LIEB BLOG

Legal Media Analysts

Showing posts with label The Real Estate School. Show all posts
Showing posts with label The Real Estate School. Show all posts

Wednesday, February 20, 2013

Free CE Class in NYC 3/1/2013 - Deal Killers

Monday, February 04, 2013

Free Continuing Education in NYC 2/12/13: Property Management 101: A Good Piece of Dirt

Friday, February 01, 2013

Free Lieb School CE in East Hampton 2/7/13: The Fair Housing Act

Friday, January 25, 2013

Updated Q & A: NY Real Estate Continuing Education & License Requirements


Does Lieb School report my completed credits to the Department of State (DOS)? Am I responsible for sending my course certificates to the DOS?  Credits received from Lieb School count towards the 22.5 required from the DOS for license renewal. Certificates provided at each class serve as proof of credit hours (think of them as a receipt). After each class, Lieb School submits to the Department of State, Bureau of Educational Standards, all licensee information for successful completion of each course.  Upon license renewal, the DOS will require the original signed certificates if you are selected for an audit. Make sure that you keep your certificates in a safe place. In the event of an audit, the DOS will cross reference the certificates with the student completion records received by each school.   You are responsible for completing all 22.5 credits by your license renewal deadline date. 

How do I renew my New York State Real Estate License? License renewals must be completed online through the Department of State eACCESSny website.   Please note that the renewal process requires licensees to validate education completion by answering “Yes” to the Continuing Education question that confirms all CE requirements have been satisfied.  If you mistakenly answer “No”, the DOS will not renew your license until they see all original course completion certificates.  You also have to hold onto the original course completion certificates in the event of a license audit by the DOS.  

If I did not complete my continuing education requirements before my license expiration date can I get an extension?  Please refer to §177.6 in the Real Estate License Law. The Department of State will only grant extensions in bona fide hardship cases.  Prior to your license expiration: you must submit to the Department of State, a written request for the extension, completed renewal form, fee, and original documentation demonstrating your hardship; i.e., medical documentation.   

-------
more questions answered...

Who regulates my New York State Real Estate License?  Your license is regulated by the Department of State, New York (DOS) and NOT by any real estate school or trade organization.

What are the Continuing Education requirements for real estate agents in NY? Every 2 years, licensed real estate brokers and salespersons in the State of New York are required to take 22.5 continuing education credits. The ONLY mandatory class requirement is at least 3 hours of instruction pertaining to fair housing and/or discrimination in the sale or rental of real property or an interest of real property, within the 2 - year period immediately preceding a renewal.

Are there any exemptions for Continuing Education requirements for real estate agents in New York? 
Licensed real estate brokers who are engaged full time in the real estate business and who have been licensed for at least 15 consecutive years immediately preceding license renewal. This exemption must have been met prior to July 1, 2008.  An attorney admitted to the New York State bar is also exempt from the Continuing Education Requirement.

Am I required to take a course in Fair Housing if my real estate license is grandfathered? A NYS real estate agent does not need to take a course in Fair Housing if they are generally exempt by way of the "grandfather" factor.  Please refer the agent to Real Property Law section 441(3)(a) where it expresses the requirement for real estate agents to take 3 hours in a fair housing and/or discrimination course within a license renewal cycle. The link for the license law where this is discussed is as follows: http://www.dos.ny.gov/licensing/lawbooks/RE-Law.pdf

While reviewing the license law, please refer your attention to the last sentence of this requirement wherein it states: "The provisions of this paragraph shall not apply to any licensed real estate broker who is engaged full time in the real estate business and who has been licensed under this article prior to July 1, 2008 for at least 15 consecutive years immediately proceeding such renewal". This is the "grandfather" factor. 

In general, the only exception to the "grandfather" factor exemption is for NAR's mandatory quadrennial ethics requirement for members of the National Association of REALTORS®. This has nothing to do with licensing or the Department of State, New York. 

If I already completed a continuing education class, can I take the same topic again for credit with a different school in NY within the same license renewal cycle? Real estate continuing education courses are assigned independent approval codes by the Bureau of Educational Standards, Department of State, State of New York.  Licensed real estate agents may take multiple courses in the same topic within each "two year cycle of renewal" as long as each course has an independent approval code. Approval codes are assigned for each approved course, not school and not course topic.  It is advised that you always check your records of previously completed approval codes prior to registration for new courses within your cycle of renewal. 

If I already received credit for taking a continuing education course, can I get credit for taking the same exact course in a different license renewal cycle?  Yes. While New York State Real Estate License Law, 19 NYCRR 177.18(c), states: "No continuing education course will be considered for continuing education credit more than once within the two year cycle of renewal", there is no specific regulation precluding taking the same continuing education course anew in a subsequent and different license renewal cycle.

Do I have to take an Ethics course to renew my license?  Ethics training is not a required course for a Real Estate Broker or Salesperson to maintain their license in full force and effect with the Department of State, New York. Ethics courses may be required by your local Board (trade organization), but are not required to maintain your license with the Department of State of New York.



Wednesday, January 09, 2013

Top NY Real Estate Agent Cont. Ed Questions...Answers Revealed

Continuing Education Questions and Answers for Licensed Brokers and Salespersons in New York. 

What are the Continuing Education requirements for real estate agents in NY? Every 2 years, licensed real estate brokers and salespersons in the State of New York are required to take 22.5 continuing education credits. The ONLY mandatory class requirement is at least 3 hours of instruction pertaining to fair housing and/or discrimination in the sale or rental of real property or an interest of real property, within the 2 - year period immediately preceding a renewal.

Are there any exemptions for Continuing Education requirements for real estate agents in New York? Licensed real estate brokers who are engaged full time in the real estate business and who have been licensed for at least 15 consecutive years immediately preceding license renewal. This exemption must have been met prior to July 1, 2008.  An attorney admitted to the New York State bar is also exempt from the Continuing Education Requirement.

Am I required to take a course in Fair Housing if my real estate license is grandfathered? A NYS real estate agent does not need to take a course in Fair Housing if they are generally exempt by way of the "grandfather" factor.  Please refer the agent to Real Property Law section 441(3)(a) where it expresses the requirement for real estate agents to take 3 hours in a fair housing and/or discrimination course within a license renewal cycle. The link for the license law where this is discussed is as follows: http://www.dos.ny.gov/licensing/lawbooks/RE-Law.pdf

While reviewing the license law, please refer your attention to the last sentence of this requirement wherein it states: "The provisions of this paragraph shall not apply to any licensed real estate broker who is engaged full time in the real estate business and who has been licensed under this article prior to July 1, 2008 for at least 15 consecutive years immediately proceeding such renewal". This is the "grandfather" factor. 

In general, the only exception to the "grandfather" factor exemption is for NAR's mandatory quadrennial ethics requirement for members of the National Association of REALTORS®. This has nothing to do with licensing or the Department of State, New York. 

If I already completed a continuing education class, can I take the same topic again for credit with a different school in NY within the same license renewal cycle? Real estate continuing education courses are assigned independent approval codes by the Bureau of Educational Standards, Department of State, State of New York.  Licensed real estate agents may take multiple courses in the same topic within each "two year cycle of renewal" as long as each course has an independent approval code. Approval codes are assigned for each approved course, not school and not course topic.  It is advised that you always check your records of previously completed approval codes prior to registration for new courses within your cycle of renewal.
  
If I already received credit for taking a continuing education course, can I get credit for taking the same exact course in a different license renewal cycle?  Yes. While New York State Real Estate License Law, 19 NYCRR 177.18(c), states: "No continuing education course will be considered for continuing education credit more than once within the two year cycle of renewal", there is no specific regulation precluding taking the same continuing education course anew in a subsequent and different license renewal cycle.

Tuesday, December 11, 2012

NY Real Estate License Requirements: Learn the Facts

Salespersons - Listen Up!

  1. Your license is regulated by the Department of State, New York (DOS) and NOT by any real estate school or trade organization.
  2. Ethics courses are NOT required to maintain your real estate license with the Department of State, New York (DOS)

Learn the Facts: Real Estate Continuing Education in NY 

Every 2 years, licensed real estate brokers and salespersons in the State of New York are required to take 22.5 continuing education credits. The ONLY mandatory class requirement is at least 3 hours of instruction pertaining to fair housing and/or discrimination in the sale or rental of real property or an interest of real property, within the 2 - year period immediately preceding a renewal.

Exemptions:  Licensed Real Estate Brokers who are engaged full time in the real estate business and who have been licensed for at least 15 consecutive years immediately preceding license renewal. This exemption must have been met prior to July 1, 2008.  An attorney admitted to the New York State bar is also exempt from the Continuing Education Requirement.

Ethics

Ethics training is NOT a required course for a Real Estate Broker or Salesperson to maintain their license in full force and effect with the Department of State, New York. Ethics courses may be required by your local Board (trade organization), but are not required to maintain your license with the Department of State of New York.

Wednesday, November 28, 2012

Citi's HomeRun Mortgage Program & Deal Killers: Don't Let your Deal Die


Last evening, we instructed our continuing education course, Deal Killers: Don't let your deal die, at Briarcliffe College in Patchogue. 




During the course we received many questions from students about what alternatives there were to FHA funding to help SAVE a deal for a highly leveraged transaction. Our friends at Citi suggested the HomeRun program.

Here are the details: 


WHAT IS HOMERUN?

HomeRun is Citi’s exclusive portfolio Program that has no mortgage insurance and no price ups. It is designed as a responsible financing solution to meet the needs of the low-and moderate-income (LMI) borrower. It provides the stability of a fixed rate, the flexibility of lower down payment options, and the added borrower protection of a relationship with a nonprofit housing organization committed to helping the borrower stay on track with payments. Fannie Mae Community Lending guidelines apply except as modified by the Mortgage Policy Manual (MPM) Fact Sheet.


  • 97% LTV financing
  • 3% seller contribution toward closing costs and prepaids on CLTVs greater than 90%, 6% on CLTVs 90% or less
  • Minimum FICO score is 640
  • Non-traditional credit is allowed with insufficient credit history and no FICO score
  • No mortgage insurance
  • Available to returning and first time homebuyers as well as existing Citi customers

Additionally, Citi has provided access to the Federal Financial Institutions Examination Council's Geocoding System that they discussed last evening. Click here to learn more. 

Friday, November 16, 2012

Hurricane Sandy Mortgage Forebearances

Last evening we instructed our continuing education course Foreclosure Filibusters at Newsday's Corporate Headquarters for approximately 100 real estate agents. It was so gratifying to instruct this particular group of professionals as they continuously focused our course on their expressed concern for those who were devastated by Hurricane Sandy. They expressed concern for those presently in foreclosure proceedings and for those who will now likely default on their mortgage. They cared about their community, their friends and relatives. They wanted to help.

We discussed the mortgage modification process under HAMP. We addressed proactive short sales under HAFA. Now, we provide guidance for borrowers who need assistance as a result of Hurricane Sandy, which was a Federally Declared Disaster (FDD) pursuant to the Making Home Affordable (MHA) program. 

Please know that pursuant to MHA - "Any FDD forbearance plan should not impact the status of a homeowner's permanent HAMP modification."

So, if you, your clients or your customers cannot make payments as a result of the Hurricane, contact your servicer / lender and request an FDD forbearance until you can get back to affording life. 

To learn more about Treasury's direction to servicers in how they should make offerings of help to borrowers as a result of Hurricane Sandy, click here

Monday, March 07, 2011

Full Class Tomorrow - Commercial Real Estate

Tomorrow's Commercial Real Estate Class at Briarcliffe College is at full capacity with a waiting list. We're looking forward to the course!

Friday, February 25, 2011

SCHOOL UPDATES

Continuing Education Registration Updates:
  • The Commercial Real Estate Course - Scheduled on March 8th in Patchogue is now full. If you would like to be put on the waiting list email realestateschool@liebatlaw.com
  • Mortgage Mania - Scheduled on March 24th in Bethpage has seats available. REGISTER HERE.
Coming Soon:
  • April Course Calendar will be posted soon!
  • The Real Estate School will be announcing a new and exciting School Sponsor.
  • Brand NEW 3 Credit Continuing Education Course awaiting DOS Approval. We anticipate offering this course in April & May in Nassau County and the Twin Forks. Course entitled -Conflicts of Interest: A Course on Real Estate Ethics


***Lieb at Law will be launching a brand new website. Stay tuned for more updates!

Thursday, February 03, 2011

TIPS: RENEWING NEW YORK STATE REAL ESTATE LICENSES

HELPFUL TIPS FROM THE DEPARTMENT OF STATE (DOS) FOR RENEWING NY REAL ESTATE SALESPERSON & BROKER LICENSES.

***  Renewal must be completed online. http://www.dos.state.ny.us/licensing/eaccessny.html

TIP: Quoted directly from the DOS  "They need to renew online and make sure they answer “YES” to the continuing education question.  If they mistakenly answer “NO”, we will not renew their license until we see their original course completion certificates.    They also need to hold onto their original course completion certificates in the event we audit them."

The below Q&A is taken from the Department of State website.

Renew My License

Q: Why should I renew online?

In accordance with New York’s Green Initiative to reduce paper use, all Real Estate Licenses must be renewed online.



Q: Why must I renew my license?


If you do not renew your expired license, you cannot conduct any real estate activities that require a New York State real estate license in accordance with Article 12-A of the Real Property Law. There are no grace periods that allow you to continue working while not licensed. You have two years from the date your license expires to renew your license. If you fail to renew within that period, you will be required to pass the state written examination and submit a new salesperson/broker application and fee. No continuing education will be required to repeat the licensing process again.



Q: How do I know when I should renew my license?


Your license expiration date is printed on the license. You are eligible to renew your license three months prior to the expiration date.



Three months prior to your license expiration date, you are sent an email and post card reminder that it’s time to renew your real estate license. Both reminders provide you with written instructions on how to renew your license online through your eAccessNY Account.



Q: How do I renew my real estate license?


After you logon, from the Main Menu page click on “List of Licenses (Access your license here).” A listing of all your License(s) and License Number(s) (UID#’s)will be listed. If you have more than one license, click on the license you wish to renew.



1. Click on “Renew License” and then “Next Step” to renew the license.

If the Office/Sponsorship information listed is incorrect, DO NOT continue with this renewal until your new broker has submitted a change of association for you. If you are changing association or the business address, those changes must be performed, by the principal broker, prior to renewing your license online. Proceed with this online renewal ONLY if the information listed is correct.



2. Answer the questions and press “Next Step” to continue.



3. Affirm the application by checking the “I Agree” box and press “Next Step” to continue. When you affirm your application, you are indicating that you have met the requirements for renewal. Therefore, your continuing education must be completed prior to submitting your online renewal.



4. Enter your credit card details and press “Submit” ONLY ONCE to submit your payment. Your card will be charged with the total amount displayed.



5. You will get a “Confirmation” page indicating your renewal has been submitted. Print the page for your records. Submission does not constitute an approval. Your renewal application will be reviewed by the Department to make sure it is complete and meets the qualifications for renewal.



Q: What if I don’t have a printer? Can I save a “confirmation page” to my computer?



Yes, you can save any web page to your computer. For most browsers, click on “File” in the menu bar, then click on “Save As.” When the “Save As” dialogue box appears, save the page as a web page or as a text file, to the location on your computer you choose. After you save it, you can open the file at any time without being connected to the Internet.



Q: What if I answer no to the continuing education question when renewing my real estate salesperson/broker license in eAccessNY?





If you answer no to this question, your renewal application will not be approved. You will receive notification from the Department acknowledging receipt of your renewal application. This notice will inform you that approval of your renewal application will not be granted until original certificate(s) of completion evidencing successful completion of the required continuing education or proof satisfactory to this division that you are exempt from this requirement is submitted to the Bureau of Educational Standards for review and approval.



You must submit this proof even if you have answered no to this question in error. By answering NO when submitting your on line renewal, you have affirmed that you have not completed the required education and that you are not exempt from this requirement.



Q: How do I know my license was renewed successfully online?





After completing all of the steps on your renewal check list (including payment), you will submit your online renewal for processing. At the end of the renewal process you will get a Confirmation page indicating that your renewal has been submitted. This does not mean your license is renewed. Your renewal application will be reviewed to make sure it is complete and meets the qualifications for renewal.

You should access your account to see if the license shows as current. If you check “Application Status Display” and that license is still showing “in progress”, then your renewal application is still waiting to be reviewed by the Department of State. If anything additional is required, you will be contacted by the Department.

Thursday, January 27, 2011

Despite the Snow - EVENT IS STILL ON TONIGHT

If you are registered for Tonights Fair Housing Class at Long Island National Golf Club - the event will still go on. The roads are clear around the club - and the chef is preparing as we speak!

Monday, January 17, 2011

Special Treats Served at Next Week's Fair Housing Class! (Dont Forget to Register)

There are seats open in next weeks Fair Housing Class in Riverhead on 1/27. THIS SPECIAL EVENT IS FREE and course is 3 Continuing Education credits!

Long Island National Golf Club our new sponsor will be serving delectable treats from their dining banquette!

Included:
Gourmet Fish, Veggie Pot Stickers, Pigs in blanket with spicy mustard, Chicken Wing Dings (hot & mild dipping sauce), Fried Cheesecake rolled in brown sugar and drizzled with raspberry & caramel sauce, Choc Chip Cookies.

Draft Beer, wine (first hour)

Soda, coffee, tea & water

 
REGISTER TODAY

Sunday, January 02, 2011

Top 10 Real Estate Laws of 2010

Top 10 Real Estate Laws of 2010
By Andrew M. Lieb, Esq., MPH

1. Bankruptcy Exemption:

The Homestead Exemption, which allows a bankrupt individual to preserve their home equity while filing for Bankruptcy, has increased from $50,000 for an individual and $100,000 for a married couple to $150,000 for an individual and $300,000 for a married couple throughout Long Island. Be mindful that outside of Long Island different exemption amounts apply by County.

2. Real Estate Agency Disclosure:

Real Estate Agents are now required to provide additional informed consent to their customers concerning the nature of their representation, particularly in the dual agency scenario. The new law provides for advanced consent with continual reminders to customers. It also extends the disclosure requirements to Condominiums and Cooperative Apartments, which were previously exempt.

3. Foreclosure Requirements:

a. Defendant’s Attorney’s Fees – The Access to Justice in Lending Act now provides defendants with a right to make a claim for attorney’s fees in a foreclosure action if they are successful in defending the foreclosure, but this right only exists if the lender could have recouped attorney’s fees pursuant to the mortgage agreement if the lender was successful; almost always the case.

b. Plaintiff’s Affirmation Requirement:
Combating the prevalence of robo-signers and shabby documentation, New York became the first State to require lenders to vouch for the accuracy of their mortgage documents prior to a foreclosure sale. In fact, the assurance must come from the lender’s attorney who will be very careful to perform the requisite investigation in order to protect their license.

4. Distressed Property Consultant Advertisements:

In addition to the many consumer protection laws that already regulate this industry, now individuals acting as consultants for mortgage workouts (Loan Modifications and Short Sales) must provide information about the availability of free state-funded services and the number of the New York State Banking Department as part of a consumer disclosure statement in their advertisements. Remember that a Distressed Property Consultant is an individual or business entity that undertakes employment to provide consulting services to a homeowner for compensation with respect to a distressed home loan or a potential loss of the home for nonpayment of taxes. Real estate brokers and salespersons are not exempt from this law, but attorneys practicing law are not so regulated.

5. Title Insurance Tax:

Title related services, inclusive of all relevant searches, which are not used in the course of preparing a title insurance policy, are now subject to New York State and Local Sales and Compensation Use Taxes.

6. Lead Paint Contractor Certification Requirement:

The Federal Environmental Protection Agency now requires contractors who preform renovations involving lead paint to be certified by the Agency following extensive training and to employ certain work practice standards similar to what is done with respect to asbestos. Among other requirements, contractors are now required to construct containment zones, wear protective clothing, and utilize HEPA vacuums.

7. Carbon Monoxide Alarm Requirement:

New York now requires essentially all residences, both new and existing, to have carbon monoxide alarms installed as follows:
a. Constructed before January 1, 2008 - must have one alarm installed on lowest level with a sleeping area.
b. Constructed after January 1, 2008 - must have an alarm installed on each level with a sleeping area or where a carbon monoxide source is located.

8. New Power of Attorney Form:

In real estate, this mainly affects a transaction where the buyer or seller is unavailable. Now, many of the sloppy changes made by the Legislature just over a year ago have been corrected. Most importantly, a Power of Attorney no longer automatically revokes all prior Power of Attorneys.

9. Home Inspector Code of Ethics:

Home inspectors must now provide a written contract to clients prior to performing the home inspection. This contract must clearly and fully describe the scope of service to be provided and the costs associated therewith. Additionally, this contract must include specific language, including:
a. Home inspectors are licensed by the NYS Department of State. Home Inspectors may only report on readily accessible and observed conditions … Home inspectors are not permitted to provide engineering or architectural services.; and
b. If immediate threats to health or safety are observed during the course of the inspection, the client hereby consents to allow the home inspector to disclose such immediate threats to health or safety to the property owner and/or occupants of the property.

10. Federal Estate / Gift Tax Exemption Increase:

After continuous Congressional debate, the Exemption is now set at $5,000,000 for 2011 and 2012. While 2010 had an unlimited Exemption, there was speculation that 2011 could see anything from $1,000,000 to $3,500,000. This new Exemption means that families can easily transfer ten million dollars through the generations by way of a minor estate planning vessel called a Credit Shelter Trust.

Thursday, December 23, 2010

Registration NOW open for new Fair Housing course - 1/20 and 1/27

Attention Real Estate Professionals! We just opened registration for the brand new course The Fair Housing Act on the following dates:

Thursday January 20th in Bethpage - Thanks to our sponsor Bethpage Federal Credit Union.

Thursday January 27th in Northville (Riverhead) - Thanks to our brand new sponsor Long Island National Golf Club! http://www.longislandnationalgc.com/
*special catered event

Here are course details:

The Fair Housing Act
Credits: 3 Hours
Instructor(s): Andrew M. Lieb, Esq., MPH

Summary: Be warned - Discrimination in housing is very serious and exposes real estate agents to liability and the potential loss of their license. In fact, discrimination is so serious that the Department of State only requires that this course be included in the requisite 22.5 hours of continuing education and requires no other topic. This course is not a general survey course on discrimination, instead it explains a very specific law: The Fair Housing Act, which regulates our entire industry. The seminar will detail specific cases involving real estate agents and mortgage lenders who violated the Act. Be prepared for this course to hit home.

** To register go to http://bit.ly/hM2ok8

Monday, December 20, 2010

Fair Housing Act Course APPROVED!

Happy Holidays! The Real Estate School will now be offering a brand new 3-credit CE course that fulfills the mandatory Fair Housing/Discrimination licensing requirement for Real Estate Sales Agents & Brokers.

'The Fair Housing Act' will be offered for the first time on January 20th at Bethpage Federal Credit Union.

IMPORTANT: Registration can only be done online - and will open shortly!


The Fair Housing Act
Credits: 3 Hours
Instructor(s): Andrew M. Lieb, Esq., MPH

Summary: Be warned - Discrimination in housing is very serious and exposes real estate agents to liability and the potential loss of their license. In fact, discrimination is so serious that the Department of State only requires that this course be included in the requisite 22.5 hours of continuing education and requires no other topic. This course is not a general survey course on discrimination, instead it explains a very specific law: The Fair Housing Act, which regulates our entire industry. The seminar will detail specific cases involving real estate agents and mortgage lenders who violated the Act. Be prepared for this course to hit home.

Here's a Sneak Peak of the Course Outline:

1. Introduction – Fair Housing Act, Law, and Overview: The Facts/Case Study Overview & Applicable Law/Results

2. The Fair Housing Act Explained: Protected Categories; Prohibited Conduct in Real Estate Brokerage; Prohibited Conduct in Mortgage Lending

3. Enforcement of FHA: Fair Housing Claim Elements; Fair Housing Defense; Fair Housing Administration/HUD; Fair Housing Act Penalties; Judicial

4. You the Agent & Brokerage: Discrimination; Religious Land Use and Institutionalized Persons Act

Wednesday, December 01, 2010

LIEB's Offer to Real Estate Agencies - Dual Agency Disclosure

Please contact Lieb at Law at 631-878-4455 to schedule a complimentary 20 minute question & answer at your office about the new dual agency disclosure forms - the new forms will be provided.

Sunday, November 21, 2010

Department of State Update - For Real Estate License Renewal

ONLINE RENEWAL FOR REAL ESTATE LICENSEES

Beginning February 1, 2010, Licensees will no longer be sent a paper renewal in the mail. In accordance with New York’s Green Initiative, the Division of Licensing Services will be requiring that all real estate licensees renew their licenses online. When a license is due for renewal, the licensee will be notified in two ways: a postcard reminder will be sent to the licensee’s business address and an email reminder will be sent to the email address provided in the licensee’s eAccessNY account. In addition, brokers will be included in the email reminders(a “cc” copy) for any salespersons and associate brokers who are employed by their office. Both of these renewal reminders will include instructions on how to renew a license online utilizing eAccessNY.

The online renewal process is a much quicker and more efficient process. Online renewal applications that meet the requirements will be approved immediately and licensees will receive their License and Photo ID Card within two to three weeks.

Instructions for Completing an Online Renewal

To renew your license online you must have an active eAccessNY account and follow the directions below:

• Go to the Department of State website, www.dos.state.ny.us, and select the eAccessNY link (to the right of the screen)
• Select “access” link under item 3, “Access My Account” and log into your account
• Select list of licenses/select the license number you wish to renew
• Select the “Renew License” link and complete the online application


If you have not yet activated your eAccessNY account, NOW is the time. Please email us at eAccessNY@dos.state.ny.us to obtain a password for your account.

Further updates will be posted as we move forward with this new requirement.

Debt-to-Income ratios get tougher by FANNIE MAE

At the beginning of our recent class, entitled Mortgage Mania at Bethpage FCU, I was asked a question, which was more like a statement, inquiring if a lower Loan to Value (L/T) ratio (more money down) was a key predictor of default risk.

IN ENGLISH - If a borrower puts down more money (has more equity) shouldn't that imply they won't default? I took issue with this statement by saying that I believe that back-end Debt to Income (DTI) ratio mattered a hell of a lot more. My rationale was that even if you had a lot of skin in the game, your inability to make your mortgage payments trumped your desire to make your mortgage payments. The student took issue with my sentiment throughout the class thereafter by defending his position.

It’s true that both L/T ratio and DTI ratio are relevant and evaluated by lenders in making a loan. Yet, my message was that DTI ratio is much more important in making the determination to provide funding. 

It turns out that FANNIE MAE agrees. They just changed, effective December 13, 2010, their requirements with respect to each of the above discussed ratios. Specifically, maximum DTI ratios for a conventional mortgage change from 55% to 45% under the new guidelines. Additionally, borrowers can now utilize gifts and grants to satisfy their minimum down payment, which impacts the L/T ratio. To read a great New York Times article that summarizes these changes, click here. Remember, that FANNIE MAE sets the standards for the rest of the industry because they are the largest secondary market purchaser, so this will likely become the standard.

The takeaway for students reading this blog is that a lender cares more about your ability to pay (how much money you have left at the end of the month after paying your other bills) as opposed to your desire to pay (how much equity you have to lose if you don't pay).

Wednesday, November 10, 2010

Mortgage Mania - Free 3 Credit CE in Bethpage on 11/18

Attention Real Estate Agents: If you haven't taken the course Mortgage Mania, we are offering the class next week on 11/18 at 5:30pm at Bethpage Federal Credit Union. Advanced Registration is Required. Course is 3 Credits. To Register CLICK HERE

Mortgage Mania

Credits: 3 Hours

Instructors: Andrew M. Lieb, Esq., MPH; Karen R. Laurence

Summary: It's time to learn the secrets in order to qualify for a mortgage. This seminar will begin with the basics, discussing everything from the definition of a mortgage to types of mortgages. You will learn who the players are at the bank and how their respective roles impact your deal. Mr. Lieb will discuss the differences between a prequalification and a commitment and how to close your deal smoothly under the Real Estate Settlement Procedures Act. Mrs. Laurence (Mortgage Loan Officer) will share secrets that occur behind the scenes at the banks and let you know how to navigate through issues with credit scores. This course will enable you to weed-out high-risk clients and to advise average credit score clients on structuring their applications to get approved. Let's prevent mortgage contingency clauses from killing our deals.


About the Instructors:

Andrew M. Lieb, Esq., MPH

Andrew M. Lieb is the Managing Attorney at Lieb at Law, P.C., a family-owned law firm with offices in Center Moriches and Manhasset, New York. In such, Mr. Lieb is licensed to practice law in the Courts of New York State and the Eastern District of New York. Mr. Lieb is further licensed as a Real Estate Instructor in New York State by the Department of State, Bureau of Educational Standards.
Mr. Lieb is also the founder and lead instructor of the firm's New York State licensed Real Estate School, which serves as the Pro Bono arm of Lieb at Law offering certified continuing education (CE) courses to Real Estate Professionals.
Mr. Lieb actively instructs New York State continuing legal education (CLE) classes, holds a Masters of Public Health, and is an Adjunct Professor at Nassau Community College. He's served as a Faculty Member of the Suffolk Academy of Law, and as an Associate Instructor at Indiana University in Bloomington. Mr. Lieb currently sits on the Board of Directors for Colonial Youth and Family Services, is the Chairman of Center Moriches High School Business Advisory Board, and is a Contributing Editor for both Homes of the Hamptons and Homes of Eastern Long Island magazines.


Karen Laurence, Mortgage Loan Officer

Karen Laurence currently serves as a Mortgage Loan Officer at Bethpage Federal Credit Union, focusing in residential real estate. With over 13 years in the industry, Ms. Laurence offers additional expertise in commercial lending and maintains certifications and licenses in Mortgage, Insurance, Real Estate and is also a Notary.
Ms. Laurence excels with first time home-buyers and refinancers, while her specialty is foreclosures and short sales, reverse mortgages, new construction, mortgage originations and refinancing.
Prior to working at BFCU, Ms. Laurence was a Branch Manager at Countrywide Home Loans, a corporate Loan Consultant at GMAC Mortgage, and held further roles in private and public institutions.
Ms. Laurence's professional affiliations include: Women's Council of Realtors, Long Island Center for Business and Professional Women, Huntington Township Chamber of Commerce, Long Island Builder's Institute, Huntington and North Nassau Chapters of the Long Island Board of Realtors.
Ms. Laurence received her Bachelor of Arts from the University Of Miami, Florida, where she majored in Psychology and minored in Mass Communications.