VanEd Newslog

Designation Spotlight: SRES ~ Senior Real Estate Specialist

Van Education Center offers the online SRES^®, Senior Real Estate Specialist designation course. The SRES^® Designation course will instill a new level of knowledge and understanding of the 55+ real estate customer. Agents who complete this training will gain the skillsand recourses needed to serve this special and growing segment of the real estate market.

The SRES^® course also receives MRE, Master of Real Estate Credit and can be used as an MRE elective for those candidates who wish to learn more about this specialized market. You can learn more and enroll by clicking here.

HUD updates RESPA FAQ's to answer industry questions

New RESPA regulations were published November 17, 2008 and are scheduled to take full effect on January 1, 2010. The "New RESPA Rule FAQs" were comprised from industry questions and have been posted online to help facilitate implementation of these new requirements.

One important note: The new regulations allow for use of new forms, including the new HUD-1, prior to January. The older forms may be used up to January 1st, 2010 even if the closing will take place after that date.

Click Hereto review the new RESPA regulations or the FAQ's in their entirety.

Q&A With Jennifer Allan ~ Best system for sending out greeting cards

We asked author Jennifer Allan to answer questions based on her teaching and experience in the real estate industry. Jennifer is also regular contributor to Realty Times and RE/MAX Times.

Question: "What’s the best system for automatically sending out birthday and anniversary cards to my sphere of influence?"

JA: I love this question! We real estate agents love our systems, don’t we? Anything to make our stay-in-touch efforts more efficient!

 

Well, here’s the thing. “Efficient” doesn’t always equal “effective.” You can efficiently market to thousands of people at once, but that doesn’t mean that you’ve effectively marketed to anyone. This is nowhere more true than when you’re staying in touch with your sphere of influence.

 

Never, ever use your systems to DO the actual staying-in-touch with the people you know. It’s just fine if you rely on your systems to REMIND you to stay in touch, but always DO it yourself. Go to Wal-Mart, pick out a nice birthday or anniversary card, write a personal note and sign it. Hand-write the address, slap on a cute return address label and a nice stamp and put it in the mail with your very own hands. MUCH more effective!

Have a question you would like Jennifer to answer? Email it to info@vaned.com!

Subscribe to "The Daily Seduction: Tips & Inspirations to Generate Business from Your Sphere of Inluence." (a free newsletter)

Guest Author Jennifer Allan has authored five books and multiple courses designed to teach agents her Sell with Soul philosophy that centers on four interrelated principles: Respect, Competence, Confidence and Enthusiasm.  The latest release of her book Sell with Soul is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.com.

Question: "What’s the best system for automatically sending out birthday and anniversary cards to my sphere of influence?"

JA: I love this question! We real estate agents love our systems, don’t we? Anything to make our stay-in-touch efforts more efficient!

 

Well, here’s the thing. “Efficient” doesn’t always equal “effective.” You can efficiently market to thousands of people at once, but that doesn’t mean that you’ve effectively marketed to anyone. This is nowhere more true than when you’re staying in touch with your sphere of influence.

 

Never, ever use your systems to DO the actual staying-in-touch with the people you know. It’s just fine if you rely on your systems to REMIND you to stay in touch, but always DO it yourself. Go to Wal-Mart, pick out a nice birthday or anniversary card, write a personal note and sign it. Hand-write the address, slap on a cute return address label and a nice stamp and put it in the mail with your very own hands. MUCH more effective!

Finance Friday: New HOEPA rules effective Oct. 1st

There are many changes to the Truth-in-Lending Act (TILA) and Home Ownership Equity Protection Act (HOEPA) beginning Oct. 1, 2009. These changes strengthen the provisions of the HOEPA of 2001 which pertains to high cost mortgages. High cost loans have been redefinied to include first mortgages that exceed the current Freddie Mac interest rate by 1.5% and second mortgages that are 3.5% higher. This change greatly expands the number and type of mortgages that are considered high cost loans.
If a loan falls into this category, the lender is prohibited from:
    1. Charging a prepayment penalty on loans that have any interest rate or payment change in the first four years. For fixed rate loans, the prepayment penalty cannot be for longer than two years.
    2. Making a loan without regards to the borrowers ability to make payments.
    3. Making a loan without verifying the borrowers income or assets to close.
    4. Prohibit misleading or deceptive advertising including representing that a rate or payment is fixed when it can change.
    5. Require escrows or impounds for taxes, insurance, and if required, flood and mortgage insurance.

This rule effectively bans all no doc, low doc, and stated income loans because these will almost always carry an interest rate that is above the limit. In fact, many fixed rate jumbo loans will fall into this category. This may mean a case of too little too late to help because with the death of the mortgage backed security market came the death of sub-prime and low or no doc loans.

On Wednesday, September 23, the FED released the minutes from the August meeting. They have decided to keep the target Fed Funds rate to between 0.0% and 0.25%. They also will continue the purchase of mortgage backed securities through the first quarter of 2010 with the allocated $1.25 trillion. This should keep mortgage rates low, but I expect when the Fed pulls out of the market, rates will rise fairly rapidly. I wouldn't be surprised to see mortgage rates edge back toward 6.0% next spring.

Mortgage rates have remained steady the last few weeks. Currently, high credit score borrowers can get 5.25% with no points and 5.0% with one point.

Guest Author Randy Kelly is a Mortgage Banker and Finance Author with Premier Mortgage.

Colorado Mortgage Brokers prepare to transition to NMLS

The S.A.F.E. Act, which was signed in 2008, requires all mortgage brokers to register with the National Mortgage License System (NMLS) Registry. The Colorado Division of Real Estate has been working with the NMLS to create an implementation strategy that will easily allow all licensed mortgage brokers in Colorado to register with the NMLS in 2010.

Beginning in January of 2010 all Colorado licensed mortgage brokers will be required to create an account with the NMLS, submit a new set of fingerprints, pass only the national component of the S.A.F.E. Mortgage Loan Originator exam and submit a transition request to the Colorado DRE.

VanEd will be sending out a checklist later in the year to our registered students that will clearly identify the steps necessary to register with the NMLS. We will also make that information available online. To be included in our newsletters, you can simply subscribe to the VanEd NewsLog (on the left) or click here to create a free VanEd student account. Previous students need not create a new account.

Designation Spotlight: GRI, Graduate REALTOR Institute ~ available in Wyoming!

VanEd, along with Wyoming Association of REALTORS® and the Colorado Association of REALTORS®, are proud to announce the launch of the GRI, Graduate REALTOR® Institute Program in Wyoming.

The program, which will allow Wyoming REALTORS® to earn their GRI designation, is being provided to WAR members in cooperation with CAR and VanEd. Through the use of the online GRI program and available classroom GRI courses, Wyoming REALTORS® will now be able to complete and earn the GRI.

Visit VanEd's website to learn more by clicking here.

The Graduate REALTOR® Institute is a national program of real estate instruction whose course of study meets the accreditation standards established by the NATIONAL ASSOCIATION OF REALTORS® (NAR). VanEd is proud to be the online education provider for the Colorado, Nebraska and Wyoming REALTOR® Associations.

Chart a winning course at the NAR Conference & Expo

Register now for the 2009 REALTORS® Conference and Expo! We encouraged to register soon for the best hotel options! The conference is slated to run from November 13th through the 16th and the Annual Governance meetings will run from the 11th through the 16th.

This years conference will include programs and opportunities to expand your business and increase your productivity. Registrants will also be able to hear Condoleezza Rice, Sugar Ray Leonard and Daniel Shapiro. Learn more at http://www.realtor.org/convention.nsf/.

Review the NAR Conference Hotel map and amenities and the NAR Governance Meeting Schedule to help you plan your trip and housing needs.

Q&A with Jennifer Allan - "How Do I Become a 'Listing Specialist?'"

We asked author Jennifer Allan to answer questions based on her teaching and experience in the real estate industry. Jennifer is a regular contributor to Realty Times and other real estate publications. This week she continues her discussion from last week on "Listing to Last." 

Question: "I want to be a listing specialist so I don't have to work with buyers. Any tips?"

JA: Absolutely! But you may not like what I have to say on the matter. When I think of a “specialist” in real estate, I imagine that person to understand the entire process of marketing, selling and closing a home sale. And, to my way of thinking, someone who specializes in the exchange of real estate should have an intimate understanding of the Very Important Person on the other side of the table - the BUYER.

In my never-to-be-humble-opinion, if a real estate agent doesn’t work with buyers on a regular basis, he may not have the expertise to accurately price homes for market. I know a few agents who have dozens of For Sale signs in my market area, yet have never shown or previewed one of my listings. I don’t understand how they can be a neighborhood expert when they don’t know the competition, and more importantly, don’t have an understanding of how buyers think.

When you work with buyers and sellers equally, you can help a seller look at his home through the eyes of a buyer… and the buyer’s agent. You'll know what is currently in vogue with the local buyers. You'll know what will WOW a buyer as he walks in the door…and what will immediately turn him off.

You can advise your seller client on the upgrades and improvements that truly matter in your market, even specific to his particular neighborhood. You'll know how important a walk-in closet is… or isn’t. You'll know if buyers will overlook a dated kitchen… or if they won’t. You'll know if buyers will balk at the lack of a garage… or if they will be tickled just to have off-street parking.

You'll know how much value to add for being close to a popular coffee shop… or how much to subtract for being on a bus route. You'll know how to price an asbestos-sided house so that buyers will consider it… over the vintage brick Tudor they really want.

The real estate market changes on a daily basis and data from the MLS tells only part of the story. What you knew about the market six months ago is irrelevant to the market conditions today. To truly be a “listing specialist,” you must also be committed to knowing the inventory… and to knowing the buyer.

And Knowing the Buyer makes you a Listing Specialist.

Subscribe to "The Daily Seduction: Tips & Inspirations to Generate Business from Your Sphere of Inluence." (a free newsletter)

Guest Author Jennifer Allan has authored five books and multiple courses designed to teach agents her Sell with Soul philosophy that centers on four interrelated principles: Respect, Competence, Confidence and Enthusiasm.  The latest release of her book Sell with Soul is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.com.

VanEd offers discounts on CE courses!

VanEd is pleased to announce that we are now offering multiple course discounts for our continuing education students. Beginning today, purchase any two or more courses at the same time from VanEd and you will receive a 10% discount on each course!

With more than 40 courses available at any time, students are sure to find something that interests them. Don't wait until the end of the year to complete your required continuing education - start today and save 10% on all multiple course purchases.

Courses range from 2 hours to 24 hours and cover every real estate topics, including Commercial Real Estate, Contracts, Land Planning, Environmental Issues to name a few. Don't delay,register online today and receive a discount when you purchase multiple courses!

Designation Spotlight: CIPS ~ Certified International Property Specialist

VanEd offers our students access to leading online education programs, including the Certified International Property Specialist, or CIPS, designation program.  VanEd is proud to present four of the CIPS courses online. 

The CIPS organization was founded in 1953 as a real estate education curriculum that focuses on the critical aspects of international real estate transactions. Courses in the CIPS program are designed to give students intensive study focusing on currency and exchange rate issues, international and regional market conditions and investment and tax issues related to international real estate transactions. REALTORS® must complete the "International Real Estate for Local Markets" course before joining the CIPS Network. This course also counts as 12 credit hours towards the MRE, Master of Real Estate designation!

To learn more about the CIPS designation and the courses available, visit the VanEd information page online at www.vaned.com/CIPS. Continuing Education credit is also available in some states!