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January 2016
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IN THIS EDITION - Top Stories
  • NAR & Treasury Meet About Anti-Money Laundering Efforts
  • CFPB Reiterates it will Focus on Good Faith Efforts for TRID Process
  • Survey: Home Buyers Increasingly Interested in One-Stop Shopping
  • NAR Forecast: Modest Increase in Home Sales Expected in 2016
  • NAR Introduces New Report: Housing Opportunities and Market Experience Survey
  • FHFA Releases GSE Scorecard
  • New PSA Certification Launches on Center for REALTOR� Development
  • Marketing News
  • NAR News
NAR & Treasury Meet About Anti-Money Laundering Efforts
In an effort to combat money laundering in the real estate sector, the Financial Crimes Enforcement Network (FinCEN) at the Treasury Department issued a Geographic Targeting Order (GTO) that will temporarily require certain U.S. title insurance companies to identify the natural persons behind companies used to pay "all cash" for high-end residential real estate in Manhattan and Miami-Dade County.  On February 3, NAR General Counsel Katie Johnson will meet with representatives of the Treasury Department and the Financial Action Task Force (FATF), an international body established by treaty to assess member states efforts to combat money laundering and terrorist financing.  NAR has argued, and Treasury agrees, that real estate agents and brokers are not in a position to detect money laundering since the funds involved in real estate transactions are handled through regulated financial institutions.  NAR has worked closely with FINCEN and Treasury to develop voluntary guidelines for real estate professionals to identify signs of money laundering.  NAR has promoted this information among its members through numerous website links, workshops at national meetings and various publications.
CFPB Reiterates it will Focus on Good Faith Efforts for TRID Process
On December 29, 2015, Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), sent a letter to the Mortgage Bankers Association to reiterate that CFPB examiners will focus on good faith efforts with the new "TRID" or "Know Before You Owe" process.  Loans with minor technical errors should not hold up the mortgage process.  The CFPB notes that existing law allows lenders the right to cure mistakes after settlement.  It also states that secondary market participants that buy loans from originating lenders will not take on additional liability.  Fannie Mae, Freddie Mac, and FHA, which make up a large percentage of the market, have all acknowledged that they will not hold originators responsible for minor errors under TRID, for the time being, in order to ensure a smooth implementation.
Survey: Home Buyers Increasingly Interested in One-Stop Shopping
NAR recently commissioned a survey by Harris Poll on consumer preferences for real estate services. Originally conducted in 2008, and again in 2010, this third survey evaluates any changes in home buyer preferences especially given the improvement in the economy over the past several years. Surveying over 1,100 recent and future home buyers online in September 2015, NAR discovered that usage of and interest in "one-stop shopping" has substantially increased. Fifty percent of recent buyers used one source to procure home-buying services, compared to 29 percent in 2008.  Benefits of "one-stop shopping" noted by home buyers included:
  • Saving money when firms offer discounted prices (81 percent)
  • Having the ability to compare rates across a variety of providers (75 percent)
  • Making the home-buying process more efficient and manageable (74 percent)
To learn more about the survey findings, click here.

NAR Forecast: Modest Increase in Home Sales Expected in 2016
Following the housing market's best year in nearly a decade, existing-home sales are forecasted to expand in 2016 at a more moderate pace as pent-up buyer demand combats affordability pressures and meager economic growth, according to NAR's Chief Economist Lawrence Yun in a newly-released video on his 2016 housing market expectations. In the NAR-published video, Yun discusses his expectations for the U.S. economy and housing market in 2016 and points to pent-up demand, sustained job growth and improving inventory conditions as his reasons for an expected gain (from 2015) in new and existing-home sales. Despite his forecasted increase in sales, Yun cites rising mortgage rates, home prices still outpacing wages and shaky global economic conditions as headwinds that will likely hold back a stronger pace of sales. (Read more)
NAR Introduces New Report: Housing Opportunities and Market Experience Survey
The new Housing Opportunities and Market Experience (HOME) report was created to monitor consumer sentiment about the housing market. This new quarterly report covers core topics that will be tracked on a monthly basis such as views on housing as a good financial investment, whether homeownership is part of the American Dream, if now is a good time to buy or sell a home and perception of home price changes. Additionally, current topical trends are covered in the HOME survey. Renters are asked about their experience in the mortgage market and difficulties obtaining a home loan and when they will be ready to purchase a home. Each quarter new questions will be added to the survey that reflect timely topics in an ever changing residential real estate marketplace. Lastly, on a monthly basis renters and homeowners are asked about their personal financial outlook which is indexed on a scale of 0 to 100. Data will be reported not only on ownership status, but by age, income, and type of geographic location. (Read more)
FHFA Releases GSE Scorecard
FHFA Releases GSE Scorecard
On December 17, 2015, the Federal Housing Finance Agency (FHFA) released its annual Scorecard for Fannie Mae and Freddie Mac (the government sponsored entities, or "GSEs").  The Scorecard acts as an agenda for the GSEs by setting specific priorities for the two companies while in conservatorship.  FHFA outlined three strategic goals:
  • Maintain, in a safe and sound manner, credit availability and foreclosure prevention activities for new and refinanced mortgages to foster liquid, efficient, competitive and resilient national housing finance markets;
  • Reduce taxpayer risk through increasing the role of private capital in the mortgage market; and
  • Build a new single-family securitization infrastructure for use by the Enterprises and adaptable for use by other participants in the secondary market in the future.
Specific measures including further analysis on the use of alternate credit scores, increased mortgage insurance coverage, and performance of non-performing note sales will be high priorities throughout the year.

New PSA Certification Launches on Center for REALTOR� Development 
Pricing Strategy Advisor (PSA) is a new official NAR certification designed to enhance the skills of residential real estate professionals for pricing properties, creating CMAs, and working with appraisers. For more information, see pricingstrategyadvisor.org. The program's core requirement is the Pricing Strategies: Mastering the CMA course, which provides step-by-step guidance on how to prepare and deliver a comprehensive CMA Report, work with appraisers and appraisal reports, and how to keep one's pricing skills up-to-date and honed. The release of the certification coincides with the launch of the new Center for REALTOR� Development, a distinct new online platform of activities devoted to lifelong learning, career advancement, and specialized credentials, with emphasis on official NAR designations and certifications. To view the new platform and the online PSA course, please visit: www.onlinelearning.REALTOR.
MARKETING NEWS
Open Enrollment Ends Jan. 31
These are your last weeks to get health care coverage under the Open Enrollment period. Shop, quote and enroll in a health care plan via the Members Health Insurance Exchange in the Marketplace, or call a benefits specialist who can help you find the right plan for you. Don't delay any longer. Open enrollment ends Jan. 31. REALTORS� Insurance Marketplace is a proud REALTOR Benefits� Program partner.  Get started.

Mobilize Your Members in 2016
Have you heard? NAR and Boys & Girls Clubs of America (BGCA) are joining forces to make a difference in communities and in the lives of nearly 4 million kids who call BGCA their "home away from home." Contact your Local and State Association to find out if there are any large-scale efforts being planned in your community. Visit the NAR/BGCA website to find your local Club, hear from other members who are already involved with a Club and get ideas on how you can make a difference. 

The Year of Safety
Make 2016 the year of safety by utilizing the free resources available in the REALTOR� Safety Program.  Have you and your agents checked out the "Real Estate, Safety and You" video yet? It's a great way to start a safety conversation with clients. Don't forget to use the list of safety products and apps, webinars and articles, to create professional safety protocols. Visit the REALTOR� Safety Program website to view all the free safety products available, and be on lookout for even more helpful safety resources in 2016.

Save $35 Plus Get Free Transaction Rooms from DocuSign
Did you know you could save $35 when you subscribe to DocuSign for REALTORS� eSignature plan by Jan. 30? Register now and you'll also receive free Transaction Rooms for one year! This offer is good for accounts with up to 10 users. NAR members save $60 over non-members on annual eSignature plans. DocuSign is the Official and Exclusive eSignature provider for NAR members under the REALTOR Benefits� Program. Subscribe now!

Get your 2016 NAR Membership Card
Visit the NAR Member Center to download your free membership card or order a plastic card for just $5. Customize it with your name, designations and NRDS ID #. Use your card to take advantage of great member benefits like those offered through Hertz (a REALTOR Benefits� Program partner) and .REALTOR, the official 2016 membership card sponsors. Get yours today!

NAR NEWS
Audio: Building a Sustainable Brokerage
Listen to this audio recording to learn from a panel of leading brokers how to build sustainable brokerage success. Topics include: new profit-generating strategies, new operational tactics to increase the bottom line, rethinking your current business model and more.

Video: Pam Ermen on Broker Management
Need some recruiting tips? 2015 REALTORS� Conference speaker Pam Ermen says it's all about "radical retention." Creating a values-based work environment is important for motivating your agents and making them your brand ambassadors. Learn more recruiting tips from Pam in this Conference Live video interview.

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