IVAR Newsflash, April 22, 2010

News and Updates

Member Legal Services has published two revised legal articles, HAFA Short Sales Fact Sheet and Taxation of Foreclosures and Short Sales (April 20, 2010).  They are both available on Legal’s What’s New, the Legal Articles pages, and the 2010 Q&A’s page on C.A.R. Online.

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REALCARE INSURANCE

SPRING OPEN ENROLLMENT BEGINS APRIL 1, 2010

Open enrollment for the C.A.R. Health Plans will begin April 1, 2010 and ending May 15, 2010 for coverage effective June 1, 2010.  Highlights of this Open enrollment include:

·         Guaranteed issue medical plans for all eligible C.A.R. members and their full time W2 employees – As always!

·         12 HMO options – No pre-existing conditions limitations

·         New high deductible plan from Anthem Blue Cross

·         MetLife Dental – only available in the January Open enrollment

For questions and/or more information please contact RealCare at 800-588-8628.

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MRMLS

MRMLS will be delaying the rollout of SCOUT security to provide the vendor and MRMLS additional time to prepare the system for implementation!

Be on the lookout for more information in the coming days.

What is SCOUT?

SCOUT’s clears the path for your to log onto MRMLS Matrix WITHOUT the need of your SAFEMLS Token.  SCOUT token-less authentication system use behavioral analytics to secure your account information.  SCOUT transparently detects, identifies and reports abuse account login activity to your Local Association and Board of REALTORS®

What do I need to do to prepare for SCOUT?

This new program screen requires Adobe Flash.  The majority of computers are already equipped with this program.  However, you may be prompted to download the latest version.  Please seek technical assistance from your Office Administrator or IT professional.  Running updates on your computer may result in other changes to your settings.

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DEPARTMENT OF REAL ESTATE

Important Mortgage Loan Activity Licensing Requirements

Senate Bill 36/SAFE ACT

NEW FILING REQUIREMENTS FOR LICENSEES WHO CONDUCT RESIDENTIAL OR COMMERCIAL MORTGAGE LOAN ACTIVITIES HAVE GONE INTO EFFECT AS OF JANUARY 2010.

All licensees must report to the Department of Real Estate if they make, arrange or service loans secured by real property.  This requirement applies to both residential and commercial businesses.  The report must be completed online using Form RE 866 – Mortgage Loan Activity Notification.  Future business activity reporting will be required.

Penalty fees can apply for failure to submit this required notification.  Penalties are fifty dollars ($50) per day for the first 30 days the report is not filed and one hundred dollars ($100) per day for every day thereafter not to exceed a maximum of $10,000.

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NEW LICENSING REQUIREMENTS FOR INDIVIDUALS WHO CONDUCT ACTIVITIES AS A RESIDENTIAL MORTGAGE LOAN ORIGINOR

The following steps must be completed in order to comply with SB 36 and the SAFE Act by January 1, 2011:

1.      Register on the Nationwide Licensing System and Registry (NMLS&R)

The NMLS&R will contain a single license record for each mortgage loan lender, broker and branch and mortgage loan originator (MLO).  A fee is not required to create this initial NMLS&R base record, however, this first registration step is needed to initiate the necessary examination process.

2.      Satisfy the federal requirements for MLO licensure.  Requirements include new qualification assessments, federal and state examinations, and background checks.  There are no exceptions to or exemptions from these requirements for existing licensees.

3.      By January 1, 2011, be issued an MLO endorsement on your real estate license.  Endorsement applications for qualified MLO registrants must be submitted electronically to the NMLS&R by September 15, 2010 to be issued by January 1, 2011.  Review the qualification and examination requirements before you initiate the electronic application process.

Penalty fees can apply for failure to obtain a license endorsement.  Penalties are fifty dollars ($50) per day for the first 30 days the report is not filed and one hundred dollars ($100) per day for every day thereafter not to exceed a maximum of $10,000.

For more information log onto the DRE website at www.dre.ca.gov/lic_sb36_safe.html

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GREEN TIP

In collaboration with several MLS partners, Association Executives, REALTORS®, and other organizations; the National Association of REALTORS® is proud to announce the launch of the new Green MLS Tool Kit website.  Please check it out at www.GreentheMLS.org.  Start off by reading the Welcome message on the home page to begin your process.