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The Greater Boston Real Estate Board and its divisions will be moving on December 11, 2009 to One Center Plaza, Mezzanine Suite, Boston, MA 02108. Our phone, fax numbers and e-mail addresses will remain unchanged.  

In preparation for this move, please be advised that our e-mail and website (for those wishing to make online payment) will be down temporarily beginning Thursday, December 10 at 1:30 p.m. and is expected to be back in operation on Friday, December 11, at 12:00 p.m. 

Furthermore, the office will be closed for business on December 11 as part of this relocation; as a result even though we anticipate phone lines to be functional by Friday afternoon, we recommend waiting until Monday, December 14 to contact GBAR staff or the GBREB Membership Department.

Physical Location & Mailing Address

Greater Boston Real Estate Board (GBREB)

One Center Plaza, Mezzanine Suite

Boston, MA  02108


Mailing Address for dues:

Greater Boston Real Estate Board

P.O. Box 961777

Boston, MA 02196
 


All GBAR members should have received their 2010 Realtor® dues within the past two weeks (all bills are mailed to agents’ offices).  We know for some of our members, this year has been especially difficult and want you to know how much we appreciate your continued membership.  On that note, we encourage you to review our Top 10 Membership Benefits flyer, which highlights some of our most popular benefits.  For an even deeper review of benefits, feel free to visit the Massachusetts and National Association of Realtors® websites.

Notably, you can enroll in our four-month dues installment plan to spread your payment out.  And finally, all members who either pay their dues in full by December 31, 2009 or enroll in the payment plan (by December 15, 2009) receive a free $35 voucher toward a continuing education program.  Please be aware that dues received after December 31 will incur a $25 late fee.

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The Department of Housing and Urban Development (HUD) announced a period of "restraint" in enforcing the new Real Estate Settlement Procedures Act (RESPA) rule, which will go into effect on January 1, 2010. The period of restraint will last for 120 days. Enforcement restraint will be shown for FHA approved lenders acting in good faith to comply with the new rule, including the mandatory Good Faith Estimate and the HUD-1. HUD also asked other federal and state enforcement agencies to exercise restraint. HUD Secretary Shaun Donovan stated: "While we will not delay implementation of RESPA's new requirements, we are sensitive to the concerns of the industry as it integrates the new rules into their day-to-day business practices."

HUD Press Release >

HUD RESPA FAQs >

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On November 5, 2009, Fannie Mae announced its new Deed-for-Lease Program (D4L) that allows eligible borrowers facing foreclosure (or their tenants) to stay in their primary residences. Under D4L, the borrower transfers ownership of the property to the lender through a deed-in-lieu of foreclosure and the borrower (or the tenant) signs a lease for up to 12 months. The program is designed for borrowers who don't qualify for other workout solutions, including modifications, or who do not meet their obligations under the modification. The purpose of the program is to minimize displacement of families and deterioration of neighborhoods that often occurs when homes are left vacant. The rent may not exceed 31 percent of the family's gross income. Fannie reserves the right to market the property during the lease term and may sell it to an investor subject to the lease.

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At a recent speech before REALTORS®, Federal Housing Administration (FHA) Commissioner Dave Stevens noted that FHA, based on input from NAR, would soon remove the requirement for a second appraisal on certain loans.

The FHA recently released Mortgagee Letter 2009-48: Second Appraisal Reporting Requirements, which eliminates the need for a second appraisal on loans that exceed $417,000, have a LTV equal or greater than 95 percent, and are secured by properties located in declining markets. This Mortgagee Letter rescinds Mortgagee Letter 2008-09: Second Appraisal Requirements/Limits on Cash-Out Refinances. ML 2009-48 also eliminates the need for a second appraisal on cash-out refinances, as described in ML 2009-08.

FHA retains a second appraisal requirement per Mortgagee Letter 2006-14. This policy requires a second appraisal when a property is resold between 91 days and 180 days following acquisition by the seller. This is part of their property flipping prohibition policy.

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