Making Home Affordable Statistics Published through October 2012

Highlights:

• >1.1 million homeowners have received a permanent modification through HAMP.
• 74% of non-GSE borrowers entering HAMP in October, 2012 received a principal reduction
• >78,000 HAFA short sales have been completed

To read the full report, click here. 

The report contains a lot of positive news and those seeking relief from mortgage nightmares should be encouraged. 

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