|April 4, 2011|
PGCAR Has Moved!
Our office re-opened this morning in a new location!
Our new location is conveniently located off I-495,
9200 Basil Court, Suite 400
Please visit our new office and REALTOR® store for signs, information boxes, and all your other REALTOR® needs.
Christmas in April
Please join us on Saturday, April 30 to help a Prince George's family. No skills required!
Maryland Mortgage Program (MMP) - Free 3 CEU Training
Learn how to utilize the Community Development Administration's MMP for your customers. CDA has competitive interest rates with no points! Downpayment assistance of $5,000 is still available, plus matching closing cost programs. This training is FREE, but register early! CDA workshops are being held Thursday, April 21 or Wednesday, May 11 at 8:30 am. Details and registration >
Learn more about how the MMP opens opportunities for qualified families to own their first home with safe, 30-year fixed mortgages at competitive interest rates. Read "Rethinking Our Rethink of Homeownership" by Secretary Skinner, Maryland Department of Housing and Community Development, on page 10 of the Maryland Realtor Magazine April / May issue.
MAR Breakfast of Champions - Two April Sessions
The Maryland Association of REALTORS® invites you to attend...
Tuesday, April 26 in Edgewood • Thursday, April 28 in Pikesville
Only $15 for program and breakfast.
Register Online for 2011 Midyear Meetings and Trade Show
This year's Midyear Meetings will take place
Registration and schedules are now online at realtor.org.
PRESERVE, PROTECT AND DEFEND MID - Take Action
You can shape legislation by being heard early and with strong conviction. This is one of those times. Congress needs to hear from you. Warning signs have appeared on Capitol Hill about removing the Mortgage Interest Deduction (MID). Homeowners have taken big hits the past few years. We cannot have Congress adding to the injury.
REALTORS® need to direct Congress to Preserve, Protect and Defend the MID. No economic recovery is possible without a vibrant housing market. Please Take Action today.
April is Fair Housing Month!
Invite everyone to the June 11 Housing Fair, and start posting links and flyers on Facebook, your website and local bulletin boards to help spread the word. Check out the NAR Store for Fair Housing brochures, handbooks and more, and learn from the resources below.
Down Payment and Closing Cost Assistance
My HOME Program
The My HOME program is now accepting applications, and offers up to 5% of home sale price
See complete My HOME Details at pgcar.com and the following links:
Over $1 million is dedicated to down payment and closing cost assistance through the My HOME program. It is estimated this will translate into over 100 loans. Help your clients become homeowners with this amazing opportunity.
My Home Bulletin - Real Property Taxes and DTI Calculation
Please be advised that if your borrower / applicant has a property that has been reassessed, has met the first mortgage lender's debt to income (DTI) requirement, but due to the current tax bill, your borrower / applicant is unable to meet the My HOME Program's 43% DTI requirement, we encourage you to process and send the file in with the higher DTI (attributable only to the higher tax bill).
The My HOME Program will work with the County Treasurer's Office to obtain an estimated tax bill reflecting the new assessed value for the My HOME Program's DTI calculation. The tax estimate provided from the Treasurer's Office is for the My HOME Program's internal use only, is not evidence of the actual tax liability, and will not be provided by the My HOME Program to either the participating lender or the borrower / applicant.
Please note that the borrower / applicant must still meet the My HOME Program 43% maximum DTI requirement. No exceptions will be made if the borrower / applicant is still above the 43% DTI requirement after the estimated tax bill reflecting the new assessment is used. For more information, please contact Rosalyn Clemens, NSP & My HOME Program Manager at 301.883.3288 or email@example.com.
203K Workshop for Homebuyers
The County is offering a 203K Workshop class for homebuyers next Wednesday, April 13. This class is for your customers, not for REALTORS® or Lenders. Please alert your Homebuyers to this FREE opportunity. An RSVP to HSTOKES@co.pg.md.us is required. Details >
Market Sen$e: Rates Fluctuate, County Sales Enjoy Early Spring Fever
Average mortgage rates increased again, still well below the 5% mark for 30-year fixed-rates. Freddie Mac reports the following averages for the week ending March 31, 2011:
Freddie Mac's Weekly Primary Mortgage Market Survey >>
March sales reports will be available later this week, probably by end of business this Wednesday, April 6 at pgcar.com/stats >>.
Save Cash and Time with YOUR 24 / 7 Virtual Branch Bank
Enjoy better rates on loans and savings accounts, scan and deposit checks from your home or office, pay your bills online, transfer funds online, and call a customer support person anytime of day or night!
Visit REALTORSFCU.ORG to join the REALTORS® Federal Credit Union today.
MRIS PASSWORD SHARING PROHIBITED!
Potential Fines and Loss of Access Alert
As a valued member of our association, we want you to be aware that MRIS does monitor customer logins to their applications. Starting this week, MRIS will begin notifying their customers if password sharing has been detected. Should you receive a notification, you will need to follow the steps on the notification to stop the sharing of your login credentials. If the password sharing continues, MRIS will begin issuing fines and even revoking access.
The MRIS Subscription Agreement, signed by each MRIS customer, states that the password / PIN must remain under the control of the subscriber and cannot be shared. Continued sharing of login credentials is a breach of the legal terms governing your subscription. Your personal or administrative assistant must also have their own MRIS subscription so they receive a separate User ID, PIN and Password for access to the system.
We recommend you change your password immediately if you believe that your login credentials may be compromised. Protect your User ID, PIN, and Password and DO NOT SHARE it with anyone else.
NAR Federal Tax Report
1099 Reporting Repeal Effort Continues
House and Senate bills have been introduced that would repeal the 1099 information reporting requirement affecting all businesses, that was included as one of the "pay-for" provisions in the 2010 Health Care legislation. HR 4 has 273 House sponsors from across the political spectrum. Senate Finance Committee Chairman Baucus (D-MT), along with Majority Leader Harry Reid (D-NV) has introduced S 72, now with 22 cosponsors. In the State of the Union address, President Obama anticipated that the provision would be repealed and said he would sign a bill with full repeal. Nonetheless, neither bill has been scheduled for House or Senate consideration. NAR supports this repeal effort.
Unfortunately, neither bill includes a repeal of the burdensome landlord reporting provision that was included in a 2010 small business bill. That provision requires ALL persons who "receive rental income"(not just property managers) to report payments of over $600 to the contractors and others who do work for them. NAR has identified a senior member of the House Ways and Means Committee who intends to lead an effort to secure repeal of the landlord provision.
NAR Issue Brief: Information Reporting IRS Form 1099
COMMUNITY SERVICE AWARD - Tell Us What You've Done
So many PGCAR members help others in the community. Please tell us about it, by completing a simple online form. Whether you adopted a family, collected "Toys for Tots," donated to local charitable organizations, or donated time at your child's school or at church, we want to know about it. We will compile and submit all submissions for possible MAR C.A.R.E. award recognition. If PGCAR wins, MAR will contribute funds to a charity within our community! With your help, we can win. We just need to know:
REALTOR® Magazine Seeks Good Neighbor Nominations
Five winners will receive $10,000 grants and national publicity.
REALTOR® Magazine is seeking nominees for the 2011 Good Neighbor Awards. The program recognizes REALTORS® whose extraordinary commitment to community service has helped make their communities better places to live.
Deadline for entry is Friday, May 20, 2011, 6 pm EST.
WANTED: 2011 - 2012 MAR Committee Volunteers
Committee descriptions and a volunteer form are now online at www.mdrealtor.org. All MAR members are encouraged to apply for 2, no more than 3 preferred committee choices. Some committees have specific requirements; however, every attempt will be made to accommodate your request for at least one committee assignment. Committee selections are prioritized by qualifications and date received.
Reminder: Current MAR committee members must re-apply for 2011 - 2012 MAR Committee memberships.
Applications are due Wednesday, May 11.
$50 Million Fund Aims to Jump-start Development in Prince George's
Prince George's County Executive Rushern L. Baker III rolled out his new strategy for economic development last week, introducing his new economic development team and proposing a $50 million one-time investment into a county Economic Development Incentive Fund.
The new $50 million fund would provide support for activities such as mixed-use development projects, business startup capital, land acquisition and building construction, which help county businesses and attract new business to the county.
Complete Gazette.net article >
MD and DC CEU at PGCAR
Reminder! All classes are now being held at our NEW offices, just off the Route 202 / Landover Road exit of I-495. Find us at 9200 Basil Court, Suite 400, Largo, MD 20774. There's plenty of parking.
Earn Your GRI in 2011
Whether you're taking your first GRI course ever, or just need a few more classes, you can earn your GRI designation this year at PGCAR. All three of the required 5-day series are offered.
Membership Renewals Past Due
Brokers and non-paid Agents - January 31 was the deadline to pay 2010-2011 dues or remove any unpaid agents from your office roster. All new licensed agents in your office were also required to join by January 31.
Renew Online, or please call the office at 301-306-7900 to renew.
DC Broker and Property Manager Licenses
Non-renewed licenses expired as of March 1, 2011.
Renew Your DC Broker or Property Manager License Online >
Practicing real estate within DC without a current DC real estate license is punishable by fines, loss of your license and other disciplinary actions. For more information on license renewals from the DC Real Estate Commission, click here. The 60-day grace period to renew your expired license with a late fee of $50 ends April 30. After this period, you must reinstate your license.