Keller Williams Realty - Gateway Team Meeting ~ March 29, 2011
11:30 - 12:15
ANNOUNCEMENTS Citi/KW Alliance to Send Sellers To Our Agents B of A New Real Estate Agent Resource Center eEdge Update Realtor Service Volunteer Program
BROKER RISK MANAGEMENT Life on MARS Forms Available for Life on MARS Seller Short Sale Advisory
12:15 - 12:30
ALC UPDATES Growth Committee w/Frank Cancilla Culture Committee w/ Mary Woolsey WRAP-UP Wants, Needs, Plugs
Keller Williams Realty and CitiMortgage: Helping Our Agents Help Homeowners As part of our relationship with CitiMortgage, Keller Williams Realty associates will soon have a unique opportunity to help tens of thousands of homeowners on the verge of foreclosure. In the near future, CitiMortgage will begin a pilot program of a marketing campaign to delinquent mortgage holders, encouraging them to consider a short sale as a solution to their mortgage hardship. Within this mailing, select KW agents will now have the opportunity to be positioned with these homeowners as a resource for listing and completing their short sale. Please join Team Leader Tuesdays this week for more important information about this pilot program! Tuesday, March 29, 12 noon (CDT) Register for either Webinar to ensure your seat! http://bit.ly/eCQNXy or http://bit.ly/fOcumI To qualify for inclusion in these mailings (which will feature agents in the target market on a round-robin basis), an agent must meet the following criteria: Completed KWU’s soon-to-launch Short Sale Mastery One-Day Intensive Training, sponsored by Citi® OR Completed the Certified Distressed Property Expert® (CDPE) training OR Completed NAR’s Short Sales and Foreclosure Certification Program (SFR) OR Completed Five Star Short Sale Certification Program AND you must be a member of KW's Distressed Property Community. If they have completed at least five (5) short sale transactions and would like to be included, click here. To prepare for this opportunity, Login to myKW, and ensure that your short sale agents are members of our Distressed Property Community Encourage your associates to update their White Pages profile to reflect their correct designations
Exclusively for real estate professionals. New Real Estate Agent Resource Center As part of Bank of America's commitment to providing real estate professionals with information and resources to help them better serve their clients, we are pleased to launch the new online Real Estate Agent Resource Center. Currently focused on short sales, the resource center provides real estate professionals with comprehensive information and educational material on Bank of America's short sale process. Visit the Resource Center today at bankofamerica.com/realestateagent. Short sale resources include: Education library: View previous webinars and browse education guides. Email Subscription: Stay current on important updates. Sign up today! Events: Sign up for upcoming webinars. Enhancements & Updates: Learn about the latest system improvements and current news. Bank of America is dedicated to offering tools and resources that can help make the short sale process easier for agents and their clients to understand. To make sure you are up to date on the latest information about the short sale process, be sure to visit the Resource Center often. Please give me a call at any time if you have questions or would like additional information.
Contact Me Jonathan Engler Sr. Home Loans Manager Direct line: 650.846.4808 Ext.
visit my website
“Stumbling upon” solid leads Crediting his MAPS Coach, Beth Torrence with some great eEdge training ideas, Todd Polinchock, team leader from the Blue Bell (Pa.) market center, says that during every class that he teaches, one associate remains logged onto live chat support for the duration of the class. That way, questions that he does not know the answer to get resolve on the spot. Polinchock has been conducting classes on eEdge since the product launched at Family Reunion, he’s used the eEdge QuickStart Guide as the as the eEdge PowerPoint presentations from Family Reunion as training resources. “The response in our market center has been very positive. Our agents have been able to grasp that once they get going with eEdge, they won’t be able to help but stumble on at least one additional deal a year, and that one deal will cover the eEdge fee for the next 20 years." Use of the recently introduced eEdge page on myKW has been awesome, and we love your wonderful feedback. We’re continuing to compile your requests and taking action on the items that matter most to you. Here are the top five from last week: 80 votes for the ability to change the Website domain name after it is initially created. DONE! To be guided through the process, click on Help and Support within eEdge. 72 votes for the ability to unsubscribe and delete contacts. An unsubscribe function is on the roadmap and will be announced in the near term. Concerning the deletion of contacts, it was determined that the best practice is to move unwanted contacts to the Trash so that they can be revived, if needed. 69 votes for client birthday, anniversary and key date reminders. 19 additional fields, including birthdays and anniversaries were added to the contact import wizard last week, but are not yet visible in the contact record. REST ASSURED! that data has been saved and will appear in the contact wizard in the near future. 68 votes for the ability to choose the address that emails are sent from. By the end of April, the email address will be editable on any marketing materials, and emails sent from the eEdge system will continue to be from your eEdge address (
[email protected]) – which is that standard practice for contact management systems. 62 votes for integrating eEdge with third-party agent Websites. Software is in development that any thirdparty Website developer can use to transfer leads into eEdge. Remember! In order for associates to get listings to appear on their eEdge Websites, they need to enter their associate ID (the number listed on line three of their White Pages directory listing) in their Website settings. All resources for learning about, getting support, and collaborating on the future of eEdge are now accessible from the myKW eEdge page.
Yours in raising the bar!
The eEdge Team
BROKER RISK MANAGEMENT WEEKLY PRACTICE TIP
Life on MARS WHAT IS “MARS” The Federal Trade Commission enacted rules called Mortgage Assistance Relief Services (MARS) for real estate licensees and others who negotiate short sales (and loan modifications, deeds-in-lieu, etc.) on behalf of borrower/sellers. These rules became effective January 31, 2011. NOTE: This Tip only focuses on the Short Sale portion of the rules. However, these new rules do not apply to real estate agents who engage in normal listing and selling of short sale properties, but who do not negotiate with lenders on obtaining a short payoff, and do not promote or advertise their services as short sale negotiators or facilitators. Under the MARS regulations, real estate agents who provide or advertise short sale negotiation services for short sale sellers must comply with the MARS rules, including, but not limited to, the following requirements.
rules:
DISCLOSURE REQUIREMENTS: MARS requires the following of all real estate agents who are subject to MARS
1. Disclose on promotional materials that the company is not associated with the government, and that a lender may not agree to a short payoff. 2. Disclose to seller before they sign a listing agreement that: • the seller may stop doing business with the brokerage at any time; • the seller must pay the broker’s total compensation if the consumer accepts the lender’s offer; and, • the seller does not have to pay the brokerage commission if the seller rejects the lender’s offer. 3. When furnishing the lender’s short sale Term Sheet to the seller, disclose to seller items (B) and (C) above; and 4. Provide a notice from the lender of the material differences between the lender’s offer and the consumer’s current mortgage loan.
PROHIBITED ACTS: Do not do any of the following: 1. Request or receive any payment until the consumer enters into a written agreement with the lender (Note that California law further restricts advance fees). 2. Represent that a seller should not contact the lender; 3. Misrepresent the likelihood of obtaining a short sale; 4. Misrepresent the amount of time it will take to complete a short sale; 5. Misrepresent the seller’s obligation to make loan payments; or 6. Represent the benefits of any MARS service unless such representation is based upon reliable evidence. 7. Provide substantial assistance or support to a MARS provider when you know or suspect that the provider is engaged in any act or practice that violates MARS. This applies whether or not MARS applies to the broker or agent at that time, such as the buyer’s broker who knows or suspects that the listing agent or the short sale negotiator is in violation of MARS. MONITORING AND RECORD RETENTION: Brokers subject to MARS must: 1. Keep copies of records, all consumer files, contracts, MARS disclosures, written communications, marketing materials, websites, weblogs, sales scripts, and training materials for 24 months (Note that California law regarding record retention still applies.) 2. Take reasonable steps to monitor that their agents and employees comply with these rules including monitoring communications directed at sellers; establishing a procedure for receiving, responding and promptly investigating all consumer complaints; and maintaining records to show compliance with these requirements. For further information, see: Complete text of the MARS rules at Part 322 of Title 16 of the Code of Federal Regulations. FTC’s compliance guide at “The Mortgage Assistance Relief Services Rule”. NAR’s guidelines on MARS at “New FTC Rule Requires Short Sale Disclosures”. PRACTICE TIPS: 1. NO FORMS EXIST AT THE MOMENT FOR COMPLYING WITH THESE RULES. This was sprung on the real estate industry by the FTC with little notice. The California Association of REALTORS® is in the process of expeditiously preparing standard forms for REALTORS® to use to comply with MARS. 2. Disclosure 2.A, above, seems to allow a seller to cancel a listing agreement and purchase agreement at any time even the day before COE. An insane result. That is being investigated for clarification. 3. Disclosure 4 above can only be met if the lender provides such a notice. 4. The exact procedures for complying with the monitoring requirements are not fully understood. CAR will be giving direction on this in the near future. STAY TUNED FOR MORE INFORMATION ON THE REGULATONS FROM MARS. WE SHOULD HAVE FORMS AND MORE DETAILED COMPLIANCE INFORMATION IN THE NEXT WEEK OR SO. ARE WE HAVING FUN YET???
BROKER RISK MANAGEMENT WEEKLY PRACTICE TIP Forms are Available for Life on MARS FORMS ARE AVAILABLE FOR COMPLIANCE WITH MARS
CAR has created two forms for complying with the MARS regulations. They are: MARS Short Sale Negotiating Notice (ZipForms form MARSSN) MARS Offer of Mortgage Relief Notice (ZipForms form MARSMRN) See the Practice Tips at the end of this tip for when and how to use these forms. WHAT IS “MARS?” The Federal Trade Commission enacted rules called Mortgage Assistance Relief Services (MARS) for Realtors® and others who negotiate short sales (and loan modifications, deeds-in-lieu, etc.) on behalf of borrower/sellers. These rules became effective January 31, 2011. NOTE: This Tip only focuses on the Short Sale portion of the rules. However, these new rules do not apply to real estate agents who engage in normal listing and selling of short sale properties, but who do not negotiate with lenders on obtaining a short payoff, and do not promote or advertise their services as short sale negotiators or facilitators. Under the MARS regulations, real estate agents who provide or advertise short sale negotiation services for short sale sellers must comply with the MARS rules, including, but not limited to, the following requirements. DISCLOSURE REQUIREMENTS: MARS requires the following of all real estate agents who are subject to MARS rules: 1. Disclose on promotional materials that the company is not associated with the government, and that a lender may not agree to a short payoff. 2. Disclose to seller before they sign a listing agreement that: (A) the seller may stop doing business with the brokerage at any time; (B) the seller must pay the broker’s total compensation if the seller accepts the lender’s offer; and, (C) the seller does not have to pay the brokerage commission if the seller rejects the lender’s offer. 3. When furnishing the lender’s short sale Term Sheet to the seller, disclose to seller items (B) and (C) above; and 4. Provide a notice from the lender of the material differences between the lender’s offer and the seller’s current mortgage loan.
PROHIBITED ACTS: Do not do any of the following: 1. Request or receive any payment until the seller enters into a written agreement with the lender. (Note that California law further restricts advance fees.) 2. Represent that a seller should not contact the lender; 3. Misrepresent the likelihood of obtaining a short sale; 4. Misrepresent the amount of time it will take to complete a short sale; 5. Misrepresent the seller’s obligation to make loan payments; or 6. Represent the benefits of any MARS service unless such representation is based upon reliable evidence. 7. Provide substantial assistance or support to a MARS provider when you know or suspect that the provider is engaged in any act or practice that violates MARS. This applies whether or not MARS applies to the broker or agent at that time, such as a buyer’s broker who knows or suspects that the listing agent or the short sale negotiator is in violation of MARS. MONITORING AND RECORD RETENTION: Brokers subject to MARS must: 1. Keep copies of records, all files, contracts, MARS disclosures, written communications, marketing materials, websites, weblogs, sales scripts, and training materials for 24 months. (Note that California law regarding record retention still applies.) 2. Take reasonable steps to monitor that their agents and employees comply with these rules including monitoring communications directed at sellers; establishing a procedure for receiving, responding and promptly investigating consumer complaints; and maintaining records to show compliance with these requirements.
Production Acknowledgements
CONGRATULATIONS!
New Listings: 3/1/11 – 3/28/11 Steve Noble
1969 Saint Andrews Cir
$600,000
The Conlan/Tofte Team
7011 Via Valverde
$349,500
Christine LeQuang
218 First Street
$708,125
Yani Young
167-169 Goodyear Street
$260,000
Annette Aguilar
45367 Medicine Bow
$858,500
Luis Salcedo
1261 Kaylene Court
$715,000
Frank Cancilla
340 Summer Phlox Lane
$169,950
José Muñoz
338 Colville Drive
$475,000
Alex Kennett
16165 Monterey Road
Lease
Production Acknowledgements
CONGRATULATIONS!
Open Escrows: 3/1/11 – 3/29/11
Annette Aguilar
2177 Alum Rock Avenue 477 Minnesota Avenue
Guy Berry
179 N. 25th Street 7130 Via Colina
The Conlan/Tofte Team
7011 Via Valverde 7670 Helmsdale Drive 6094 Montgomery Court 8122 Cabernet Court 8494 Grenache Court
The Nichols Group
1633 Nord Lane
Thomas Kalivoda
1121 Myrtle Drive
Alex Kennett
0 Watsonville Road
The Mendenhall Team
1460 Portola Road
José Muñoz
1170 Oatgrass Way 3380 Madeline Drive
Luis Salcedo
372 Swaps Drive 1261 Kaylene Court
Alex Tafoya
802 Olivina Avenue
Dale Warfel
19120 Eden Path
Yani Young
167-169 Goodyear Street 471 Sebasian Way 350 S. 21st Street
Production Acknowledgements
CONGRATULATIONS!
Closed Escrows: 3/1/11 – 3/29/11 Annette Aguilar
1152 Brace Avenue #4
$380,000
Brian Babcock
892 Del Avion #4
$445,000
Guy Berry
179 N. 25th Street 314 Vista Roma
$165,000 $219,000
Charles Coachman
314 Vista Roma 2216 Saint Claire
$219,000 $350,000
The Colar Team
14021 Woodhaven Drive
$250,000
Matthew Cossell
111 Parkwell Court
$455,000
Alex Kennett
200 Burnett #19
$127,000
Christine LeQuang
499 Bradley Avenue 621 Adeline Avenue
$403,900 $440,000
Aina Lu
499 Bradley Avenue
$403,900
Steve Noble
14905 Watsonville Road 1812 Donna Lane 21529 La Salle Drive 17430 Calle Mazatan 3605 Flint Creek Drive
$359,000 $575,000 $384,900 $525,000 $295,000
Luis Salcedo
1261 Kaylene Court
$715,000
Dale Warfel
5816 Recife Way 2216 Saint Claire Court
$835,000 $350,000
Yani Young
634 Serenade Court
$330,000
ALC UPDATES
WANTS, NEEDS, PLUGS
