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June 22, 2015


Joan Ostenso's Retirement Celebration
    I n   t h i s   i s s u e . . .
 
Events & Industry Insider Info
  • Possible 2-Month Delay of Settlement Changes
  • MD & DC CEU at PGCAR
  • 2016 Director and Officer Nominations Due July 10
  • 2015 Real Estate Legislation
  • Making Home Affordable (MHA) - Free Training Webinars
  • Membership Applications
  • Independence Day Observance - Friday, July 3


  • Consumer's Corner
  • NEW! $15,000 Home Ownership Program for College Park
  • $5,000 New Neighbors Program for College Park
  • $10,000 Down Payment Savings with 2.75% Mortgage
       - Homebuyer Savings for Miltary Families, Veterans, and Those with Student Loan Debt
  • Mortgage Rates Move Down from 2015 Highs


  • CFPB IS WORKING POSSIBLE 2-MONTH DELAY OF SETTLEMENT CHANGES
    For Now, the Deadline is Still August 1

    On June 17, the Consumer Financial Protection Bureau (CFPB) announced it is proposing an amendment to delay August 1, 2015 implementation of the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) regulation until October 1, 2015. The proposal must still undergo a public comment period before it becomes official.

    This is another welcome development, as well as the earlier 'sensitivity' the CFPB offered to companies making a good-faith effort to comply with the new TRID regulation.

    Please continue to prepare according to the current August 1 deadline:
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    AT A GLANCE: EDUCATION HIGHLIGHTS AT PGCAR

    ALL DC Real Estate Sales Licenses MUST be renewed by the August 31, 2015 expiration date.
    Required CEU must be reported prior to renewal. Register for required CEU now, at PGCAR.


    Early bird registration is only $18 for 3 CEU classes and $11 for 1.5 CEU classes.
    This Thursday, June 25
    MD Legislative Update - 3 MD Required Legislative Update CEU; 3 DC Elective CEU
    MD Fair Housing - 1.5 MD Required Fair Housing CEU; 1.5 DC Elective CEU
    This Friday, June 26
    MREC Agency - Residential - 3 MD Required or Elective CEU;
    required for every 2-year renewal cycle as of October 1, 2015
    Tuesday, June 30
    MD Code of Ethics - 3 MD Required Ethics CEU; 3 DC Elective CEU
    Wednesday, July 8
    New Agent Basics Workshop: What Type of REALTOR® Will You Be?
    - $15 Workshop Series ~ No CEU ~ PGCAR members Only
    Monday, July 13
    Conducting a Productive Open House - 3 MD Elective CEU
    Wednesday, July 15
    Reverse Mortgages - 1.5 MD Elective CEU
    Tuesday, July 21
    Upcoming Home Lending Changes - 1.5 MD Elective CEU
    Wednesday, July 22
    DC Fair Housing & Predatory Lending - 3 DC Required Fair Housing CEU
    DC Legislative Update / Exam Prep - 3 DC Required Legislative Update CEU
    Thursday, July 23
    MD Legislative Update - 3 MD Required Legislative Update CEU; 3 DC Elective CEU
    MD Fair Housing - 1.5 MD Required Fair Housing CEU; 1.5 DC Elective CEU
    Friday, July 24
    Contract - 3 MD & DC Elective CEU
    Monday, July 27
    MD Code of Ethics - 3 MD Required Ethics CEU; 3 DC Elective CEU
    Wednesday, July 29
    Financing Issues / Update - 3 DC Required Financing Issues / Update CEU; 3 MD Elective CEU
    See the complete schedule and register at www.pgcar.com >
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    The Prince George's County Association of REALTORS® is seeking self-nominations from individuals interested in serving as a member of the 2016 PGCAR Board of Directors. The PGCAR membership will elect a President-Elect and a Secretary to serve one-year terms in those positions, and four (4) individuals to serve two-year Director terms on the Board of Directors. All terms begin on October 1, 2015.

    Any individual wishing to run for
    President-Elect or Secretary
    • must be a REALTOR® member in good standing
      of PGCAR,
    • must have held membership in PGCAR for a minimum of two years, and
    • must have served two years as a Member of the Board of Directors during the last four years.
    Those running for a Director position
    • must be a REALTOR® member in good standing of PGCAR,
    • must have held Membership in PGCAR for a minimum of two years, and
    • must have served on a PGCAR Committee for one year during the last four years.
    Service on the Board of Directors requires a commitment to attend Board of Directors meetings (12 per year) as well as participating in other PGCAR activities.




    LEGISLATIVE ALERT
    2015 REAL ESTATE LEGISLATION


    Below is a status report of issues followed by PGCAR and MAR during the 2015 Maryland General Assembly Session and 2015 Prince George's County Council. Representatives of PGCAR frequently traveled to Annapolis and Upper Marlboro to lobby legislators and testify on a number of these issues. This year, we are happy to report, that we ended the Annapolis Session with several "wins" for REALTORS®. Our efforts before the County Council are on-going, as their session runs through December.

    2015 Prince George's County
    and Annapolis Delegation Issues
    Mike Graziano, Director of Government Affairs - PGCAR


    Prince George's County Budget FY 2016
    STATUS: Passed, Effective 7/1/15

    On Thursday May 28th, the Prince George's County Council passed the Fiscal Year 2016 Budget at $2.95 billion, considerably less than the $3.63 billion requested by County Executive Rushern Baker. The Council returned the budget with a $.04 real property tax increase as opposed to Baker's proposed $.15. In brief, the FY 2016 Budget package includes:
    • $.04 increase in the real property tax rate (from $.96 to $1.00 per $100 in assessed value)
    • $.10 increase in the personal property tax rate
    • 1% increase in the telecommunications tax rate
    • 2% increase in hotel/motel tax rate
    • $.015 increase in the MNCPPC tax rate (Vetoed by County Executive Baker. Veto overridden by County Council.)
    • Various permit and license fee increases, including a $40 increase in the cost of a single family rental license (from $75 bi-annually to $115)
    UPDATE - As of June 22, 2015, the County Executive and the County Council are engaging in a "back and forth" debate on the budget through vetoes and overrides. As it stands today, the Council has overridden an attempt by the County Executive to interject a revised budget calling for an approximate 11% tax increase. This override returns the tax increase to 4% which could still face a legal challenge.

    PGCAR ACTION - PGCAR was vehemently OPPOSED to the property tax increase. PGCAR led an extensive advocacy campaign against the property tax proposal that included face-to-face lobbying with elected officials, print media, email campaign and telephone calls. Though we were unable to defeat the tax increase entirely we were successful in lessoning the impact on homeowners to 4% instead of the massive 15% originally proposed. Read the June 8 President's Letter for more details >


    CR 26 - 2015 - Blue Ribbon Commission on County Structural Deficit
    STATUS: Passed by the Council 6/16/15

    This Council Resolution, when enacted, will establish a citizen advisory board to study the County's fiscal health and address the County's long term structural deficit.

    PGCAR ACTION - PGCAR SUPPORTS the concept and lobbied successfully to be named specifically in the resolution for a position on the study commission. A representative from PGCAR will be appointed to serve on the commission along with other members of the community and business interests.


    SB 756 - Prince George's County - Foreclosure Relief Act of 2015
    STATUS: DEFEATED

    This bill would have created a six-month, across the board, moratorium on foreclosure filings exclusive to Prince George's County. It would have also increased the evidentiary paperwork, notices and fees necessary for a lender to "docket" a foreclosure and require the Maryland Attorney General to "study" foreclosure practices in Prince George's County.

    PGCAR ACTION - PGCAR was OPPOSED to any foreclosure moratorium effort and lobbied vigorously to defeat this bill.


    HB 938 - Maryland / Washington Regional District - Fairness in Zoning
    STATUS: Passed, Effective 10/1/15

    This bill clarifies the procedure and processes for the County Council, acting as the District Council, to overturn a Planning Board zoning decision. The bill amends the permitting process by establishing clear criteria relative to: the timeframe the Zoning Hearing Examiner (ZHE) renders a decision, limits District Council appeals, clarifies who has standing in certain cases.

    PGCAR ACTION - PGCAR SUPPORTS clear and consistent procedures that expedite and add certainty to the permitting process.


    HB 935 - Tax Sales - Foreclosure of Abandoned Property
    STATUS: PASSED, Effective 6/1/2015

    By "foreclosing all rights of redemption" this legislation greatly expedites the County's possession of certain abandoned properties offered at tax sale when there is no private purchaser. The intent is to enable the County to more expeditiously take hold of vacant and abandoned properties and rehab or dispose of them.

    PGCAR ACTION - PGCAR SUPPORTS the rapid improvement of sub-standard, vacant abandoned properties.


    MAR Government Affairs

    Summary of 2015 Maryland General Assembly Legislative Session

    Read the summary of 2015 Maryland real estate legislation >


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    MAKING HOME AFFORDABLE (MHA) PROGRAM WEBINARS

    There are sessions for MHA Trusted Advisors and MHA Servicers. Click here to see all scheduled classes. Click on Event Center tab if not immediately directed to webinar listing.

    Upcoming sessions:

    Wenesday, June 24, 2:00 pm - 3:00 pm
    Trends in Homeownership and Mortgage Debt Among Older Americans

    Monday, July 13, 3:00 pm - 4:00 pm
    Home Affordable Foreclosure Alternatives Program Webinar

    Thursday, July 16, 2:00 pm - 3:30 pm
    CheckMyNPV.com - learn how this free online tool helps homeowners understand the net present value (NPV) evaluation process under HAMP by conducting an NPV evaluation of their mortgage. This session describes the calculator's easy step-by-step data entry process that allows homeowners to conduct an independent NPV evaluation and obtain a downloadable copy of the results.
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    2015 MEMBERSHIP APPLICATIONS

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    Fourth of July Holiday
    FOURTH OF JULY HOLIDAY

    The PGCAR office will be closed next Friday, July 3,
    in celebration of Independance Day.
    Have a safe and joyful holiday weekend!
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    A WEALTH OF INFORMATION - 24 X 7! - Find important industry information, as well as details and registration for PGCAR Events and Classes - all at the PGCAR.com Events Calendar.
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    - - - CONSUMER'S CORNER - - -
    Great reasons to stay in touch! Share these with your customers.


    NEW! $15,000 HOMEBUYERS PROGRAM FOR COLLEGE PARK
    A Second College Park Program Offers up to $5,000 in Home Buying Incentives!


    $15,000 Home Ownership Program

    Through a new College Park City-University Partnership (CPCUP) Home Ownership Program, employees of the University of Maryland, College Park can receive $15,000 in down payment or closing cost assistance for a home purchased anywhere in College Park. The home must be their primary residence. It can be a single-family or condominium unit.

    The $15,000 funding is received as a zero-interest, ten-year forgivable loan so long as all requirements are met. These funds may be combined with other home ownership programs and grants.

    The CPCUP Home Ownership Program is part of an effort to increase the number of University of Maryland employees living in the City of College Park as outlined in the University District Vision 2020.



    $5,000 New Neighbors Program

    College Park's New Neighbors Program provides a $5,000 grant when buying a primary residence in College Park. Applicants must agree to live in the property as their primary residence for a minimum of 5 years.

    New Home   /   Resale   /   Former Rental   /   Foreclosure

    Eligibility

    Anyone purchasing their primary residence within the City of College Park which meets ANY of the following conditions is eligible for a $5,000 grant:
    • Anyone purchasing a single-family home that was previously rented for a minimum of two years.
    • Anyone purchasing a single-family home or condominium unit that is in foreclosure or short sale status.
    • Anyone purchasing a single-family home or condominium unit who is a City of College Park employee; full-time certified police officer employed by the State of Maryland, the University of Maryland, the Washington Metropolitan Area Transit Authority (WMATA), Prince George's County or Maryland-National Capital Park and Planning Commission; career firefighter or full-time emergency medical technician (EMT) employed in Prince George's County; or members of a volunteer fire department in Prince George's County who can provide certification for their department.
    College Park Maryland Closing Cost and Down Payment Assistance   College Park New Neighbors website >

    Program Details PDF >
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    HOMEBUYER SAVINGS FOR VETERANS, MILITARY FAMILIES AND THOSE WITH STUDENT LOAN DEBT
    $10,000 in Down Payment Savings with 2.75% Mortgage Interest


    Homeownership Savings for Veterans and Military Families On Memorial Day, Governor Larry Hogan and Secretary Kenneth Holt announced a $20 million initiative that will give a significant boost to veterans and military families who are looking to buy a home in one of Maryland's 86 Sustainable Communities.

    The "You've Earned It!" initiative offers a 2.75% fixed-rate 30-year loan through the Maryland Mortgage Program and $10,000 in down payment assistance in the form of a zero interest deferred loan to active duty military, including members of the military reserves and National Guard, and honorably discharged veterans and veterans with a disability.

    The first phase of "You've Earned It!" - aimed at qualified homebuyers with more than $25,000 in student loan debt - was announced May 4.The initiative is for a limited time until the $20 million allocation is exhausted.

    Maryland's Sustainable Communities program seeks to strengthen reinvestment and revitalization in the state's older communities through state, local and private sector partnerships. There is at least one designated Sustainable Community in each of Maryland's 23 counties and Baltimore City. Use the online mapping tool to see whether a specific property address is in a sustainable community.

    For more information about the Maryland Mortgage Program, as well as other loan specials, participating lenders and homeownership counselors in your area, visit the Maryland Mortgage Program website.
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    MORTGAGE RATES IMPROVE FROM PRIOR WEEK'S SPIKE
    Mortgage Rates Move Down From 2015 Highs

    "Mortgage rates were down this week while housing data were generally positive," said Ken Liefer, Freddie Mac's deputy chief economist. "Although housing stats (PDF) dropped 11.1 percent to a seasonally adjusted pace of 1.04 million units in May, housing permits surged 11.8 percent to its highest level since August 2007. Reinforcing this positive momentum, the NAHB housing market index rose 5 points in June, suggesting home builders are very optimistic about home sales in the near future."

    Freddie Mac reports the following averages for the week ending June 18, 2015:

    The 30-year fixed-rate mortgage averaged 4.00%, down from 4.04% ~ Last year: 4.17%
    The 15-year fixed-rate mortgage averaged 3.23%, down from 3.25% ~ Last year: 3.30%
    The 5-year Treasury-indexed hybrid ARM averaged 3.00%, down from 3.01% ~ Last year: 3.00%
    The 1-year Treasury-indexed ARM averaged 2.53%, same as previous week ~ Last year: 2.41%

    Freddie Mac's Weekly Primary Mortgage Market Survey >

    Like PGCAR at www.facebook.com/pgcar to see monthly home sales statistics and this week's mortgage rate report as soon as they are released!

    National Market News:
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    SHARE HOMEBUYER SAVINGS FROM PGCAR.COM

    First-time homebuyers, homeowners buying again, Military homebuyers, teachers... There are real estate deals for everyone in Prince George's County. It's easy to find the right information and send links from www.pgcar.com >
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    9200 Basil Court, Suite 400  |  Largo, MD 20774  |  Phone 301.306.7900  |  Fax 301.306.8273
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