NAR
Submits Comments on Proposed Qualified Residential Mortgage Rule
On August 1, 2011, NAR President Ron Phipps submitted NAR
comments on the proposed rule to implement the risk retention requirements
of the Dodd-Frank Act. The Act requires entities that securitize mortgage
loans to retain 5 percent of the credit risk unless the mortgage is a
qualified residential mortgage (QRM) or is otherwise exempt (GSE loans
(while in conservatorship) and FHA loans would be exempt). NAR asks the six
federal regulators to withdraw, revise, and republish the rule for public
comment because the rule:
Is
inconsistent with the standards set forth for risk retention in title IX
of the Dodd-Frank Act and violates congressional intent.
Unnecessarily
defines the QRM exemption from the risk retention requirements to
include only a narrow slice of the mortgage market. REALTORS®
believe that imposing a minimum 20% down payment, stringent
debt-to-income ratio requirements, and rigid credit standards will deny
millions of creditworthy Americans access to the lowest cost and safest
mortgages.
Jeopardizes
the fragile housing market and general economic recovery.
Reduces
liquidity for commercial real estate.
New
Appraisal Rules Take Hold
Starting in September, appraisers will
be operating under new federal regulations that require home mortgages sold
on the secondary market to organizations like Fannie Mae and Freddie Mac to
be appraised with a new, more detailed form known as the Uniform Appraisal
Dataset (UAD). While thee were rumors that implementation of these rules
might be delayed, NAR has confirmed that they are going into effect as
scheduled on September 1, 2011. Additional information on UAD requirements
is available at the
Fannie Mae or
Freddie Mac
UAD web pages.
Are you involved in
commercial property sales and leasing?
Join us for breakfast on Wednesday, October 5, 2011 at
8:00am at 101 Stone Chimney Road and learn about the REALTORS®
Commercial Alliance of Southeastern NC (RCASENC).
The RCASENC has worked to regionalize the commercial
market with a continued focus of increasing its presence in the community
and enhancing its reach. Our goal has and always will be to give our members
better access to resources across Southeastern North Carolina and helping
you make faster connections.
Top Benefits of RCASENC Membership
•
Access to the Commercial MLS
•
RCASENC members are offered CE
courses designed to educate agents on
commercial specific topics such as leasing, fundamentals of commercial real
estate,
commercial forms and more
•
As a member, you will have
opportunities to enjoy networking with and learning from
Summer is
winding down, school is back in session, and we are rounding the corner into
the beautiful Fall season here at the Cape Fear Coast! Our area was
fortunate when Hurricane Irene came to visit. In my opinion and
apparently many others, we dodged the proverbial bullet. Let’s keep our
fingers crossed that Irene is our only unwanted visitor this season.
Everyone
is shifting their focus from summer to fall, including the Association
Office. As the final months of my term as President starts to wind
down, the Association Office is already gearing up for 2012. The
Nominating Committee is in its final review of applicants who want to serve
as Officers and Directors. Thank you in advance to all those who have
stepped up and "threw their hat into the ring". Next up is a call for
new Committee Volunteers. Our Board of Directors, our Committee Chairs
and Co-Chairs and our Committee volunteers are an exceptional group and this
year is certainly no different! I am grateful to all who actively
participate and give one of their most precious commodities, TIME, to our
Association. Our Committees are the life and blood of the Association.
Everything the Associates does (or doesn’t do) starts at the Committee
level. Please consider volunteering for Committee service in 2012. We
need you!
A BIG
congratulations to our first gas card giveaway winners - Steve Apple (D
Essey & Assoc) and Barbara Dunn (Sandpiper Realty). These folks took
advantage of early billing and paid their 2012 NAR Dues. One of
the reasons early billing became so important this year was the increase to
NAR Dues to help fund the new political initiative. The initial news
of this increase really stung – and hit us all at the wrong time. But
the more I learned about this, I realized how important it was. Did
you know that according to the NAR Housing Affordability Index, housing is
at its most affordable in a .....
During the month of August, BCAR held its August
18 General Membership Meeting. The event could not have
been a success without the support and
sponsorship from Bill Macchio of Carolina Homes & Interiors Magazine (The
Brunswick Home Show), Carrie DeWitt-Partello of East Coast Moving, and Lynn
Watkins of First Federal Bank. When you see our sponsors please thank them
for their support. The RPAC dunking booth made $642.00 and a special thank
you goes out to the volunteers who went in the booth. The dunking booth
volunteers were: Buddy Rudd, Tori Humphrey, Pete Frandano, Brad Vanderburg
and Steve Candler. Missed the event!
See dunking booth photos!The photographs were produced by
Time 2 Remember Portrait Artists
a BCAR Affiliate Member.
The
BCAR GMM presenters were Jim Bradshaw, Director of the Brunswick County
Economic Development - Click Here to see Mr.
Bradshaw’s presentation. Dr. Woody Hall, Sr. Economist, Center for Business
& Economic Services, UNCW’s Cameron School of Business also presented.
Click Here to see Dr. Hall’s
presentation.
BCAR also held several committee meetings, a new member
orientation, a professional standards hearing, and an education workshop.
In September BCAR will have its committee meetings, board of
directors meeting, a RCASENC meeting and a NCAR New Member Health Enrollment
Meeting.
101 Stone Chimney Place had its first hurricane wedding
scheduled for the day "Irene" was arriving. The Director of Events and
Banquet Services worked with the bride, caterer and other service providers
to come up with a contingency plan for the day. The wedding ceremony and
reception for 200 people was held here on Sunday after "Irene" left town.
The bride was very happy that her wedding day was sunny, bright and there
were no worries for her or her family and guests to be part of her wedding
day.
In September the banquet center will have four weddings
receptions and the Brunswick County Medical Society Annual Function.
Brunswick County Holiday Show on November 19 and 20.
The event is being co-hosted by the Brunswick County Chamber of Commerce.
This show will feature local and abroad arts, crafts, unique items and food.
If you know of anyone that is interested in being a vendor,
please provide them with the vendor
application.
If you need more information about this event please contact
Sabrena Reinhardt at Sabrena@bcarnc.com
or 910-754-7050.
If you want to learn more about 101 Stone Chimney Place
CHECK OUT THIS COOL WIDGET YOU CAN ADD TO
YOUR WEBSITE - FREE
YOU CAN EVEN CUSTOMIZE IT TO FIT YOUR SITE!
CLICK HERE TO CREATE YOUR OWN
NEED A SPEAKER FOR YOUR NEXT
MEETING?
The Transition from Realfast to zipForm®
Realfast was acquired by
zipLogix of Fraser, Mich., creator of zipForm®, the official
forms software of the National Association of REALTORS®.
Please note that the earliest date NC REALTOR® members can begin
using zipForm® is Oct. 1.
All current Realfast users
should continue using the Realfast product through Sept. 30.
Further, members must switch to zipForm® no later than Dec. 31,
2011.
For an in-depth Q&A about the transition from Realfast to
zipForm®,
please
click here.
This information also will be included in the Oct.-Dec. issue of
Insight magazine, which should arrive in your mailbox the last
week of September.
from the Office of:
NC Attorney General Roy Cooper
DocuSign SCAM ALERT
Beware of buyers who contact you with an
offer that is too good to be true and they specifically want to
use DocuSign. This is a NEW scam -
read DocuSigns site.
•NCAR
Member Video - Benefits of NCAR Membership •
BCAR Logo Request
- use the BCAR Logo on your website or advertising!
•
Code of Ethics Poster - Show the YOU Abide by the Code - display
this poster alongside your real estate license
Serving
Brunswick, Bladen & Columbus Counties
President's
Message
Affiliate
Sponsors STEP UP for August General Membership Meeting 
Bill
Macchio of Carolina Homes & Interiors Magazine
TRAINING
AT YOUR OFFICE
