Keller Williams Realty - Gateway
Team Meeting ~ March 29, 2011
11:30 - 12:15
ANNOUNCEMENTS
Citi/KW Alliance to Send Sellers To Our Agents
B of A New Real Estate Agent Resource Center
eEdge Update
Realtor Service Volunteer Program
BROKER RISK MANAGEMENT
Life on MARS
Forms Available for Life on MARS
Seller Short Sale Advisory
12:15 - 12:30
ALC UPDATES
Growth Committee w/Frank Cancilla
Culture Committee w/ Mary Woolsey
WRAP-UP
Wants, Needs, Plugs
Keller Williams Realty and CitiMortgage:
Helping Our Agents Help Homeowners
As part of our relationship with CitiMortgage, Keller Williams Realty
associates will soon have a unique opportunity to help tens of thousands
of homeowners on the verge of foreclosure.
In the near future, CitiMortgage will begin a pilot program of a marketing
campaign to delinquent mortgage holders, encouraging them to consider
a short sale as a solution to their mortgage hardship. Within this mailing,
select KW agents will now have the opportunity to be positioned with
these homeowners as a resource for listing and completing their short
sale.
Please join Team Leader Tuesdays this week for more
important information about this pilot program!
Tuesday, March 29, 12 noon (CDT)
Register for either Webinar to ensure your seat!
http://bit.ly/eCQNXy or http://bit.ly/fOcumI
To qualify for inclusion in these mailings (which will feature agents in the
target market on a round-robin basis), an agent must meet the following
criteria:
Completed KWU’s soon-to-launch Short Sale Mastery One-Day Intensive
Training, sponsored by Citi®
OR Completed the Certified Distressed Property Expert® (CDPE)
training
OR Completed NAR’s Short Sales and Foreclosure Certification Program
(SFR)
OR Completed Five Star Short Sale Certification Program
AND you must be a member of KW's Distressed Property Community. If
they have completed at least five (5) short sale transactions and would
like to be included, click here.
To prepare for this opportunity,
Login to myKW, and ensure that your short sale agents are members of
our Distressed Property Community
Encourage your associates to update their White Pages profile to reflect
their correct designations
Exclusively for real estate professionals.
New Real Estate Agent Resource Center
As part of Bank of America's commitment to providing
real estate professionals with information and
resources to help them better serve their clients, we
are pleased to launch the new online Real Estate
Agent Resource Center. Currently focused on short
sales, the resource center provides real estate
professionals with comprehensive information and
educational material on Bank of America's short sale
process.
Visit the Resource Center today at
bankofamerica.com/realestateagent.
Short sale resources include:

Education library: View previous webinars and
browse education guides.

Email Subscription: Stay current on important
updates. Sign up today!

Events: Sign up for upcoming webinars.

Enhancements & Updates: Learn about the
latest system improvements and current news.
Bank of America is dedicated to offering tools and
resources that can help make the short sale process
easier for agents and their clients to understand. To
make sure you are up to date on the latest
information about the short sale process, be sure to
visit the Resource Center often.
Please give me a call at any time if you have
questions or would like additional information.
Contact Me
Jonathan Engler
Sr. Home Loans
Manager
Direct line:
650.846.4808 Ext.
visit my website
“Stumbling upon” solid leads
Crediting his MAPS Coach, Beth Torrence with some great eEdge training
ideas, Todd Polinchock, team leader from the Blue Bell (Pa.) market center,
says that during every class that he teaches, one associate remains logged onto
live chat support for the duration of the class. That way, questions that he does
not know the answer to get resolve on the spot. Polinchock has been conducting
classes on eEdge since the product launched at Family Reunion, he’s used the
eEdge QuickStart Guide as the as the eEdge PowerPoint presentations from
Family Reunion as training resources.
“The response in our market center has been very positive. Our agents have
been able to grasp that once they get going with eEdge, they won’t be able to
help but stumble on at least one additional deal a year, and that one deal will
cover the eEdge fee for the next 20 years."
Use of the recently introduced eEdge page on myKW has been awesome, and we love your wonderful
feedback. We’re continuing to compile your requests and taking action on the items that matter most to you.
Here are the top five from last week:
80 votes for the ability to change the Website domain name after it is initially created. DONE! To be guided
through the process, click on Help and Support within eEdge.
72 votes for the ability to unsubscribe and delete contacts. An unsubscribe function is on the roadmap and
will be announced in the near term. Concerning the deletion of contacts, it was determined that the best
practice is to move unwanted contacts to the Trash so that they can be revived, if needed.
69 votes for client birthday, anniversary and key date reminders. 19 additional fields, including birthdays
and anniversaries were added to the contact import wizard last week, but are not yet visible in the contact
record. REST ASSURED! that data has been saved and will appear in the contact wizard in the near future.
68 votes for the ability to choose the address that emails are sent from. By the end of April, the email
address will be editable on any marketing materials, and emails sent from the eEdge system will
continue to be from your eEdge address (XXX@kwrealty.com) – which is that standard practice for contact
management systems.
62 votes for integrating eEdge with third-party agent Websites. Software is in development that any thirdparty Website developer can use to transfer leads into eEdge.
Remember! In order for associates to get listings to appear on their eEdge Websites, they need to enter their
associate ID (the number listed on line three of their White Pages directory listing) in their Website settings.
All resources for learning about, getting support, and collaborating on the future of eEdge are now accessible
from the myKW eEdge page.
Yours in raising the bar!
The eEdge Team
BROKER RISK MANAGEMENT
WEEKLY PRACTICE TIP
Life on MARS
WHAT IS “MARS”
The Federal Trade Commission enacted rules called Mortgage Assistance
Relief Services (MARS) for real estate licensees and others who negotiate short
sales (and loan modifications, deeds-in-lieu, etc.) on behalf of borrower/sellers.
These rules became effective January 31, 2011.
NOTE: This Tip only focuses on the Short Sale portion of the rules.
However, these new rules do not apply to real estate agents who engage in
normal listing and selling of short sale properties, but who do not negotiate with
lenders on obtaining a short payoff, and do not promote or advertise their services
as short sale negotiators or facilitators.
Under the MARS regulations, real estate agents who provide or advertise short
sale negotiation services for short sale sellers must comply with the MARS rules,
including, but not limited to, the following requirements.
rules:
DISCLOSURE REQUIREMENTS:
MARS requires the following of all real estate agents who are subject to MARS
1. Disclose on promotional materials that the company is not associated with
the government, and that a lender may not agree to a short payoff.
2. Disclose to seller before they sign a listing agreement that:
•
the seller may stop doing business with the brokerage at any time;
•
the seller must pay the broker’s total compensation if the consumer accepts
the lender’s offer; and,
•
the seller does not have to pay the brokerage commission if the seller rejects
the lender’s offer.
3. When furnishing the lender’s short sale Term Sheet to the seller, disclose to
seller items (B) and (C) above; and
4.
Provide a notice from the lender of the material differences between the
lender’s offer and the consumer’s current mortgage loan.
PROHIBITED ACTS: Do not do any of the following:
1. Request or receive any payment until the consumer enters into a written
agreement with the lender (Note that California law further restricts advance fees).
2. Represent that a seller should not contact the lender;
3. Misrepresent the likelihood of obtaining a short sale;
4. Misrepresent the amount of time it will take to complete a short sale;
5. Misrepresent the seller’s obligation to make loan payments; or
6. Represent the benefits of any MARS service unless such representation is based
upon reliable evidence.
7.
Provide substantial assistance or support to a MARS provider when you know or
suspect that the provider is engaged in any act or practice that violates MARS. This
applies whether or not MARS applies to the broker or agent at that time, such as the
buyer’s broker who knows or suspects that the listing agent or the short sale negotiator is
in violation of MARS.
MONITORING AND RECORD RETENTION: Brokers subject to MARS must:
1. Keep copies of records, all consumer files, contracts, MARS disclosures, written
communications, marketing materials, websites, weblogs, sales scripts, and training
materials for 24 months (Note that California law regarding record retention still applies.)
2. Take reasonable steps to monitor that their agents and employees comply with
these rules including monitoring communications directed at sellers; establishing a
procedure for receiving, responding and promptly investigating all consumer complaints;
and maintaining records to show compliance with these requirements.
For further information, see:
Complete text of the MARS rules at Part 322 of Title 16 of the Code of Federal
Regulations.
FTC’s compliance guide at “The Mortgage Assistance Relief Services Rule”.
NAR’s guidelines on MARS at “New FTC Rule Requires Short Sale Disclosures”.
PRACTICE TIPS:
1. NO FORMS EXIST AT THE MOMENT FOR COMPLYING WITH THESE
RULES. This was sprung on the real estate industry by the FTC with little notice. The
California Association of REALTORS® is in the process of expeditiously preparing
standard forms for REALTORS® to use to comply with MARS.
2. Disclosure 2.A, above, seems to allow a seller to cancel a listing agreement and
purchase agreement at any time even the day before COE. An insane result. That is being
investigated for clarification.
3. Disclosure 4 above can only be met if the lender provides such a notice.
4. The exact procedures for complying with the monitoring requirements are not
fully understood. CAR will be giving direction on this in the near future.
STAY TUNED FOR MORE INFORMATION ON THE REGULATONS FROM
MARS. WE SHOULD HAVE FORMS AND MORE DETAILED COMPLIANCE
INFORMATION IN THE NEXT WEEK OR SO.
ARE WE HAVING FUN YET???
BROKER RISK MANAGEMENT
WEEKLY PRACTICE TIP
Forms are Available for Life on MARS
FORMS ARE AVAILABLE FOR COMPLIANCE WITH MARS
CAR has created two forms for complying with the MARS regulations. They are:
MARS Short Sale Negotiating Notice (ZipForms form MARSSN)
MARS Offer of Mortgage Relief Notice (ZipForms form MARSMRN)
See the Practice Tips at the end of this tip for when and how to use these forms.
WHAT IS “MARS?”
The Federal Trade Commission enacted rules called Mortgage Assistance Relief
Services (MARS) for Realtors® and others who negotiate short sales (and loan
modifications, deeds-in-lieu, etc.) on behalf of borrower/sellers. These rules became
effective January 31, 2011.
NOTE: This Tip only focuses on the Short Sale portion of the rules.
However, these new rules do not apply to real estate agents who engage in normal
listing and selling of short sale properties, but who do not negotiate with lenders on
obtaining a short payoff, and do not promote or advertise their services as short sale
negotiators or facilitators.
Under the MARS regulations, real estate agents who provide or advertise short sale
negotiation services for short sale sellers must comply with the MARS rules, including, but
not limited to, the following requirements.
DISCLOSURE REQUIREMENTS:
MARS requires the following of all real estate agents who are subject to MARS rules:
1. Disclose on promotional materials that the company is not associated with the
government, and that a lender may not agree to a short payoff.
2. Disclose to seller before they sign a listing agreement that:
(A) the seller may stop doing business with the brokerage at any time;
(B) the seller must pay the broker’s total compensation if the seller accepts the
lender’s offer; and,
(C) the seller does not have to pay the brokerage commission if the seller rejects the
lender’s offer.
3. When furnishing the lender’s short sale Term Sheet to the seller, disclose to seller
items (B) and (C) above; and
4.
Provide a notice from the lender of the material differences between the lender’s
offer and the seller’s current mortgage loan.
PROHIBITED ACTS: Do not do any of the following:
1. Request or receive any payment until the seller enters into a written agreement
with the lender. (Note that California law further restricts advance fees.)
2. Represent that a seller should not contact the lender;
3. Misrepresent the likelihood of obtaining a short sale;
4. Misrepresent the amount of time it will take to complete a short sale;
5. Misrepresent the seller’s obligation to make loan payments; or
6. Represent the benefits of any MARS service unless such representation is based
upon reliable evidence.
7. Provide substantial assistance or support to a MARS provider when you know or
suspect that the provider is engaged in any act or practice that violates MARS. This
applies whether or not MARS applies to the broker or agent at that time, such as a buyer’s
broker who knows or suspects that the listing agent or the short sale negotiator is in
violation of MARS.
MONITORING AND RECORD RETENTION: Brokers subject to MARS must:
1. Keep copies of records, all files, contracts, MARS disclosures, written
communications, marketing materials, websites, weblogs, sales scripts, and training
materials for 24 months. (Note that California law regarding record retention still applies.)
2.
Take reasonable steps to monitor that their agents and employees comply with these
rules including monitoring communications directed at sellers; establishing a procedure
for receiving, responding and promptly investigating consumer complaints; and
maintaining records to show compliance with these requirements.
Production Acknowledgements
CONGRATULATIONS!
New Listings: 3/1/11 – 3/28/11
Steve Noble
1969 Saint Andrews Cir
$600,000
The Conlan/Tofte Team
7011 Via Valverde
$349,500
Christine LeQuang
218 First Street
$708,125
Yani Young
167-169 Goodyear Street
$260,000
Annette Aguilar
45367 Medicine Bow
$858,500
Luis Salcedo
1261 Kaylene Court
$715,000
Frank Cancilla
340 Summer Phlox Lane
$169,950
José Muñoz
338 Colville Drive
$475,000
Alex Kennett
16165 Monterey Road
Lease
Production Acknowledgements
CONGRATULATIONS!
Open Escrows: 3/1/11 – 3/29/11
Annette Aguilar
2177 Alum Rock Avenue
477 Minnesota Avenue
Guy Berry
179 N. 25th Street
7130 Via Colina
The Conlan/Tofte Team
7011 Via Valverde
7670 Helmsdale Drive
6094 Montgomery Court
8122 Cabernet Court
8494 Grenache Court
The Nichols Group
1633 Nord Lane
Thomas Kalivoda
1121 Myrtle Drive
Alex Kennett
0 Watsonville Road
The Mendenhall Team
1460 Portola Road
José Muñoz
1170 Oatgrass Way
3380 Madeline Drive
Luis Salcedo
372 Swaps Drive
1261 Kaylene Court
Alex Tafoya
802 Olivina Avenue
Dale Warfel
19120 Eden Path
Yani Young
167-169 Goodyear Street
471 Sebasian Way
350 S. 21st Street
Production Acknowledgements
CONGRATULATIONS!
Closed Escrows: 3/1/11 – 3/29/11
Annette Aguilar
1152 Brace Avenue #4
$380,000
Brian Babcock
892 Del Avion #4
$445,000
Guy Berry
179 N. 25th Street
314 Vista Roma
$165,000
$219,000
Charles Coachman
314 Vista Roma
2216 Saint Claire
$219,000
$350,000
The Colar Team
14021 Woodhaven Drive
$250,000
Matthew Cossell
111 Parkwell Court
$455,000
Alex Kennett
200 Burnett #19
$127,000
Christine LeQuang
499 Bradley Avenue
621 Adeline Avenue
$403,900
$440,000
Aina Lu
499 Bradley Avenue
$403,900
Steve Noble
14905 Watsonville Road
1812 Donna Lane
21529 La Salle Drive
17430 Calle Mazatan
3605 Flint Creek Drive
$359,000
$575,000
$384,900
$525,000
$295,000
Luis Salcedo
1261 Kaylene Court
$715,000
Dale Warfel
5816 Recife Way
2216 Saint Claire Court
$835,000
$350,000
Yani Young
634 Serenade Court
$330,000
ALC
UPDATES
WANTS, NEEDS,
PLUGS