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Welcome to the Gloucester/Salem Counties Board of Realtors website. We are currently in the
process of building an entirely new website to better serve our membership and the public. Please excuse our appearance during
this process.
THANK YOU….
A special Thank You to all who attended our Golf Outing on
October 8th, whether you golfed or attended the evening tent event , we thank you for your participation.
We would like to give a special THANK YOU
to our wonderful Affiliates who, as always, help make it happen.
2-10 Home Buyers Warranty
Foundation Title
Group 21 Title
Hoffman & DiMuzio
J & S Inspection
McAllister Fuels
Treasury Mortgage.
QUARTER CENTURY CLUB….
Once again, applications are being accepted for the New Jersey
Association of Realtors Quarter Century Club. Requirements – Membership as a Realtor or Realtor-Associate for
a minimum of 25 years. (does not have to be consecutive.) Those persons who have been in the real estate business but
not members of NJAR for 25 years or more are not eligible. Proof of membership is the responsibility of the applicant.
Applications are now available at the Board office. Deadline for submitting your completed application is September
28th.
NEW LENDER DISCLOSURE RULES ...
Effective July 30th, lenders must give good faith estimates
of
mortgage loan costs within three business days after a consumer applies for a loan under the Truth in Lending (TILA)
disclosure
requirements (Reg.Z) revised by the Federal Reserve Board. The new requirements apply to loan applications
filed
on or after July 30, 2009. Realtors will want to learn the basics of these new rules so they can advise clients on the
new procedures, which are complex and expected to be a challenge for lenders. Among other provisions, lenders may not
collect fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report, and closings may
not take place until expiration of a seven-day waiting period after the consumer receives the early disclosure.
CONTINUING EDUCATION LEGISLATION
CLOSER...
On June 25, 2009, the New Jersey General Assembly
approved
A-3099, legislation that provides for mandatory continuing education (CE) for real estate brokers, broker-salespersons and
salespersons with an overwhelmingly bipartisan basis.
A-3099 will now be sent to the Senate Commerce Committee, where
it must be approved before the full Senate can vote and Governor Jon Corzine can sign the legislation.
FANNIE MAE CONFIRMS SHORT SALES
COMMISSIONS POLICY...
In discussions between NAR and Fannie Mae, Fannie Mae has reconfirmed
its short sale commission policy and established a process for REALTORS to follow if issues arise.
On February 24, 2009, Fannie Mae sent Announcement 09-03 to
its services instructing them not to negotiate commissions on short sales below the amount negotiated by the listing agent,
unless the commission exceeds 6 percent. The Announcement reminded servicers that third party approvals (i.e., private
mortgage insurers) may be required and can affect commissions.
In response to concerns raised by NAR that some servicers of
Fannie Mae loans are unaware of this policy or believe it is not binding, Fannie Mae has established a process for NAR members
when short sales commission issues arise.
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