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NAR CONVENTION

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Title: NAR CONVENTION


1
NAR CONVENTION 2009 SAN DIEGO
Presented by Jim Franklin Prudential California
Realty President-elect 2010
2
Short Sale and Foreclosure Resource Certification
  • Take 8 hour course 99
  • Watch 3 free webinars
  • Send in form - 170 fee waived until 12/31/09
  • Realtorsfr.org

3
IntroductionNAR Accomplishments for 2009
  • Banks in Real Estate defeated for the last time
  • Mortgage Reform (exception for Real Estate
    Brokerage)
  • Home Valuation Code of Conduct (HVCC)
  • Short Sales procedures defined
  • First-Time Home Buyer Tax Credit/Move up-Move
    down Tax Credit
  • Protecting the Mortgage Interest Deduction

4
HVCC - Appraisals
  • H. R. 3044 calls for an 18 month moratorium, bill
    has cleared the committe
  • FHA now requires only one appraisal
  • Realtor.org/hvcc

5
Short Sales
  • Making Home Affordable Loan Modification Program
    (HAMP) first step in the process, short turn
    around for response.
  • Using HAMP financial and hardship information to
    avoid the need for additional documentation and
    analysis
  • Require servicer pre-approval before listing
    including the net price within 30 days.
  • No reduction in commission fee
  • Borrowers fully released

6
Short Sales
  • Using standard process, documents and timeframes
    for all lenders
  • Financial incentives to borrowers, servicers and
    subordinate lien holders to get short sale done
  • Borrower must be behind in payments as many loans
    are part of Securities backed Mortgages and
    cannot be split out unless in default
  • 50 point hit on FICO 200 Foreclosure on average
  • Average loss of 40,000 on REO vs. short sale
  • Declining home values can be

7
REO - FannieMae
  • Deed for Lease, owner can stay for 1 year.
  • Pilot short sale in California
  • REO up 7 in 2009
  • Limit agents to 30 properties, Secret Shopper
    program to check on listing agents
  • Verify your offer, buyers agent will be able to
    verify that lender received your offer
  • Neighborhood Stabilization Project allows low
    income and others 15 day period to purchase
    before investors
  • Current REO Inventory about 70,000 nationwide

8
REO- FannieMae
  • Homepath.com to apply as a listing agent
  • Loanlookup.fanniemae.com/loanlookup to verify if
    property is FannieMae, FreddieMac has the same
    website
  • Gabrielle Harrison
  • VP REO Sales
  • 972-773-7481
  • Gabrielle_b_Harrison_at_fanniemae.com

9
Other Meetings
  • Future of the MLS Realtor Property Resource
    Upgraded Software Compensation
  • FHA Commissioner David Stevens FHA in good shape,
    went from 2 of the market to over 40. Loan
    limits to remain the same.
  • Real Estate forum We are in the next wave
    running until 4/30/10, sales up 3.5 in 2010 and
    prices to increase slightly.

10
NAR 2010New OrleansFor additional information
or questions contactJim Franklin760 485
0858jim_at_franklinps.com
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