Real Estate School Registration

Don't forget to register for Mortgage Mania at Bethpage Federal Credit Union on August 12th.

Mortgage Mania - 3 Hours
Instructors - Andrew Lieb, Esq., MPH and Karen Laurence (Mortgage Loan Officer at BFCU)

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 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.

Reminder - Register for tomorrow's Commercial Real Estate Course at Bethpage Federal Credit Union. 3 credits - no cost. Share with your colleagues!

Summary:
Instructor(s): Andrew M. Lieb, Esq., MPH; Jennifer Pendzick

Summary: For both residential agents looking to expand their know-how and commercial professionals looking to hone their skills. This survey course discusses the commercial value add, land use (zoning), property management, commercial valuation, the 1031 exchange, and the tenants in common ownership structure.

Class Sponsors: Bethpage Federal Credit Union and Asset Preservation Inc.

Advanced Registration is required. Register at http://www.liebatlaw.com/realestateschool/register/commercial

Apparrently the Federal Housing Finance Agency (FHFA), which oversees Fannie and Freddie, has restricted mortgage lending opportunities for homeowners who live in municipalities that offer home energy retrofit programs. FHFA cited the basis of their decision to be that some retrofit programs present significant safety and soundness concerns. To read the letter from FHFA detailing this restriction, please click here. Yet, if you read the letter, it appears that the main problem is not safety and soundness, but instead lien priority. FHFA does not want Fannie and Freddie to loose their priority position because these programs are funded by local municipalities and may consequently jump the general first in time, first in right rule. The main take away for purchasers and agents is to be careful when seeking a Fannie or Freddie loan where a retrofit program is available.

Don't forget to register for the next Commercial Real Estate Class in Bethpage. Advanced Registration Required. Date of class is July 22nd.

My firm gets questions everyday about what is permissible when working as a real estate agent. To answer the question, I first see the New York Real Estate Licensing Law that can be found by clicking here. Next, I check previous decisions on the issues by clicking here. After you determine the law and precedents you can determine what is permitted. Remember, New York State governs your license, not LIBOR. So, before you worry if your acts are okay pursuant to LIBOR ethics (which are important to check as well), focus on the rules of the Department of State because without your license, you must switch jobs.