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| MAR Headlines |
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Late March 2nd, President Obama signed into law H.R. 4691: the Temporary Extension Act of 2010 which has extended the authority for several programs including the National Flood Insurance Program (NFIP). NFIP's expiration date was February 28; H.R. 4691 changed the date to March 28, 2010.
Pending before the Senate is an amendment to separate legislation (H.R. 4213) which would extend the program through the end of the year. NAR will continue to push for the longer extension, to avoid compounding the market uncertainty and give Congress sufficient time to enact meaningful long-term reform.
Contacts: Austin Perez, 202-383-1046
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Mississippi Association of REALTORS® CEO Angela Cain has resigned her position effective April 1, 2010. Cain has served MAR for seven years, including five years as CEO and leaves behind a solid fiscal foundation for the organization. She has accepted a position as President/CEO of CoreNet Global, the world’s leading professional association for corporate real estate (CRE) executives, service providers and economic developers headquartered in Atlanta, GA. 2010 MAR President Tony Jones will be appointing a search committee to conduct a CEO search and to provide a recommended candidate to the Board of Directors for approval.
View the press release.
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During the 2010 REALTOR® Day at the Capitol, the House of Representatives voted in favor of allowing licensed real estate professionals to receive compensation for performing BPO’s. Since the bill was held on a motion to reconsider by one of the bill’s opponents, those opposed to the bill were able to convince the Chairman of Judiciary B, Willie Bailey, and House Leadership to let the bill die on the calendar as it faced a Monday deadline to be transmitted to the Senate.
Mississippi is one of just a few states that does not allow licensed real estate professionals to be compensated for performing a service they are already legally allowed to perform. At the national level, the National Association of REALTORS® has become aware of several state legislatures that are considering enacting laws and regulations that would place limits on the ability of REALTORS® to deliver or be compensated for broker price opinions (BPOs). NAR opposed legislation at the federal level limiting BPOs, but states have the capacity to limit REALTORS® authority to provide BPOs. NAR is encouraging state associations to consider opposing these measures and to take steps to clarify the permissible uses for BPOs at the state level.
As you are aware, a BPO is an estimate developed by a real estate professional of the probable selling price of a given property. These estimates are based on reliable data derived from wide range of available information and real-world experience. A BPO includes: inspecting the subject property; considering the neighborhood in which the property is located; knowing the local and regional market as well as emerging trends; and providing a description of comparable properties.
BPOs are a critical source of information for the real estate industry and increasingly for government programs intended to help homeowners avoid foreclosure. BPOs are used for loss mitigation, loan modification, and foreclosure-alternative programs. The United States Treasury Department has recognized BPOs as a valuable tool for such purposes and programs. As the federal government continues to improve its foreclosure relief programs, estimates are that up to 4 million homeowners can be helped to stay in their homes. The Federal Reserve Board also supports the use of BPOs to assist lenders in connection with home equity loan adjustments. NAR has likewise worked with industry groups on federal legislation to narrowly define any BPO restrictions, and to permit BPOs to be used broadly. These efforts are reflected in the Wall Street Reform and Consumer Protection Act (H.R. 4173) and similarly, the Mortgage Reform and Anti-Predatory Lending Act (H.R. 1728), both of which have been passed by the U.S. House of Representatives.
On the State level, at least five state legislatures are actively seeking legislation to restrict the use of BPOs. These restrictions are often included in legislation or regulations relating to the registration of appraisal management companies as part of the implementation of the federal SAFE Act.. Other states have ongoing challenges with BPOs, some with legislation and regulatory interpretations now under review.
NAR’s Code of Ethics and Standards of Practice clarify the process a REALTOR® should follow in preparing a BPO under Standard of Practice 11-1: http://www.realtor.org/mempolweb.nsf/pages/code
NAR has consulted with the Real Estate Valuation Advocacy Association (REVAA) in developing model legislation that clarifies the permissible uses of BPOs and other broker-assisted valuations in today’s mortgage and real estate industry. Such model legislation may be found at http://www.revaa.org/bpo/legislation.cfm. Additionally, members of REVAA with expertise in the issue of BPO legislation have offered to provide information and background resources to any state GADs that are proposing or acting on legislation being considered in your legislatures.
If you are interested in contacting someone from REVAA for more information, or if you have any questions, please contact Gerry Allen at (202)393-1109 or by email.
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Nancy Lane was featured in a Feb. 14 2010, Mississippi Business Journal article on Commercial Real Estate business in the state. View the article.
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Bank around the clock with REALTORS® Federal Credit Union, NAR’s entirely virtual credit union.
http://www.realtor.org/realtor_benefits/credit+union
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