The six financial regulators released the final version of the long-awaited qualified residential mortgage (QRM) rule. The regulators listened to REALTORS when finalizing the rule, which now equates QRM with the "Qualified Mortgage (QM)" standard. As originally proposed, the QRM rule would have narrowly defined QRMs to require a 20-percent downpayment. However, the revised rule encourages safe and financially prudent mortgage financing while also ensuring creditworthy homebuyers have access to safe mortgage financing with lower risk of default. In addition, consistency between both standards reduces regulatory burden and gives mortgage professionals much-needed clarity and consistency in the application of the important mortgage standards required pursuant to Dodd-Frank. 

Click here for the full text of the new QRM rule.

In its September 2014 U.S. Residential & Foreclosure Sales Report, RealtyTrac Inc. reported that New York State residential properties sold at an estimated annualized pace of 146,070 in September. This is 0.81 percent below August’s total and 11.81 percent below September 2013. The median sales price for New York was $323,000 in September, 3 percent above the previous month and up 1 percent annually. 

Click here to learn more.

The share of first-time buyers fell to its lowest point in nearly three decades, according to the 2014 National Association of REALTORS’ Profile of Home Buyers and Sellers. The survey additionally found that an overwhelming majority of buyers search for homes online and then purchase their home through a real estate agent.

Click here to learn more.

As a REALTOR you are a vital and integral part of the community. REALTORS must maintain their commitment to support political candidates who impact public policy for the benefit of the real estate industry and the protection of private property rights. One of the important ways that REALTORS demonstrate this support is by getting out to the polls and voting on Election Day! According to NAR, an astounding 96 percent of REALTORS are registered to vote and 93 percent voted in the last national election.

Together, we have a strong voice and can have a tangible impact on the outcome of the election. Our industry has faced numerous challenges in recent years and it is essential that we have representatives from the White House to City Hall who understand the important and critical role that the real estate industry plays in the economic health and vitality of our state and nation.

Click here to find your polling place.

The Tuesday, November 11, NYSAR Radio show will cover agency issues, specifically related to dual and designated agents. Tune in at 10 a.m. on November 11 on your PC or Mac by using the player on the NYSAR Radio page. You will need to be logged in to listen. If you have not yet created your account with the website, you will need to click on "New User" on the Member Login page and follow the prompts.

Click here for more information as well as a list of links to play NYSAR Radio from any of your mobile devices.

NYSAR’s newest Member Perks partner, Taradel, is an approved affiliate of the U.S. Postal Service’s Every Door Direct Mail® (EDDM®) program. Through this partnership, NYSAR members receive a 5-percent discount to design, target, print and mail marketing pieces to every address in a specific zip code or carrier route. Learn more about Every Door Direct Mail® during a webinar on November 13, at 2:30 p.m. You'll get a detailed overview of the program and step-by-step instructions for setting up a mailing. Click here to register today!

The Seller Representative Specialist (SRS) course will be offered November 10-11 at the Greater Capital Association of REALTORS in Albany, NY. This course provides the skills, training and resources you need to represent the interests of sellers in today’s marketplace. 

Click here for more information or to register.

"Short Sales and Foreclosures: What Real Estate Professionals Need to Know" will be offered November 12 at the Bronx-Manhattan Association of REALTORS in Bronx, NY. This course will provide you with the framework for understanding how to: qualify sellers for short sales; develop a short sale package; negotiate with lenders; tap into buyer demand; safeguard commissions; limit risk; and protect buyers. 

Click here for more information or to register.

The Housing our Military with Excellent Service (HOMES) course will be offered November 13-14 at the REALTOR Service Center in West Babylon, NY. In this course, you’ll learn to identify the special housing needs and motivations of military personnel and veterans.

Click here for more information or to register.

Enrollment for health insurance in 2015 will be open from November 15, 2014 to February 15, 2015. Look to NYSAR Member Perks partner USI Affinity to help you navigate the plan options and find the coverage that best suits your needs. Remember, you will face tax penalties if you do not obtain coverage. Also, if you miss open enrollment, you will not be able to obtain health insurance until the next open enrollment period unless you qualify for a special enrollment. Stay tuned for more information regarding 2015 open enrollment or visit www.myrealtorinsurance.com/nysar.

NYSAR’s exclusive partner for errors and omissions insurance, Pearl Insurance offers you comprehensive and affordable coverage customized to fit your needs. Their program, underwritten by XL Insurance, includes innovative features such as: deductible reduction; open house coverage; environmental failure to advise; innocent partner protection; and public relations advisory services. For more details or a customized quote, call (800) 289-8170 or visit www.pearlinsurance.com/nysar.

When in Atlantic City, do as the high rollers do and enjoy all of the city’s pleasures in one location: the RPAC High Rollers Suite on Wednesday, December 10, 2014.
Where: Atlantic City Convention Center, Room 308/309
Cost: $250 RPAC investment (to be applied to 2015 RPAC year)
Amenities include: shoe shine; manicures; massages; professional photographs; gaming lessons by one of Atlantic City’s renowned card dealers; business facilities; hot lunch; beverages; and a deluxe coffee barista!

To register today, contact NYSAR’s Political Affairs Coordinator Derick King at 518-463-0300 x238 or complete the registration form and return to NYSAR via fax 518-462-5474 or email to dking@nysar.com.