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Wednesday, March 3, 2010
Tuesday, March 2, 2010
Understanding HVCC - Pop Quiz Answers
1. False - REALTORS and lenders can talk to appraisers, including requests to consider additional data or to correct errors.
2. False - Lenders may directly retain the services of an independent appraiser.
3. False - Lenders may choose to use a rotating roster of appraisers but are NOT required to do so by Fannie or Freddie.
4. False - The code applies only to 1-4 single family loans sold by Fannie or Freddie and does not apply to FHA, VA or the Federal Home Loan Banks.
5. False - Nothing in HVCC requires a lender to obtain a property valuation or to use a particular methodology.
6. True - If the lender grants permission, a mortgage broker may directly contact a lender-approved AMC that retains the appraiser.
7. False - A mortgage broker may transfer an appraisal if the lender who ordered the original appraisal grants permission.
8. false - A borrower is not required to pay for an appraisal with any one particular form of payment.
9. False - Payment fro an appraisal must be made to the lender or third-party hired by the lender to retain the appraisal services.
How did you do.
Quiz and answers courtesy of "Today's Buyer's Rep" published by REBAC
2. False - Lenders may directly retain the services of an independent appraiser.
3. False - Lenders may choose to use a rotating roster of appraisers but are NOT required to do so by Fannie or Freddie.
4. False - The code applies only to 1-4 single family loans sold by Fannie or Freddie and does not apply to FHA, VA or the Federal Home Loan Banks.
5. False - Nothing in HVCC requires a lender to obtain a property valuation or to use a particular methodology.
6. True - If the lender grants permission, a mortgage broker may directly contact a lender-approved AMC that retains the appraiser.
7. False - A mortgage broker may transfer an appraisal if the lender who ordered the original appraisal grants permission.
8. false - A borrower is not required to pay for an appraisal with any one particular form of payment.
9. False - Payment fro an appraisal must be made to the lender or third-party hired by the lender to retain the appraisal services.
How did you do.
Quiz and answers courtesy of "Today's Buyer's Rep" published by REBAC
Understanding HVCC - Pop Quiz
1. T/F - HVCC prohibits REALTORS and lenders from talking to appraisers.
2. T/F - A lender is required to use an appraiser management company (AMC) to get an appraisal.
3. T/F - Lenders are required to choose appraisers from a rotating roster approved by Fannie or Freddie.
4. T/F - The Code applies to all mortgages that require an appraisal.
5. T/F - HVCC requires an appraisal where a lender was previously under no requirement to obtain one.
6. T/F - A mortgage broker may select the appraiser.
7. T/F - A mortgage broker may not transfer an appraisal from one lender to another.
8. T/F - Borrowers must use a credit card upfront to pay fro an appraisal.
9. T/F - A borrower may pay the appraiser directly.
Answers are coming in a minute....
2. T/F - A lender is required to use an appraiser management company (AMC) to get an appraisal.
3. T/F - Lenders are required to choose appraisers from a rotating roster approved by Fannie or Freddie.
4. T/F - The Code applies to all mortgages that require an appraisal.
5. T/F - HVCC requires an appraisal where a lender was previously under no requirement to obtain one.
6. T/F - A mortgage broker may select the appraiser.
7. T/F - A mortgage broker may not transfer an appraisal from one lender to another.
8. T/F - Borrowers must use a credit card upfront to pay fro an appraisal.
9. T/F - A borrower may pay the appraiser directly.
Answers are coming in a minute....
Monday, March 1, 2010
March Coming In Like a Lamb?
March 1st...60+ degrees...sunny day...
Is that it? Is winter done? Is the spring selling season getting ready to kick off?
Probably not the end of winter...but with the tax credit set to expire in just about 90 days...the spring season is upon us.
More than 550 REALTORS and friends gathered for the annual Circle of Excellence Awards celebration Friday night.
Highlights of the evening included recognizing:
Affiliate of the Year - Karen Beamguard, First American Title
Rookie REALTOR of the Year - Mira Piva, Coey Barton Homes
Broker of the Year - Maurice Clifton, ERA West Wind
Code of Ethics Leadership - Mary Edith Hill, Hill Real Estate Agency
Darlene Manning Humanitarian Award - Carey Farmer, Group One
Distinguished Service Awards - two recipients for 2009
* John Knipe, Knipe Land Company
* Gary Salisbury - Symphony Homes
Honor Society - inducted one new Lifetime Member - Darlene Blakeslee, ERA West Wind
REALTOR of the Year - Cherie Barton, EXIT Realty (formerly Realty Executives of Treasure Valley)
We also recognized the amazing production abilities of almost 200 Circle of Excellence honorees. In the face of one of the most difficult markets ever, these folks found a way to continue to excel.
Saturday's Real Estate Section in the Statesman lists each member inducted into this lofty circle.
We all owe Judy McLaughlin, Darlene Blakeslee (this year's event Chair) and the entire COE Committee a huge "Thank You" for a wonderful evening.
Is that it? Is winter done? Is the spring selling season getting ready to kick off?
Probably not the end of winter...but with the tax credit set to expire in just about 90 days...the spring season is upon us.
More than 550 REALTORS and friends gathered for the annual Circle of Excellence Awards celebration Friday night.
Highlights of the evening included recognizing:
Affiliate of the Year - Karen Beamguard, First American Title
Rookie REALTOR of the Year - Mira Piva, Coey Barton Homes
Broker of the Year - Maurice Clifton, ERA West Wind
Code of Ethics Leadership - Mary Edith Hill, Hill Real Estate Agency
Darlene Manning Humanitarian Award - Carey Farmer, Group One
Distinguished Service Awards - two recipients for 2009
* John Knipe, Knipe Land Company
* Gary Salisbury - Symphony Homes
Honor Society - inducted one new Lifetime Member - Darlene Blakeslee, ERA West Wind
REALTOR of the Year - Cherie Barton, EXIT Realty (formerly Realty Executives of Treasure Valley)
We also recognized the amazing production abilities of almost 200 Circle of Excellence honorees. In the face of one of the most difficult markets ever, these folks found a way to continue to excel.
Saturday's Real Estate Section in the Statesman lists each member inducted into this lofty circle.
We all owe Judy McLaughlin, Darlene Blakeslee (this year's event Chair) and the entire COE Committee a huge "Thank You" for a wonderful evening.
Tuesday, February 23, 2010
Here's Some Really Good News
Origin Energy Limited and Micron Technology have announced a joint venture to develop and produce a photovoltaic solar products.
The joint venture will be located in Micron’s fabrication (fab) plant at company headquarters in Boise as well as its Spec Tech plant in Nampa.
Although specific job creation numbers have not been disclosed, these two empty plants accounted for most of Micron’s manufacturing employment in the Boise Valley.
BVEP’s role in this project was significant. In early 2009, Micron Ventures, an operating unit within the company, joined BVEP’s business attraction team to find a joint venture partner in the solar industry. Visits by BVEP representatives and Micron to solar companies and site consultants who are part of BVEP’s contact network were conducted in Chicago, Illinois; Cleveland, Ohio; Atlanta, Georgia; Dallas, Texas; and Portland, Oregon.
Introducing Micron to these site consultants resulted in discussions with several solar companies. At mid-year, CH2MHill site-consulting group in Portland, one of the original meetings, was hired by Origin Energy to find a site for its U.S. manufacturing operations. CH2MHill contacted Micron and discussions began. Six months later, the joint venture was formed.
Way to go BVEP...
The joint venture will be located in Micron’s fabrication (fab) plant at company headquarters in Boise as well as its Spec Tech plant in Nampa.
Although specific job creation numbers have not been disclosed, these two empty plants accounted for most of Micron’s manufacturing employment in the Boise Valley.
BVEP’s role in this project was significant. In early 2009, Micron Ventures, an operating unit within the company, joined BVEP’s business attraction team to find a joint venture partner in the solar industry. Visits by BVEP representatives and Micron to solar companies and site consultants who are part of BVEP’s contact network were conducted in Chicago, Illinois; Cleveland, Ohio; Atlanta, Georgia; Dallas, Texas; and Portland, Oregon.
Introducing Micron to these site consultants resulted in discussions with several solar companies. At mid-year, CH2MHill site-consulting group in Portland, one of the original meetings, was hired by Origin Energy to find a site for its U.S. manufacturing operations. CH2MHill contacted Micron and discussions began. Six months later, the joint venture was formed.
Way to go BVEP...
ACAR Young Professionals - Meeting on February 24th
The ACAR Young Professionals will be touring the Ground Floor in Meridian.
"The Ground Floor is an essential element to achieve our goal of making Downtown Meridian an attractive placewhere entrepreneurs and residents have a place to live, work and play. Today’s workspaces need to work harder by working smarter – this means turning the traditional real estate model on its head. Entrepreneurs need access to healthy work environments that support a broad range of tasks from head-down focused work to group collaboration and professional meetings - and they need the economic flexibility for space to grow or shrink with the needs of their business"
Find out what all the buzz is about and join us for a tour of this remarkable new adventure. The Ground Floor is located at 136 E Idaho in Meridian.
"The Ground Floor is an essential element to achieve our goal of making Downtown Meridian an attractive placewhere entrepreneurs and residents have a place to live, work and play. Today’s workspaces need to work harder by working smarter – this means turning the traditional real estate model on its head. Entrepreneurs need access to healthy work environments that support a broad range of tasks from head-down focused work to group collaboration and professional meetings - and they need the economic flexibility for space to grow or shrink with the needs of their business"
Find out what all the buzz is about and join us for a tour of this remarkable new adventure. The Ground Floor is located at 136 E Idaho in Meridian.
The tour begins at 11:30! See you there!
The Code of Ethics - Breaking It Down #4
Before we begin our discussion on Article 4, find out what happened in Article 3 here.
Article 4 deals with disclosure and family ties. Families are like fudge - mostly sweet with a few nuts. ~Author Unknown
Article 4 states: REALTORS® shall not acauire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner's agent or broker. In selling property they own, or in which they have any interest, REALTORS® shall reveal their ownership or interest in writing to the purchaser or the purchaser's representative.
The only standard of practice underneath Article 4 says that "for the protection of all parties, the disclosures required by Article 4 shall be in writing and provided by REALTORS® prior to the signing of any contract.
For the purposes of the Code of Ethics, the term "Immediate Family" is much broader than your standard (or health insurance) definition.
"As used in the Code of Ethics, the term ‘immediate family’ includes, but is not limited to, the REALTOR® and the REALTOR®’s spouse and their siblings, parents, grandparents, children (by birth or adoption), grandchildren and other descendants."
So this means, if you are representing your brother-in-law, that needs to be disclosed. The language you often see in listings and on contracts is "Agent related to buyer/seller".
If you are representing a company that you also have ownership interests in, that needs to be disclosed. "Agent has ownership interest in buying/selling entity".
It seems so straight forward! So let's examine the following situation:
Buyer X was interested in purchasing a home listed with REALTOR® B but lacked the down payment. REALTOR® B offered to lend Buyer X money for the down payment in return for Buyer X's promissory note secured by a mortgage on the property. The purchase transaction was subsequently completed, though REALTOR® B did not record the promissory note or the mortgage instrument.
Within months, Buyer X returned to REALTOR® B to list the property because Buyer X was unexpectedly being transferred to another state. REALTOR® B listed the property, which was subsequently sold to Purchaser P. The title search conducted by Purchaser P's lender did not disclose the existence of the mortgage held by REALTOR® B since it had not been recorded, nor did REALTOR® B disclose the existence of the mortgage to Purchaser P. The proceeds of the sale enable Buyer X to satisfy the first mortgage on the property, and he and REALTOR® B agreed that he would continue to repay REALTOR® B's loan.
Following the closing, REALTOR® B recorded both the promissory note and the mortgage instrument. When Purchaser P learned of this, he filed an ethics complaint alleging that REALTOR® B had violated Article 4 by selling property in which she had a secured interest without revealing that interest to the purchaser.
... So? What do you think? Did REALTOR® B have an obligation to disclose her financial relationship with the property to Purchaser P?
As always, tell me what you think in the comments!
Susan Hansen
Member Policy
Article 4 deals with disclosure and family ties. Families are like fudge - mostly sweet with a few nuts. ~Author Unknown
Article 4 states: REALTORS® shall not acauire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner's agent or broker. In selling property they own, or in which they have any interest, REALTORS® shall reveal their ownership or interest in writing to the purchaser or the purchaser's representative.
The only standard of practice underneath Article 4 says that "for the protection of all parties, the disclosures required by Article 4 shall be in writing and provided by REALTORS® prior to the signing of any contract.
For the purposes of the Code of Ethics, the term "Immediate Family" is much broader than your standard (or health insurance) definition.
"As used in the Code of Ethics, the term ‘immediate family’ includes, but is not limited to, the REALTOR® and the REALTOR®’s spouse and their siblings, parents, grandparents, children (by birth or adoption), grandchildren and other descendants."
So this means, if you are representing your brother-in-law, that needs to be disclosed. The language you often see in listings and on contracts is "Agent related to buyer/seller".
If you are representing a company that you also have ownership interests in, that needs to be disclosed. "Agent has ownership interest in buying/selling entity".
It seems so straight forward! So let's examine the following situation:
Buyer X was interested in purchasing a home listed with REALTOR® B but lacked the down payment. REALTOR® B offered to lend Buyer X money for the down payment in return for Buyer X's promissory note secured by a mortgage on the property. The purchase transaction was subsequently completed, though REALTOR® B did not record the promissory note or the mortgage instrument.
Within months, Buyer X returned to REALTOR® B to list the property because Buyer X was unexpectedly being transferred to another state. REALTOR® B listed the property, which was subsequently sold to Purchaser P. The title search conducted by Purchaser P's lender did not disclose the existence of the mortgage held by REALTOR® B since it had not been recorded, nor did REALTOR® B disclose the existence of the mortgage to Purchaser P. The proceeds of the sale enable Buyer X to satisfy the first mortgage on the property, and he and REALTOR® B agreed that he would continue to repay REALTOR® B's loan.
Following the closing, REALTOR® B recorded both the promissory note and the mortgage instrument. When Purchaser P learned of this, he filed an ethics complaint alleging that REALTOR® B had violated Article 4 by selling property in which she had a secured interest without revealing that interest to the purchaser.
... So? What do you think? Did REALTOR® B have an obligation to disclose her financial relationship with the property to Purchaser P?
As always, tell me what you think in the comments!
Susan Hansen
Member Policy
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