RSS Feed

Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

Pending home sales up fourth straight month. NAR’s pending home sales index for May was 90.7, the fourth consecutive monthly gain. New appraisal rules could be negatively impacting closings. “Closed existing-home sales have improved but are coming in lower than expected because some contracts are falling through from the application of appraisal rules for many transactions,” says NAR Chief Economist Lawrence Yun.

Truth in Lending disclosure statements. New federal regulations require additional time for borrowers to review Truth in Lending disclosure statements on loan applications submitted after July 30, 2009. Real estate brokers and agents need to assist the development of terms for sales contracts by (1) recommending that adequate time be allowed between the buyer’s application for a mortgage loan and the closing date, (2) encouraging buyers to quickly apply for financing, and (3) making sure the lender is aware of changes that could affect the annual percentage rate (APR) in the initial early disclosure forms. Under the new rules, at least seven days (excluding Sundays and federal holidays) will be needed from the time a lender delivers its good faith estimate of the cost of credit and closing, but changes to the APR require corrected disclosures to be given and will extend the waiting period at least another three days. This requirement can be waived only for a borrower’s financial emergency, according to an analysis by Lisa Harms Hartzler, an attorney with Sorling, Northrup, Hanna, Cullen & Cochran, LTD., the law firm that represents IAR.

Home Valuation Code of Conduct. The Home Valuation Code of Conduct (HVCC) adopted by Fannie Mae and Freddie Mac as of May 1, 2009, requires that a copy of the appraisal ordered by the lender must be given to the borrower at least three business days prior to the closing. The requirement can be waived by the borrower. Under HVCC, real estate agents and brokers may not select, retain or compensate in any manner an appraiser providing an appraisal to the lender. Read Hartzler’s full memorandum regarding Truth in Lending and HVCC.

Questions about the federal climate bill? The U.S. House recently passed the American Clean Energy and Security Act, which aims to improve energy efficiency. REALTORS® successfully pushed to have the legislation exempt existing homes and buildings from the bill’s energy labeling program. Learn more about the legislation with NAR’s summary of the issue.

RPAC final numbers in. The Illinois REALTORS® Political Action Committee (RPAC) finished the year with contributions totaling $751,367.06 and 113 Major Donor contributors ($1,000+) for IAR’s 2009 fiscal year, which ended June 30. It’s never too late, however, to contribute to RPAC’s ongoing efforts to ensure that the REALTOR® viewpoint is heard in all levels of government.

Illinois Broker Management Course goes green. Save money and paper with IAR’s “green” Broker Management home study course. For those who don’t require printed course materials, the “green” version is available in a downloadable format at a reduced rate of $69.

CCIM Cultural Diversity Education course discount. The CCIM Institute, an affiliate of NAR, is offering an introductory course in commercial investment real estate on a no-cost scholarship basis to qualified minority real estate professionals in Chicago, Aug. 13-14. Learn more about CCIM’s tuition discounts. Minority residents of Illinois pursuing professional designations in real estate can also apply for the Illinois Minority Real Estate Scholarship.

REALTORS® Renewing America. Get inspired by Illinois REALTORS® and local associations who are doing their part to give back to their communities. This week, IAR spotlights the Bloomington-Normal Association of REALTORS® which sponsored the 11th Annual Children’s Independence Day Parade in Bloomington.

Sign up for Fannie Mae E-News. Fannie Mae has created an electronic newsletter for real estate professionals. Subscribe and get the latest news on policies, products and other topics important to real estate professionals.

Mortgage debt forgiveness. Here is an IRS tax tip that could be useful to your clients, if your mortgage debt is partly or entirely forgiven during tax years 2007-2012, you may be able to claim special tax relief and exclude the debt forgiveness income. Learn more with IRS Tax Tip 2009-44.

Go online and learn. NAR’s REALTOR® University is offering several webinars in July including: “Twitter Your Business to Success” on July 9; “Light ‘Em on Fire! Best Innovative Strategies to Motivate your Agents to Achieve in Tough Markets” on July 15; and “How to Build a Powerful Digital Brand Online” on July 16. Visit REALTOR® University to register and learn more.

“Right Tools, Right Now” deals. Everybody’s talking about social media. Register for REALTOR® magazine’s webinar, “Getting Started in Social Media,” on July 16 and learn from experts about how it can help your business.