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By Susanne Dwyer

The National Association of REALTORS® (NAR) works diligently on a legislative and regulatory agenda that encourages a sound and robust U.S. real estate market and protects the business interests of consumers as well as REALTORS®. In 2016, significant accomplishments included:

New FHA Condo Policies Signed into Law; Rural Housing Service Loans Streamlined
Following intense efforts, including a Call for Action that generated nearly 280,000 letters to the Senate and thousands of Capitol Hill visits, “The Housing Opportunity Through Modernization Act” (H.R. 3700) unanimously passed the House of Representatives and Senate and was signed into law. For more than a decade, NAR and REALTORS® pressured Congress to pass legislation that makes Federal Housing Administration (FHA) financing for condominiums more accessible and streamlines the Rural Housing Service (RHS) loan process.

NAR’s efforts were aimed at educating Congress on the critical role condominiums and RHS loans play in the housing market, which required letters, meetings, newspaper advertisements, and spearheading industry coalitions. While H.R. 3700 has now been signed into law, NAR continues to work closely with FHA and RHS to ensure its provisions are implemented in a timely manner.

CFPB Clarifies Lenders’ Ability to Share Closing Disclosure in Proposed Rule
Following months of intense outreach by NAR through letters and in-person meetings, the Consumer Financial Protection Bureau (CFPB) announced its intention to issue additional written guidance on the “Know Before You Owe” (TRID) rule.

Since implementation in 2015, NAR has argued that additional written guidance is needed to help the industry understand the rule, including clarification that lenders may share the Closing Disclosure (CD) with real estate agents involved in the transaction. NAR’s success was evident in the CFPB’s new proposed “Know Before You Owe” rule, which included language stating that an existing exception within the Gramm-Leach-Bliley Act (GLBA) Regulation P allows lenders to share the CD with third parties. The final rule is expected in spring 2017.

House Passes Private Market Flood Insurance Legislation
NAR has been actively educating Congress on the importance of affordable flood insurance for homeowners. Following letters and in-person meetings, the House of Representatives passed “The Flood Insurance Market Parity and Modernization Act” (H.R. 2901) by an overwhelming bipartisan vote. This legislation encourages the development of a private market that offers comparable flood insurance coverage at a lower cost than the National Flood Insurance Program (NFIP). Discussions with the Senate continue.

Additionally, NAR testified before the Senate Committee on Small Business and Entrepreneurship on the impacts of inaccurate flood insurance rate increases to small businesses. With the NFIP set to expire in 2017, NAR will continue to work with the current and incoming Congress on reauthorization and reform of the program.

FHA Revises Single-Family Handbook Appraisal Requirements
After NAR raised strong concerns about language in the FHA Handbook requiring appraisers to take on home inspection duties, the Federal Housing Administration (FHA) deleted the language from the Handbook that an appraiser “must operate all conveyed appliances and observe their performance,” and replaced it with “must note all appliances that remain and contribute to the market value.” FHA also provided a …read more

From:: Real Estate News

By Susanne Dwyer

Home builders’ confidence in the housing market inflated to its highest reading in the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) since July 2005, indicating a renewed sense of optimism after the results of the election. The Index now reads 70.

“This notable rise in builder sentiment is largely attributable to a post-election bounce, as builders are hopeful that President-Elect Trump will follow through on his pledge to cut burdensome regulations that are harming small businesses and housing affordability,” said NAHB Chairman Ed Brady in a statement on the reading. “This is particularly important, given that a recent NAHB study shows that regulatory costs for home-building have increased 29 percent in the past five years.”

“Though this significant increase in builder confidence could be considered an outlier, the fact remains that the economic fundamentals continue to look good for housing,” says NAHB Chief Economist Robert Dietz. “The rise in the HMI is consistent with recent gains for the stock market and consumer confidence. At the same time, builders remain sensitive to rising mortgage rates and continue to deal with shortages of lots and labor.”

The Index measure of sales expectations is up nine points to 78, while the measure of current sales conditions is up seven points to 76. The measure of homebuyer traffic is also up, six points to 53—the first time the reading has topped 50 since October 2005.

Source: National Association of Home Builders (NAHB)

For the latest real estate news and trends, bookmark RISMedia.com.

The post Builders Put Stock in Trump as Confidence Inflates to 2005 High appeared first on RISMedia.

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From:: Finance and Economy

By Susanne Dwyer

Home builders’ confidence in the housing market inflated to its highest reading in the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) since July 2005, indicating a renewed sense of optimism after the results of the election. The Index now reads 70.

“This notable rise in builder sentiment is largely attributable to a post-election bounce, as builders are hopeful that President-Elect Trump will follow through on his pledge to cut burdensome regulations that are harming small businesses and housing affordability,” said NAHB Chairman Ed Brady in a statement on the reading. “This is particularly important, given that a recent NAHB study shows that regulatory costs for home-building have increased 29 percent in the past five years.”

“Though this significant increase in builder confidence could be considered an outlier, the fact remains that the economic fundamentals continue to look good for housing,” says NAHB Chief Economist Robert Dietz. “The rise in the HMI is consistent with recent gains for the stock market and consumer confidence. At the same time, builders remain sensitive to rising mortgage rates and continue to deal with shortages of lots and labor.”

The Index measure of sales expectations is up nine points to 78, while the measure of current sales conditions is up seven points to 76. The measure of homebuyer traffic is also up, six points to 53—the first time the reading has topped 50 since October 2005.

Source: National Association of Home Builders (NAHB)

For the latest real estate news and trends, bookmark RISMedia.com.

The post Builders Put Stock in Trump as Confidence Inflates to 2005 High appeared first on RISMedia.

…read more

From:: Real Estate News

By Susanne Dwyer

In the following interview, Jennifer Atkisson-Lovett, broker/owner, RE/MAX of Stuart in Martin County and St. Lucie, Fla., discusses her philosophy when it comes to attracting, coaching and retaining her agents.

Years in Real Estate: 21
Region Served: Martin County and St. Lucie, Fla.
Average Market Time: 76 days
Number of Offices: 2
Number of Agents: 54

RE/MAX credits you with leading the top-producing brokerage in Martin County. Tell us about your experience at the helm of RE/MAX of Stuart.
Jennifer Atkisson-Lovett: Our philosophy is that we don’t want everybody. We only want the best of the best, which translates to agents who are both entrepreneurial and helpful. Our average agent earned $177,000 in commissions and had 25 closed transactions in 2015. Most of our agents have been with us for nine years, resulting in almost no turnover within the company. We do this by being very particular about who we bring on board. Once the agent is here, my role is to help them push to the next level. We also have a secret weapon in Keri Burgess, our sales manager. Not only does she coach and work with agents on accountability and planning, but she also does a great deal of mentoring.

What is your particular expertise?
JAL: My mother, Mary Ann Villalva, who founded this brokerage and very recently retired, instilled in me the absolute necessity of caring about our community, our agents. They know that I’ll back them up, and that I’m there for them. That’s not to say that I won’t step in and fire a bad apple if necessary. It’s hard, but you have to keep the culture positive. Because of our philosophy, we attract the right people. Then I walk the walk. I also give back to the community because I feel that if we’re going to profit from the community, we need to give back. In the end, I always try to be part of the solution.

If you had to point to the one thing agents love you for, what would it be?
JAL: My agents have told me that I create an environment that’s like a family with high values. Through our RE/MAX affiliation, I give them state-of-the-art tools, and I strive to put my agents first so that I’m always helping to build their success.

How do you stay in front of the competition?
JAL: Through coaching and accountability. In 2007, I transitioned out of sales in order to focus 100 percent on coaching and working with agents. I’m always on the lookout for new methods and/or systems to bring into the office to help them be better. Keri is also instrumental in this respect, as she has about 20 agents she coaches weekly, keeping them on track with their business plans. It’s not a one-size-fits-all brokerage. We only hire one new licensee per office per year. My customer is my agent, the top agent who wants an individualized plan. Keri and I are there to help them get that. That’s our why. That’s what gets my day going.

What are you doing to …read more

From:: Real Estate News