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New in 2019, GBAR will be highlighting our Platinum Partner Sponsors via industry-focused articles, which contain information for our REALTOR® members. Below is our first in our series this year, presented by Metro Credit Union.

Metro Credit Union is a leader in residential mortgage lending, offering a wide variety of mortgage products that meet the varied needs of borrowers, including purchase mortgages, refinances, and home equity loans. With a focus on first-time homebuyers, we offer ongoing Informational seminars and multiple programs including HomeReady™, HomePossible® and Operation Welcome Home. The Portfolio Plus Mortgage, one of the more innovative programs available, was specifically created to give those with less savings but good credit the chance to become homeowners. Our credit union also participates in many government programs including the FHA, MassHousing and At Home mortgage programs.  Most mortgages are kept in-portfolio and are serviced by our team in Chelsea, Massachusetts, providing our members with local service and support. Visit MetroCU.org for more information about our mortgage options.

Do you know about 100 million Americans have chosen a credit union for their banking needs?  What is a credit union, and why should you join Metro?

A credit union is a member-owned, community-oriented, not-for-profit financial institution. Banks and credit unions work similarly, but have different goals. You are a customer of a bank, but a co-owner of a credit union. Because banks are for-profit institutions, their goal is often to generate profit for their stock holders. Credit unions are nonprofits whose goal is to help their members. 

Metro Credit Union was founded on the principal of People Helping People.  As part of their mission, our credit union gives back to its local communities by volunteering and supporting local organizations. The credit union’s earnings are returned to members in the form of better rates, lower fees, and competitive products and services. By design, all credit unions are democratically run, and as a member you have the opportunity to vote on important topics at membership meetings. Unlike at large financial institutions, credit union boards are comprised of democratically-elected volunteers who are not paid.  

There are many benefits to joining Metro: lower loan interest rates and fees, higher savings rates, and access to trusted professionals who help members plan for their future. Plus, the credit union offers tools and services geared towards increasing members’ financial wellness. These include free credit report monitoring, free seminars on important financial education topics, and workplace banking programs. And deposits are fully insured with combined deposit insurance through the National Credit Union Administration and the Massachusetts Credit Union Share Insurance Corporation, offering our members peace of mind in knowing their deposits are protected.  

In addition to comprehensive mortgage loans, Metro offers home equity, car, and business loans, and credit cards, as well as different types of insurance and investment programs. Our credit union offers the full range of deposit products including checking accounts, savings accounts, Christmas and Vacation Club Accounts, certificates of deposit, and money market accounts. Plus, with a My Reward Checking account, members enjoy no ATM fees nationwide and even internationally! 

Becoming a member of Metro is easy.  All that is required is a $5.00 deposit, which is considered your share of ownership in the credit union.  You are eligible to join if you live, work or have a place of business in Barnstable, Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, or Worcester county in Massachusetts, and Rockingham or Hillsborough county in New Hampshire.

Interested in joining a banking institution that values members over profits? Achieve your financial goals and join the more than 213,000 members who enjoy the benefits of Metro Credit Union! Visit MetroCU.org or call 877.696.3876 today!

Don't Overlook Credit Unions as a Mortgage Lending Provider

On June 11, the Massachusetts Legislature and the Baker-Polito Administration officially enacted legislation to delay the start of employer and employee contributions to the Paid Family and Medical Leave program (PFML) by three months to October 1, 2019.

This delay will allow employers across the Commonwealth more time to prepare their organizations and workforces for PFML. Please read below to see how this delay will affect you and your responsibilities under the law.
 
Required Withholding Now Starts October 1
The start date for required PFML contributions is now October 1, 2019. On that date, employers must begin withholding PFML contributions from employee qualifying earnings.  Employers will be responsible for remitting employee and (if applicable) employer contributions for the October 1 to December 31 quarter through MassTaxConnect by January 31, 2020.
 
Contribution Rate Change
The PFML law requires that the Department adjust the contribution rate to offset the shorter period for collections that will result from the three month delay. As a result, the total contribution rate has been adjusted from 0.63% to 0.75% of employee qualifying earnings. This adjustment will ensure that full funding will be in place for the commencement of benefit payments in January 2021. 
 
Timeline Extended for Required Employee Notices
Employers now have until September 30, 2019, to notify all covered individuals of their rights and obligations under PFML. Check the Department website at mass.gov/pfml in the coming days for updated notices to provide to your workforce.
 
Timeline Extended for Exemption Applications
Employers that offer paid leave benefits that are at least as generous as those required under the PFML law may apply to the Department for an exemption from making contributions. Employers will now have until December 20, 2019, to apply for an exemption that will excuse them from the obligation to remit contributions for the full period commencing with the October 1 start date.
 
PFML Regulations Will Be Final and Effective on July 1, 2019
The final regulations will be posted on the Department website at mass.gov/pfml on Monday, June 17, 2019. The regulations will be formally published under the title 458 CMR 2.00 DEPARTMENT OF FAMILY AND MEDICAL LEAVE. MAR will provide further updates after the regulations are posted.
 
More about PFML
Beginning in 2021, PFML will provide temporary income replacement to eligible workers who are welcoming a new child into their family, dealing with a serious illness or injury, caring for an ailing relative, or dealing with complications resulting from the military deployment of a family member. The program is funded by payroll-based contributions from employers, employees, and certain contract workers.

If you are interested in more information about PFML, a webinar on the issue is available here.  If you have any questions or would like help understanding your responsibility under the law, please call the MAR legal hotline at 800-370-5342 or email at legalhotline@marealtor.com.
Three Month Delay Approved for Massachusetts Paid Family & Medical Leave Act

Annual GBREB Scholarship Event






For additional information, please visit the Foundation page, here
Annual GBREB Scholarship
 

Education & Events

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REALTOUR- Central Middlesex Region
Jul 23, 2019
Colonial Inn Concord
48 Monument Square
Concord, MA
REALTOURS- Eastern Middlesex Region
Jul 24, 2019
Four Points Sheraton Wakefiield
One Audubon Rd
Wakefield, MA
REALTOUR- Metro Boston Region
Jul 25, 2019
WilmerHale
60 State St
Boston, MA
Real Estate Professional Ethics -Live Classroom
Aug 01, 2019
GBAR Member Training And Service Center
68 Main Street
Reading, MA
Discovering Commercial Real Estate
Aug 08, 2019
GBAR Member Training And Service Center
68 Main Street
Reading, MA
CE Webinar- High Performance Green Homes In Residential R.E.
Aug 12, 2019
Seller Representative Specialist (SRS Designation)
Aug 13, 2019 - Aug 14, 2019
Greater Boston Real Estate Board
Three Center Plaza, Mezzanine Suite
Boston, MA
GBAR New Member Orientation (Randolph, MA)
Aug 16, 2019
The Lantana
43 Scanlon Drive
Randolph, MA
Ziplogix Training
Aug 19, 2019
GBAR Member Service & Training Center
68 Main Street
Reading, MA
 

Calendar

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REALTOUR- Central Middlesex Region
Colonial Inn Concord
9:30am
 
REALTOURS- Eastern Middlesex Region
Four Points Sheraton Wakefiield
9:30am
 
REALTOUR- Metro Boston Region
WilmerHale
9:30am
 
Real Estate Professional Ethics -Live Classroom
GBAR Member Training And Service Center
10:30am
 
Discovering Commercial Real Estate
GBAR Member Training And Service Center
8:30am
 
CE Webinar- High Performance Green Homes In Residential R.E.
9:00am