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New Truth in Lending Rules Affect Lenders
Legal Corner

Tool Kit on Use of Trademarks in Social Media
NAR has developed a tool kit to help you manage the use of the REALTOR® marks on social networking Web sites such as Facebook, LinkedIn, and Twitter. The kit includes an article and FAQs that can be reprinted or used in your association’s newsletter. It also includes sample letters.

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Announcing the All-New e-PRO® Certification Course
Save $60 and earn the revised designation for only $299!

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Events and Education
Second Affiliate Networking Night August 12 in Waltham
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Lenders must give good faith estimates of mortgage loan costs within three business days after a consumer applies for a loan under Truth in Lending (TILA) disclosure requirements (Reg. Z) revised by the Federal Reserve Board. The new requirements apply to loan applications filed on or after July 30. REALTORS® will want to learn the basics of these new rules so they can advise clients on the new procedures, which are complex and expected to be a challenge for lenders.
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At a press conference at the State House last month, MAR President Gary Rogers of RE/MAX First Realty in Waltham, joined Governor Patrick, Lt. Governor Murray and MassHousing Chairman Dirrane to announce Masshousing’s new loan program that allows first-time home buyers to “monetize” the $8,000 Federal homebuyer tax credit for down payments and closing costs. Read More
   


A July 10 lender bulletin from Freddie Mac says appraisers "must be familiar with the local market," select "appropriate comparable sales," and certify them as "most similar" to the property in question.  Read More
   

On August 17th the Boston City Council Committee on Government Operations will hold a public hearing to discuss Docket #0968 “Ordinance Regulating Zoning Code Compliance sponsored by Councilors Michael Ross (8th District-Back Bay, Beacon Hill, ay, Kenmore, Mission Hill, West End, Allston) and Maureen Feeney (3rd District-Dorchester, Harbor Islands).
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The Boston Fire Department (BFD) recently responded to concerns raised by the Greater Boston Real Estate Board regarding the wait time for fire inspections. The BFD has updated its policy in the hopes of better facilitating its interaction with REALTORS® and avoid future delays with respect to smoke and carbon monoxide detector inspections.
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The 2010 nomination process for GBAR leadership is now open and is perfect for members looking to take a more active role in the association. The deadline to apply for local, state and national director seats and the offices of GBAR president-elect, vice-president, treasurer and a director, is August 31. Information on the deadlines and the open positions is available in the 2010 GBAR Nomination Packet. Read More
   

The Federal Housing Administration (FHA) has issued a mortgagee letter that clarifies that FHA will finance loans for condo units in projects of fewer than 4 units AND will be reducing the presale/occupancy requirement from 51 percent to 50 percent. The clarification came out of a May meeting held between Representative Barney Frank and the Greater Boston Real Estate Board. The changes will go into effect on October 1, 2009.  Read More