tila respa integrated disclosure (trid) rule - ranww.org · id or assessor's parcel number...
TRANSCRIPT
INSIDE THIS EDITION
August 1st/It affects YOU! 1
New Members 2
Assign Lockbox to Listing 2
Realist Tax Data in MLS 3
MLS Conversion Reminder 3
Syndication Field Reminder 3
NWWMLS App enhancements 4
REALTOR® Pride Police 5
Professional Standards Training 5
RPAC Short Take 6
WRA Legislative Update 6
Calendar of Events 7
DSA Nomination form 8
Know Before You Owe 9
How it Affects You 10
May 2015
1903 Keith St.
Eau Claire, WI 54703
715-835-0923
2014 –2015 RANWW BOD
Executive Committee
Contact Info:
Tina Theisen - President
715-379-7785
Joe Germain - President Elect
715-828-1113 [email protected]
Marty Tauger - Treasurer
715-770-9181
August 1st…..It affects YOU!
Page 1
NOMINATIONS NEEDED…..Krag Blomberg and the Nominating committee will be taking nominations for the Distinguished Service Award; RANWW's most prestig-
ious award. Intended to recognize high-quality service to RANWW on a long-term basis, the DSA should not necessarily be viewed as "end of career" or "lifetime achievement" award. Recipients shall have demonstrated a high level of commitment to RANWW; contributed a substantial amount of time, effort and creative imagination; and established a record of effective participation in RANWW affairs. Recipients' RANWW activities shall have set a high standard and be worthy of
emulation. DSA will be awarded only once to each recipient. If you would like to nominate a
deserving individual, Nomination forms can be found on page 8 of this newsletter.
TILA-RESPA Integrated Disclosure (TRID) rule goes into effect on
August 1st! This rule will impact all mortgage applications submitted on or after August 1st, 2015. This mortgage initiative is more commonly referred to as ‘Know Before You Owe’. For more extensive information about this initiative, go to http://www.consumerfinance.gov/knowbeforeyouowe/ and http://www.consumerfinance.gov/
regulatory-implementation/tila-respa/
How Does This Rule Impact Your Realty Business?
Closing Disclosure may need to be mailed to the borrower a full week prior to the closing, it is recommended to write an offer with a closing date at least 45 days from acceptance.
It may be necessary to schedule two walk-throughs. It is recommended that the first walk-through take place at least a week prior to closing to identify any items that may require an unexpected inspection, etc. If there are additional costs to the borrower, this must be disclosed to them on the Closing Disclo-sure. If the walk-through doesn’t happen until the day before closing and addi-tional costs are identified, this will delay the closing due to disclosure require-ments.
Since the borrower is required to have the Closing Disclosure in their hands 3 business days prior to closing, the lender will need all figures to complete the disclosure. There will need to be collaboration between lender and REALTOR® to obtain these figures in time to provide the disclosure.
For more information see full document on pages 9&10
Mark your calendar to join us for the Annual Meeting on June 25th @ Turtle-
back in Rice Lake! We will be presenting more information regarding the August
1st changes and how it will affect your customers. August 1st it Affects
YOU!/Know Before You Owe Keep an eye on your email and the
RANWW website for the upcoming registration form!
Welcome New Members!
In accordance with our bylaws, notice is hereby given that the following individuals have applied for RANWW
membership; written comment, which shall be kept confidential, is invited.
Chris Becker - C & M Realty Linda Dezotell - Timber Ghost Realty Amy Dills - Outdoors Realty Jessica Groh - Pinnacle Home Inspections Ben Hanvelt - Coldwell Banker Brenizer/Rice Lake Joan Lesik - Woods & Water Realty/Bloomer Stacey Pitsch-Stumpf - Haselwander Real Estate Donna Sieg - Thayer Real Estate Clay Wanty - First National Bank of Waupaca
Page 2
How to Assign a Lockbox to a Listing Clip & Save
NOTE: Leave your SentriCard IN the lockbox for steps 1 through 5.
1. Insert your SentriCard into the lockbox
2. Wait for the Code light
3. Enter your PIN
4. Press ENT – do not remove your SentriCard!
5. Press FUNC + 1 (Lockbox makes 5 triple-beeps before it releases the shackle)
6. Holding on to the lockbox, Remove the Shackle – do not remove your SentriCard!
7. Press FUNC + 2
8. Enter the Number Portion only (example: 123) of the street address (example: 123 Main St)
OR the ML# (example: 374209)
9. Press ENT – do not remove your SentriCard!
Made a mistake? Repeat Steps 8 and 9
10. Press FUNC + 3
11. Press ENT
12. Place the house key in the key compartment and close it.
13. You may now remove your SentriCard.
14. Firmly attach the shackle to the lockbox – the latch will click when it is completely attached.
A lockbox correctly assigned to a listing ensures accurate company inventory records.
TAX DATA/PUBLIC RECORDS COMING TO MLS! Page 3
MARK YOUR CALENDAR! MLS Conversion Jan-
Feb, 2016. Watch this newsletter, MLS Message of
the Day, Facebook, Twitter and emails for further in-
formation as the time approaches!
NWW MLS is pleased to announce the upcoming integration of Realist® public record data with MLS
listing content, allowing for delivery of in-depth property data and local market information.
Currently, public record data is available for: Barron, Burnett, Chippewa, Dunn, Eau Claire, Pepin, Rusk
and Sawyer.
Realist® will integrate with the MLS, allowing you to research properties and listings, assess market conditions and trends, value homes, identify comparables, market for buyers and sellers, and create custom exports of information. With Realist® you’ll be able to:
Conduct searches using property and owner characteristics, including owner name, address, street and telephone numbers, tax
ID or assessor's parcel number (APN)
Create, save and reuse custom search queries as needed
Combine MLS listing and Realist® data for detailed professional reports such as Property Detail, Comparables, Market Trends,
Foreclosure Activity, and MLS Listings
Print or email a report in PDF format
Personalize report cover letters with agent provided information including photos, logos and contact information
Create selling tools, including home value reports and listing kits, with custom reporting options
Export real estate data for contact management applications, marketing lists and mailing labels
The MLS looks forward to making Realist available to you in this month of May. Training sessions will be provided via webinars or pre-recorded videos to allow you to learn the program on your time. Watch for emails, MLS Messages of the Day, ranww.org and the RANWW Facebook page for more information as the “live” date for Realist draws near.
To the left is a screen shot of one of the many reports agents can
generate from Realist—everything from
Property Detail
Comparables
Market Trends
Neighbors
Neighborhood Profiles
Assessor Maps
To view a demo of Realist copy/paste the following into your browser: http://tinyurl.com/md7srjg
SYNIDICATION DATA FIELD REMINDER:
If you want to send your listings to Zillow Group (includes
Zillow.com, Trulia.com, Hotpads.com and StreetEasy.com)
and/or Homes.com, select them in the picklist in the required
Syndication data field.
If you do not want to send your listings to either of them,
select None.
Agents: if you enter your own listings, be sure to check
with your broker before you enter a listing to know what
your company’s syndication strategy is!
Page 4 NEW ENHANCEMENTS TO NWW MLS MOBILE APP Page 4
The mobile MLS app has been updated recently and offering some exciting new enhancements! If you aren’t using the mobile
MLS app, search your app store (App Store or Playstore) for NWWMLS.
The following new enhancements make use of the product much easier for you! Large location based pick lists for counties, areas, etc.
Dynamic off/on toggle switch from map view; On=fast pace continuous
search as you move around the map; Off=slower pace that only
searches when you apply new search results
Easy access to Help menu
Easy access to calculator
Thumbnail photo now appears in Portrait view on iPhones
Page 4 REALTOR® Pride Police Page 5
The REALTOR® Pride Police will be looking for you
during the month of May!
During the month of May, the RPP will be looking for you! If you are “caught” wearing your
REALTOR® pin, the RPP will take a photo of you and enter it in a drawing for a chance to win an
Amazon gift card! Take pride in your profession and let the world know you are a REALTOR®!
Don’t have a REALTOR® pin?….Contact the board office and we will gladly supply you with one
that can be worn this month and every month!
“You are the “Director of First Impressions” for your company. How you act, dress and respond to clients will provide the
impressions they will receive regarding the corporation as a whole. Therefore, act professionally, dress like the astute
real estate professional that you are, and respond to your clients’ requests with respect and promptness.” - Diane M., Jupiter, FL
Meet the RPP!
Julie Flor (Chairman/Six Lakes Realty), Austin
Bayer( Real Estate Solutions), Jenny Ebert
(Associated Bank), Rod Hanson (WESTconsin Re-
alty), Maria Introwitz (Bremer Bank), Bob Marek
(Flagstar Bank), Shasta Mohr (CB Brenizer), Judy
Nichols (WESTconsin Realty)
PROFESSIONAL STANDARDS COMING TO RANWW……...
WHEN: June 3rd, 2015 9am - 3pm
WHERE: RANWW 1903 Keith St. Eau Claire, WI 54701
INSTRUCTOR: WRA Attorney Tracy Rucka
COST: No charge to RANWW members
WHO SHOULD ATTEND: All Board of Directors and anyone wishing to serve on the Professional Standards Committee
Tracy will cover the professional standards process from the initial filing of a complaint to the final action by the board of directors. The presentation will cover ethics, arbitration and mediation. Participants will be given stories of hypothetical complaints and have an opportunity to discuss them to determine if there was a violation of any articles of the Code of Ethics.
Please contact WRA to register for this event : [email protected]
Professional Standards Training
RPAC “Short Take” Page 6
Right to Rent;
Thousands of Wisconsin homeowners chose to rent out their homes every year for different reasons. Howev-er, certain state and local regulations are making it more difficult, and in some cases, impossible for home-owners to rent. The WRA is supporting legislation that would protect the ability of homeowners to rent their homes. Your support for RPAC and the Direct Giver Program makes it possible to support candidates who support private property rights, including the WRAs “Right to Rent” legislation.
Thank you for your continued investment in RPAC
Two-year Statute of Limitation for Liability
Wisconsin real estate licensees are currently subject to a six-year statute of limitations on litigation related to written contracts. This is important because licen-sees are inevitably named in many lawsuits related to the transaction due to the perception that they have "deep pockets." The WRA is seeking legislation to pass a two-year statute for claims against real estate licensees. For more details about this legislation, see the article
"Limiting Your Liability: New Legislation Would Provide a
Two-year Statute of Limitation for Liability" in the April 2015
issue of Wisconsin Real Estate Magazine online at
https://www.wra.org/WREM/Apr15/Statute
If issues like Right to Rent and Two-year Statute of Limitation for Liability are
important to you and your business practices, please consider and investment
in RPAC today! Legislation can not be changed without continued RPAC in-
vestments from our membership, please contact Bruce King RANWW Govern-
ment Affairs Director and make your 2015 investment today!
715-828-1976(cell) or [email protected]
Dates to Remember Page 7
August
6th - RANWW BOD Meeting
6th - “Hope for Homes” 4mile Family Fun Run
18th - RANWW Golf Outing/Wildridge
20th - New Member Orientation
June
3rd - Professional Standards Training (remote)
25th - RANWW BOD Meeting
25th - RANWW Annual Membership Meeting
May
1st - WRA BOD Meeting
1st - MLS BOD Meeting
3rd - Foundation Fundraiser
5th - Foundation BOD Meeting
7th - RANWW BOD Meeting
11th - 16th REALTORS® Legislative Meetings & Trade Expo
21st - New Member Orientation
25th - Memorial Day office closed
27th - Nominating Committee conference call
July
3rd - RANWW & NWWMLS office closed
9th - MLS BOD Meeting
13th - 24th Online Voting
27th - Elections Committee conference call
30th - Nominating Committee meeting
30th & 31st WRA BOD Meeting
Realtor® Recommendation – “Treat them like gold. (clients, fellow agents, affiliates, etc.)
Customer service is key, no matter who it is” ~ Angel S., Omaha, NE
Know Before You Owe
The Consumer Financial Protection Bureau (CFPB) was established in 2010 under the Dodd-Frank Act and directed to publish a rule that combines disclosures required under Regulation Z-TILA and Regulation X-RESPA. This is now known as the TILA-RESPA Integrated Disclosure (TRID) rule. This rule will be in effect for all applications submitted on or after August 1, 2015.
This mortgage initiative is more commonly referred to as ‘Know Before You Owe’. For more extensive information about this initia-tive, go to http://www.consumerfinance.gov/knowbeforeyouowe/ and http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
Replaces early Truth in Lending (TIL) and Good Faith Estimate (GFE)
Designed to provide borrowers with good faith estimate of costs and terms of transaction
Intended to encourage easier shopping and comparison of credit transactions
Lender must hand deliver or place the Loan Estimate in the mail within 3 business days after receipt of loan application
Early Loan Estimate must be delivered at least 7 days before consummation
Revised Loan Estimate must be sent within 3 business day of a changed circumstance
Replaces HUD-1 Settlement Statement and Final Truth in Lending (TIL)
Looks similar to the Loan Estimate for ease of comparison
HUD lines no longer exist. Fees are listed alphabetically in appropriate category
Owner’s Title Insurance will be listed in the Other section as ‘optional’
Real Estate Commission will be listed in the Other section
Lender is responsible for timing of delivery, completeness and accuracy
Must be received by the borrower no later than 3 business days before closing
Redisclosure of the Closing Disclosure is required AND a 3-day waiting period if the APR becomes inaccurate, the loan product
changes or a prepayment penalty is added
Once the Closing Disclosure is issued, the Loan Estimate cannot be redisclosed
The Closing Disclosure cannot be delivered prior to or on the same day as the Loan Estimate. This means that the Closing Disclosure can be delivered one day after the most recent Loan Estimate.
The rules require that the borrower has to ‘receive’ the disclosure before the 3-day waiting period starts. The waiting period is in-tended to give the borrower enough time to review and understand the disclosure.
In Person or Hand Delivery – Considered ‘received’ when the form is hand delivered
Mail or Email – Rule is the same for both methods. Once mailed/emailed, there is a 3-day waiting period for delivery. Then there is a 3-day review period.
Early Receipt: The Lender may rely on evidence that the consumer received the emailed disclosures earlier.
For example, if the Lender emails the disclosures at 1 p.m. on Tuesday and the consumer emails the Lender with an acknowledgement of receipt of the disclosures at 5 p.m. on the same day, the Lender could demon-
strate that the disclosures were received on the same day.
Loan Estimate
Closing Disclosure
Delivery Methods
Determining Closing Date on Offer
Since the Closing Disclosure may need to be mailed to the borrower a full week prior to the closing, it is recommend-ed to write an offer with a closing date at least 45 days from acceptance.
Walk Through Schedule
It may be necessary to schedule two walk-throughs. It is recommended that the first walk-through take place at least a week prior to closing to identify any items that may require an unexpected inspection, etc. If there are additional costs to the borrower, this must be disclosed to them on the Closing Disclosure. If the walk-through doesn’t happen until the day before closing and additional costs are identified, this will delay the closing due to disclosure require-ments.
Preparation of Closing Disclosure
Since the borrower is required to have the Closing Disclosure in their hands 3 business days prior to closing, the lender will need all figures to complete the disclosure. There will need to be collaboration between lender and real-tor to obtain these figures in time to provide the disclosure.
Example of Timing for Mailed Closing Disclosure (CD)
Example of Timing for Mailed Closing Disclosure (CD) with Early Receipt
How Does This Rule Impact Your Realty Business?