WEBINAR: Do Your Fees Comply with RESPA?

Information from the law firm of K&L Gates:

What You Need to Know About the Recent Busby Case and Section 8(b) of RESPA

Section 8(b) of RESPA has always been the source of controversy, particularly with regard to a settlement service provider's mark up of a third party's fee. But that controversy is shifting. With the recent decision of a federal district court in Busby v. Realty South, the spotlight is now on the administrative fees charged by real estate brokers, which is causing other settlement service providers to re-examine their own charges for their own services. This means the Busby court decision could have an effect on a title agent that charges a document preparation fee and a mortgage lender that charges its borrowers an underwriting and processing fee.

As this decision has sparked new discussions about how settlement service providers price their services, now is the time to consider whether your charges comply with RESPA.

Join us on Wednesday, May 27, 2009 at 2:00 pm EDT for a discussion of the Section 8(b) controversy, the Busby decision, and how your prices may be affected.

We also will provide you with tips to minimize your Section 8(b) risks and answer any questions that you may have.

Speakers:
Phillip L. Schulman, Partner, Washington, DC

Holly Spencer Bunting, Associate, Washington, DC

WEBINAR

WednesdayMay 27, 20092:00 - 3:15 p.m. EDT

Location:Attend via webinar.

Login directions will be distributed via email prior to the event.

RSVP:Click here to register online.

Registration closes at 12:00 p.m. EDT on May 26.

Questions:If you have any questions, email Meghan Bothe or call 202.778.9209.

Working With Buyers: Scripts & Questionaires

There's a saying that goes: "You can spend the time on the front end, or you can spend the time on the back end. Either way, you're going to spend the time."

Never has that been more true than when working with Buyers. It is amazing what a great Needs Analysis can do to reduce the number of homes you need to show before finding the right one and writing an offer. Take the time up front and ask the RIGHT questions . . . your clients will thank you and you will earn back HOURS of wasted time!

In this Thursday's GO F.A.R. class (1:30 to 2:30) we will be uncovering the BEST Needs Analysis as well as customer questionaires to help you uncover their core needs, expectations and concerns.

This ONE HOUR class will save you thousands of hours in your career. What will YOU do with that extra time??

Managing Listings: Checklists & Systems

Today in GO F.A.R. we will be looking at examples of excellent checklists and systems used by the country's top Realtors to manage their active Listings.

Taken from the research used to write the Millionaire Real Estate Agent book (Gary Keller et al.), we will finalize and implement our own systems for servicing our Sellers at the highest level while allowing us to manage dozens (even hundreds) of listings without going insane!

Class starts at 1:30 . . .

$8,000 Tax Credit at Settlement??

I am being asked a lot of questions regarding HUD’s announcement about using the $8,000.00 tax credit as a down payment at settlement. Let me give you the current facts as I understand them:

--A HUD mortgagee letter was issued earlier this week that stated that FHA approved lenders (that’s us) may provide short term bridge loans to consumer’s that are eligible to receive the first time homebuyer tax credit of $8,000.00. This is now an acceptable form of cash to close.

--The next day, Tuesday, HUD rescinded the mortgagee letter and removed it from their site. It has not been re-posted yet.

--Almost all major banks and lenders have done away with their bridge loan programs years ago. Bridge loans were commonly used in the 90’s for relocating homebuyers. Bridge loans were also used for some C/P loans as well when building a new home.

--Bridge loan terms were typically onerous and very expensive. Most LTVs usually precluded them as well.

--I think the reason HUD pulled the mortgagee letter is that they realized they jumped the gun. A bridge loan is secured against something. I’m wondering how to secure a loan against a potential tax credit/refund???

I'll will update everyone as soon as new information is released.

SHIFT Tour is HUGE Success!

With over 250 in attendance, Gene Rivers brought the truth - the good, the bad and the ugly.

At the Columbia Sheraton, the SHIFT Tour continued its roll across the Nation - bringing the tactics that top agents are using to thrive in this shifted market.

What are top agents saying about the information contained in SHIFT??

"This isn’t the first shift nor is it going to be the last, but it has been devastating in its effect on the unprepared. Finally, we have a guide to preparing for, adjusting to, and thriving through this shift and any others! This sets the tone for sustained success and profitability throughout your real estate career."

Rick Geha, Fremont, California
Sales Volume: $34 Million

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Don't wait . . .Just Do It!!