Multi-Regional Multiple Listing Service) MRMLS members remember to update your pending listings on or before the Estimated Sell Date. You must manually change your listing status on or before the Estimate Sell Date or MRMLS Matrix will automatically change the status to “P*” for you, indicating the Estimated Sell Date has passed. The goal is to have the most accurate MLS data possible. Last month, almost 200 listings were automatically changed to P* by MRMLS Matrix. If listings are sold, mark them as Sold, if listings are still pending, extend the Estimate Sell Date. Listings are automatically changed to Auto Sold (S*) by MRMLS Matrix ten days after the Estimated Sell Date has passed.
Mortgage Relief Plans for homeowners has been announced by the Bush Administration that it is expanding federal mortgage assistance for subprime borrowers who are at risk of losing their homes, giving the Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) increased flexibility to insure more mortgages. Under HUD’s FHASecure expansion plan, some 500,000 families are expected to be able to refinance into prime-rate, FHA-insured mortgages by the end of this year.
The Federal Reserve System has created an online set of maps and data illustrating subprime and alt-A mortgage loan conditions across the United States. According to The Fed, the maps, which are maintained by the Federal Reserve Bank of New York, and their accompanying data may be used to assist in the identification of foreclosure hotspots; help community groups mobilize resources for financing counseling for homeowners and other programs; and assist policy makers with prioritizing expenditures for programs aimed at addressing the impact mortgage delinquencies and foreclosures may be having on their local economies.
Green tip of the week: Idling computers left on 24/7 gobble up electricity: the equivalent of a barrel of oil every 90 days. Fifteen perpetually idling computers in your brokerage are equivalent to the gas consumption of one car.
That is why Uniblue™ Research Labs released LocalCooling™, a free power management tool that automatically optimizes your PC’s power consumption via a more effective power-save mode. What’s more, you will be able to see your savings in real-time translated to more environmental terms, such as how many trees and gallons of oil you have saved. Visit www.localcooling.com to download the free software.
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.’S “Green Tips” are part of the Association’s effort to raise member awareness about environmentally sound practices and offer REALTORS® ideas for greening their business practices and better serving their green-minded consumers.
The House Ways and Means Committee approved a bill (H.R. 5720) that would make nearly all first-time homebuyers eligible for a tax credit of up to $7500 for the purchase of a home. The tax credit would be available for purchases between April 8, 2008 and April 1, 2009. Eligible purchasers could buy any property – existing home or newly constructed – so long as the house would be used as a principal residence. H.R. 5720 will likely be considered in the full House the week of April 21.
The Senate has approved a similar, but not identical bill (H.R. 3221). The Senate version calls for the tax credit to be available to all purchasers, not just first-time homebuyers. Also, the Senate version states that purchasers would receive the benefit of the tax credit only if they purchased properties that had been foreclosed.
Two appraisals are required for some new Jumbo loans: The US Department of Housing and Urban Development (HUD), on April 1st, released mortgage letter 2008-09 announcing that mortgages that exceed the January 1, 2008, conforming loan limit of $417,000 may require two appraisals. A second appraisal is required for these loans if the loan-to-value ration (excluding MIP) equals or exceeds 95 percent AND if the property is in a declining market. A declining market is determined by the appraiser or by the lender. The letter also limits the loan –to-value for cash-out refinances. The loan-to-value may not exceed 85 percent of the appraiser’s estimate of value if the homeowner pursues a cash-out refinance and the loan balance, excluding the FHA mortgage insurance premium, exceeds $417,000.
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