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.

Supplemental Directive 12-09 expands on Debt-to-Income Ratios Required on Rental Home Modifications

To read the Supplemental Directive, click here.

It addresses the following topics:

• HAMP® Modified Loans Repurchased from GSEs
• Debt-to-Income Ratio Eligibility
• Single Point of Contact (SPOC) Clarifications
• Dodd-Frank, Identity and Occupancy Verification Clarifications
• Handbook Mapping Clean-Up and Clarifications

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.