September 1, 2010 JUST LAUCHED - NAR COMMERCIAL’S FIRST VIRTUAL BOOK CLUB The first read in the new club features Bob Potter, an NAR Commercial Signature Series Speaker and expert on third-level selling. In his book, Bob shares why you should stop competing on price and find out why clients will choose a winner - you! To participate - first, purchase the book, Selling Real Estate Services: Third Level Secrets of Top Producers at the REALTOR® store. Second, join the book club LinkedIN discussion and view the FREE pre-recorded webinars from the author. Finally, R.S.V.P. for LIVE Q & A with author Bob Potter taking place on Friday, September 10th at 1 p.m. CST. Read more... http://www.realtor.org/commercial/virtualbookclub?&WT.mc_id=LS081810&CAT=Comm
September 1, 2010 FANNIE MAE REQUIRED CHANGE TO MARKET CONDITIONS REPORT As of Wednesday, September 1, 2010, Fannie Mae is requiring that the Market Conditions Report grid line titled "Total # of Comparable Active Listings" be obtained in a different manner (see link and definition below) than it has been since April 1, 2009. Starting Wednesday, September 1, 2010, the MFR Market Conditions Report is creating the report according to the new rule. Please note, that the "Months of Housing Supply" calculation is also impacted by the new rule since the numerator of that calculation is the "Total # of Comparable Active Listings."
For reference purposes, a link to the "old" Market Condition Report is still available for all MFR Market Condition Reports. Simply, run a Market Conditions Report, click Edit the Search Criteria, and select the "Pre-September 1, 2010 MCR" link.
Official Annoucement
On June 30, 2010, Fannie Mae published Announcement SEL-2010-09 titled, "Selling Guide Updates and Additional Guidance on Appraisal-Related Policies."
New Definition
In Form 1004MC, in order to provide the most accurate depiction of the “Months of Housing Supply” as of the effective date of the appraisal, the “Total # of Comparable Active Listings” should be based on a specific point in time. For example, when completing the “Current – 3 Months” column for “Total # of Comparable Active Listings,” the number should reflect the listings on the most recent date in the 3-month period (which is also the effective date of the appraisal), and not the cumulative number of listings for the entire 3-month time period. Then, when completing the “Months of Housing Supply,” the number for the “Total # of Comparable Active Listings” is divided by the absorption rate, which provides an accurate depiction of the existing housing stock as of the effective date of the appraisal. (Using a cumulative number of listings during the “Current – 3 Month” time period may result in an artificially high number for the “Months of Housing Supply.”)
If data is available for the previous time periods, such as “Prior 4 - 6 Months” and “Prior 7 - 12 Months,” the “Total # of Comparable Active Listings” should be based on the most recent day in each of those time periods. For example, in the “Prior 4 – 6 Months” column, the “Total # of Comparable Active Listings” should reflect the listings on the last (most recent) day in that time period. Likewise, in the "Prior 7 -12 Months," the "Total # of Comparable Active Listings" should reflect the listings on the last (most recent) day in that time period.
August 30, 2010 LOANS WITH UNEXPIRED REDEMPTION PERIODS ACCEPTED Fannie Mae is relaxing its policy on redemptions to allow lenders to provide it with mortgages with unexpired redemption periods. The company says it will it accept the mortgages if 1) the property is in a state where it is "common and customary" to sell a single-family property before the period expires, 2) the lender's title insurance policy contains an exception for the unexpired right of redemption and insures against loss from a redemption, 3) the mortgage will be paid off upon redemption out of redemption proceeds without any further claim, and 4) the lender warrants that Fannie won't incur any loss. Policy on redemptions: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1010.pdf
For more info contact Jeff Lischer, 202/383-1117.
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