Monday, February 04, 2013
Friday, February 01, 2013
Friday, January 25, 2013
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.
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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.
Friday, January 11, 2013
The Ability to Repay amendment will only become effective on January 10, 2014 so we have almost a year to prepare. Yet, its time to start studying as the entire mortgage industry has changed as a result of the Ability to Repay amendment to Regulation Z.
The Regulation's Text can be read by clicking here.
The Preamble's Text can be read by clicking here.
The regulation lays out 8 factors for a creditor to consider in making an Ability to Repay analysis, including:
The Regulation's Text can be read by clicking here.
The Preamble's Text can be read by clicking here.
The regulation lays out 8 factors for a creditor to consider in making an Ability to Repay analysis, including:
- Current or reasonably expected income or assets;
- Current employment status;
- The monthly payment on the covered transaction;
- The monthly payment on any simultaneous loan;
- The monthly payment for mortgage-related obligations;
- Current debt obligations, alimony, and child support;
- The monthly debt-to-income ratio or residual income; and
- Credit history.
Additionally, these factors must be verified by use of reasonably reliable third-party records.
Further analysis of the Regulation will be available on this blog in the days and months to come.
Thursday, January 10, 2013
The Consumer Financial Protection Bureau (CFPB) just announced major changes in mortgage lending.
This is MAJOR, read carefully.
The main components of these rules are as follows:
The CFPB issued its rules pursuant to the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
To read a fact sheet explaining the new rule, click here.
To read the last summary of the proposal while it remained a proposal, click here.
All real estate professions, such as agents; attorneys; architects; title, etc. should become familiar with these rules as they will impact the ability to borrower and therefore your industry.
Mortgage brokers and bankers, start studying.
At Lieb School, our take is that this is what the public wanted following the great recession. Many borrowers have blamed their lender time and time again for making a loan that the lender new could not be repaid. These rules will greatly limit this problem in the future. However, its always said to be careful what you wish for. Now, you actually need to be able to afford a house you think you deserve.
This is MAJOR, read carefully.
The main components of these rules are as follows:
- Ability to Repay of borrowers burden is placed on lenders who must verify financial information supplied by borrowers and can no longer offer teaser rates to qualify a borrower & charge more in time. This will likely be the end of "no doc" & "interest only" loans.
- Qualified Mortgages (QM) have been defined & are presumed to be in compliance. These QMs limit upfront points and fees used to compensate loan originators; cannot exceed 30 years; cannot be interest-only; cannot offer negative-amortization payments; and must have debt-to-income ratios <=43%.
The CFPB issued its rules pursuant to the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
To read a fact sheet explaining the new rule, click here.
To read the last summary of the proposal while it remained a proposal, click here.
All real estate professions, such as agents; attorneys; architects; title, etc. should become familiar with these rules as they will impact the ability to borrower and therefore your industry.
Mortgage brokers and bankers, start studying.
At Lieb School, our take is that this is what the public wanted following the great recession. Many borrowers have blamed their lender time and time again for making a loan that the lender new could not be repaid. These rules will greatly limit this problem in the future. However, its always said to be careful what you wish for. Now, you actually need to be able to afford a house you think you deserve.