ideas from the abundance of networking opportunities.

All members are eligible for discounted rates, by registering early.

First Time Attendees – Save $40
See why members rave about MAR’s Convention and take advantage of the first time attendee early bird rate and pay only $139* for a full registration.

Returning Attendees – Save $40
Return for another year of useful knowledge sessions, CE opportunities, building referral contacts & more for only $199* for a full registration.

One Day Attendees – Save $30
Great for Central Michigan and nearby area members, register for only $149* for an entire day of knowledge sessions, expo browsing, and fun at the REALTOR® Royale!

Visit the MAR Convention Web site for more reasons to attend. From must see keynotes, to special networking events, exquisite hotel & area activities , to companies to connect with, there is something for everyone at this year’s event.

Register Today!

*Some restrictions due apply, please visit the MAR Web site for full details.

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MAR strives to keep its members informed and up-to-date on knowledge that helps them succeed in their professional and personal lives by utilizing all available technologies. In addition to it’s bimonthly, print publication the Michigan REALTOR®, MAR is pleased to bring its members another valuable benefit, MIREALTOR®. This online magazine takes a deeper look at specific topics that are important 
to MAR members, such as the June edition which focuses on the latest legal information YOU need to know.

Included in this issue is "Fair Housing – How Do You Measure Up?" According to recent data compiled by the Department of Housing and Urban Development, the number of housing discrimination complaints filed this year is at an all time high:10,552 nationwide. The best method of defense is to avoid having a complaint filed altogether, and MIREALTOR® Online features a checklist of fair housing practices that can help you avoid the costs and burden associated with Fair Housing litigation.

Read MIREALTOR® Online June 2010 Legal Edition Now!

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Good Faith Estimate and Home Buyer Credit Closings

By Philip Seaver, Philip R. Seaver Title Company Inc.

As everyone knows, transactions involving the first time home-buyer’s credit and the move-up credit need to be closed by June 30th for buyers to receive their credit. The new Good Faith Estimate regulations for lenders may affect the timing of closings. If a lender needs to requote to be within the 10% tolerance, there is a mandatory 3 day waiting period that cannot be waived because of time to deliver and time to prepare a new closing package, that translates to at least a week delay for the closing. If a homebuyer is unable to close by June 30th because of a Good Faith Estimate issue, they would lose their tax credit. It is my recommendation that all closings that involve a home-buyer’s credit be scheduled to close by June 21st so if it needs to be requoted, the buyer can still close and receive his credit.

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With the help of McClelland & Anderson, we are taking the most recently asked questions from our legal hotline and putting them in E-news. We will be featuring a different question each issue.

QUESTION: I am representing a Buyer who has made an offer on a home. The Seller countered our offer with a clause stating that the Buyer is waiving his right to inspect the property. Is this permissible?

ANSWER: YES. The Seller is free to propose such a clause in a purchase contract and it is up to the Buyer to either agree or reject such a provision.

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This Summer, 186 MAR members have the opportunity to grow their business through increasing prospect customers. To do that, MAR, NAR and D10TV have partnered to support real estate agents across Michigan with an unprecedented 90-day / $900 Summer Community Outreach Campaign in selected Secretary of State locations.

It is crucial to be smart with your money…especially with advertising! That’s why MAR members are invited to take part in this special program, featuring NAR spokesman David Bach. It will help educate local communities about the ins and outs of real estate and how working with a professional agent can help homebuyers successfully buy or sell a new home. This is a great opportunity to reach tens of thousands of captive viewers, right in your local neighborhood.

The program consists of a 30-second billboard including your name, picture, logo, website and contact information, as well as a custom voiceover to promote your business. For more details, and to secure your location, click here.

View a program overview and videos samples on Mirealtors.com.