Connections March 2015 by REALTOR® Association of Central Massachusetts

March 2015 Inside this Issue: PRESIDENT’S MESSAGE President’s Message

Month-at-a-Glance

RESPA-TILA

Featured Affiliate: Wintrust Mortgage

Awards Nominations Form

Top Producer Awards

7-9

WRAR Scholarships

10-11

Classes/Events

12-16

Membership News

17-21

CREST

Government Affairs

Local Market Update

Legal Corner

RPAC Update

WRAR Mission Statement The purpose of the Worcester Regional Association of REALTORS® is to: * Provide REALTOR® members with the resources that enable them to serve the public in an ethical and professional manner * Take an active role regarding issues affecting sellers, buyers, tenants and landlords.

Happy St. Patrick’s Day. It hardly seems possible but the winter is over and the Spring Market is here. I’d like to recognize and congratulate all those who have watched over your listings and kept your properties accessible, safe, and in reasonable condition to show despite such challenging conditions. The market continues to improve gradually and the interest rates have certainly helped. I think we can all agree the strict underwriting standards have held some business at bay. Also, I think many of you have anecdotal evidence that appraisals can still create issues for funding as well. Looking forward there will be major changes to the pre-closing underwriting and disclosure processes in view of the approved integrated RESPA-TILA forms. Most notable all final closing numbers will now have to be disclosed to a borrower three business days prior to a scheduled closing. This means we will need to function within new time frames. Please refer to the article on page 3 for more details for more details on the upcoming changes. You can also go to the Consumer Financial Protection Bureau website at http:// www.consumerfinance.gov. CREST is developing training for brokers and agents, which will be offered throughout the spring, including the March 10 Closing & Settlement CEU class from 12:00 - 2:00 pm. My best wishes to you all for controlled melting and early spring weather.

Brad Brad Roberts

2015 WRAR President

Worcester Regional Association of REALTORS® 1 www.wrar.org

WRAR MONTH-AT-A-GLANCE March 2015 Sunday

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

3 9 Gov’t Affairs 12-2 Lunch & Learn w/Wintrust Mortgage

4 5 8:30-3 New Mem- 10 Prof Dev ber Orientation Comm. Deadline for Awards Nominations & Top Producer Apps.

6 10 Awards Task Force

9 9:30-3:30 MLS PIN Training

10 10-4 CEU Classes

11 9-1 CEU’s Leominster 9:30 Finance 10:30 BOD 12 Comm Chair Mtg

12 2-4 Business Builder 5-7 Affiliate Appreciation Nite

13 10 Membership Comm.

17 11-1 Lunch & Learn with Fairway Mortgage

18 10 Golf Comm.

24 10 Awards Task Force

25 8-2 CEU Classes

28 8-12 Pre-license Class Begins

30 5:30-9:30 Pre-license Class

31 9:30-3:30 MLS PIN Training

Mortgage Financing with

a Personal Touch

Cheryll LeBlanc

District Manager, NLMS #484281 cleblanc@mortgagenetwork.com (508) 498-7570

Save the Date

www.CheryllLeBlanc.com 23 Midstate Drive Suite 23 │ Auburn, MA 01501 © 2014 Mortgage Network, Inc. NMLS ID# 2668. Massachusetts Mortgage Lender and Broker MC2668. This is not a commitment to lend. Restrictions apply. Equal Housing Lender.

March 5, 2015

Awards Nominations Deadline & Top Producer Application Deadline

April 16, 2015

Awards Luncheon at the Wachusett Country Club

April 28, 2015

YPN Paint Night, The Compass Tavern, Worcester

June 25, 2015

Annual Golf Tournament at the Wachusett Country Club

Worcester Regional Association of REALTORS® 2 www.wrar.org

RESPA/TILA CHANGES RIGHT AROUND THE CORNER By Kenneth Trepeta January 14, 2015 Originally published in RISMedia’s Real Estate magazine

While August 1 may still be six months away, now is the time to start thinking about the RESPA/TILA changes that will go into effect on that date. There will no longer be Good Faith Estimates (GFEs) or Truth in Lending disclosures. Those two forms have been combined into a single “Loan Estimate” or “LE.” However, this new form is not really an estimate in many respects since lenders will be held accountable to the exact charges listed and come within 10% on many of the others. Also, the estimate must be given within three days after six items of information are collected: The consumer’s name, income, Social Security Number, address of the property, estimated value of the property, and the loan amount. Since there is no “catch all” seventh item lenders will either collect less information up front or they will have to issue loan estimates fairly early in the process. The other major form change is that the HUD-1 Settlement Statement is being replaced by the “Closing Disclosure” or “CD.” In many ways the CD will rehash the items on the LE so a consumer can compare. It will also serve the functions of the HUD-1 as a memorialization of the settlement. The biggest change is that it must be delivered to the consumer a full three days prior to closing and if there are changes during that the three day period, the closing could be delayed. The Consumer Financial Protection Bureau (the Bureau) tried to give industry leeway by saying that only a change in major loan terms would trigger a new three day waiting period. However, the Bureau also made it clear that lenders would essentially be liable for the documents including the CD. As such, lenders are taking a conservative approach for good reason: a loan that has a potential RESPA/TILA error will at a minimum be difficult to sell on the secondary market. So lenders are not going to be very tolerant of last minute changes.

Real estate and other industry professionals should no longer expect to be able to make last minute changes at the closing. They should prepare their clients for this as well. A good rule of thumb is if you want to close on September 30th, make sure everything is ready on September 23rd. Some may point to the “bona fide financial emergency” exception and feel this is a way around the three day rule. However, the bona fide emergency must be a serious emergency – not losing a locked in interest rate for example but rather more like one will be bankrupt if the deal does not close. And it will have to be put it in writing in one’s own words, not a form letter. Even then, it will have to be approved by the lender and given the way loans are actually made and closed, the ultimate lender will likely not be present at the closing so this approval (and approval of any other changes for that matter) will not be quick, if it comes at all. The Bureau wanted to make more dramatic changes to the settlement process but heeded many of the warnings of the National Association of REALTORS® and others. Nevertheless, the changes they did make will transform the settlement process and require adaptation and planning to avoid a bumpy transition. NAR is continuing to work to educate its members and their customers. NAR is also working with the Bureau and industry to ensure that clarifications and corrections are made as we implement this important new rule.

Worcester Regional Association of REALTORS® 3 www.wrar.org

2015 VIP SPONSOR

Daviau Law Offices, PC Guiding You Through Each Phase of Your Life

A Client-Focused Law Firm, assisting in:

ESTATE PLANNING

REAL ESTATE

PROBATE

ELDER LAW

Attorney Nicholas Daviau 255 Park Avenue, Suite 1000 Worcester, MA 01609 Phone: 508-425-4270 nick@daviaulaw.com www.daviaulaw.com Worcester Regional Association of REALTORS速 4 www.wrar.org

FEATURED AFFILIATE: WINTRUST MORTGAGE, 2015 VIP SPONSOR Do You Know All the Different Programs Available with Little or No Money Down?

Amy Tierce & Mike Dutra Wintrust Mortgage 175 Highland Street Needham MA 02494 (781) 453-8900

•

Conventional 97% - (that’s 3% down) Fannie Mae has re-instated their 3% down loan program. One of the borrower’s must be a first time homebuyer, which means that they cannot have had ownership interest in a home in the past 3 years. ALL of the down payment can be a gift from a family member!

•

My Community Mortgage – Like the conventional 97 program this Fannie Mae product is for lower income buyers and offers reduced mortgage insurance costs. Borrowers must complete a home buyer education class, there are income limits established by county that must be adhered to.

•

FHA Loans – Allows buyers to get into a home with a 3.5% down payment which can be in the form of a gift from a family member. FHA makes allowances for lower credit scores and higher ratios.

•

VA Loans – This is the Cadillac of the $0 down payment loan programs. Wintrust will waive our processing and underwriting fees for our military. The seller can contribute up to 4% as a credit towards closing costs and we can offer a lender credit to minimize closing costs as well. Always be sure to ask your prospects if they’ve served in the military.

•

USDA Loans – Yes, the US Department of Agriculture has a home loan division that allows 100% financing. The catch is that the property must be in a rural zone and the borrower’s income must be with in the USA income limits. Give us a call if you want to learn more about USDA qualified communities in your area.

•

State Bond Programs – Most States offer a housing program of some type that allows for zero or low down payment and other benefits for the state’s low to moderate income residents. In Massachusetts the Mass Housing programs has income limitations, is available to first time buyers only (defined as not having ownership in a piece of real estate in the past three years)and requires that the buyer attend a home buying education class.

Each of these programs offers different benefits and advantages depending upon the profile of the home buyer. Let your mortgage professionals at Wintrust navigate this maze with your buyers, we will provide complete education as to appropriate offerings and provide written comparisons on all programs so that home buyers are able to make an educated decision on how to structure their new home purchase in a way that meets their needs and dreams! Amy Tierce Regional Vice President

Worcester Regional Association of REALTORS® 5 www.wrar.org

2015 AWARDS NOMINATIONS DEADLINE EXTENDED UNTIL MARCH 5!

Awards Process & Deadlines:

YOU MAY NOMINATE IN ONLY ONE CATEGORY Nominations open for 2015 Awards Deadline for all nominations IF DESIRED. Task Force meets to review nominations to determine eligibility. Qualification Form sent to those nominees meeting eligibility. Deadline for Awards Qualification Forms to be submitted Task Force and 2014 recipients meet to review completed Qualification Forms. Winner in each category selected. Winners will be announced At the Annual Awards ceremony on April 16, 2015. General Requirements: Service is based on actual performance from January 2014 through December 2014. Must be a member in good standing of The ® Worcester Regional Association of REALTORS . February 3: March 2: March 6: March 20: March 24:

REALTOR® OF THE YEAR AWARD ® Recognizes a REALTOR for dedicated service to the Association, the community and the real estate industry. Requirements:  Local, state or national association activities  Community Service  Business Accomplishments ®  REALTOR Spirit The successful candidate will represent the Worcester Regional ® ® Association of REALTORS at the MAR REALTOR of the Year and Professional Awards Banquet. NATALIE QUINLAN DISTINGUISHED SERVICE AWARD Recognizes individuals for continuous service to the Association over an extended period of time. Requirements:  Minimum five years activity ®  Full-time REALTOR  High degree of real estate knowledge  Public service  Service to the Association in more than one area (may or may not have served in a leadership capacity). THE REALTORS® CHOICE AWARD ® Recognizes a WRAR REALTOR member for outstanding ethics and professionalism; for courtesy and cooperation in the listing and selling of real estate. Service on an Association committee is not required.

AFFILIATE OF THE YEAR AWARD Recognizes an outstanding Affiliate Business Partner of WRAR who has made the greatest contribution to the Association and the community at large. Requirements:  Candidates must have held Affiliate membership with our Association for at least two years.  Participation on an Association committee and events.  Community service and other business affiliations. ROOKIE OF THE YEAR AWARD ® Recognizes a REALTOR member who is new to the business and ® who embodies the REALTOR culture by focusing on professional development and professional growth. Requirements:  Must be nominated by your broker ®  Must be a full-time REALTOR licensed for 24 months or less  Number of hours in attendance at any education program given by the Association  Number of designation or industry related college courses  Community involvement  Production- number of transactions  Participation on Association committee and events recommended

--------------------------------------------------------------------------------------------------------

Deadline for submission: Monday, March 2, 2015 REALTOR® of the Year

Distinguished Service

REALTORS® CHOICE

Affiliate of the Year

REQUIRED: Submitted by

Office

Rookie of the Year

Fax to 508-832-6620 or mail to: Worcester Regional Association of REALTORS®, 492 Washington Street, Auburn, MA 01501

Worcester Regional Association of REALTORS® 6 www.wrar.org

2015 TOP PRODUCER AWARDS DEADLINE EXTENDED UNTIL MARCH 5! The Worcester Regional Association of Realtors® 2015 TOP PRODUCERS Award WRAR seeks to recognize REALTORS® for their accomplishment of outstanding levels of production in real estate transactions during the calendar year. This award may be given to Individual Realtors® and Teams. Approximately 5% of WRAR members will be eligible for this award. All applications must be received by WRAR no later than March 2, 2015. Entries may be mailed, faxed or emailed to lsprague@wrar.org. ELIGIBILITY To qualify for consideration, the applicant must have been a primary member in good standing with WRAR during the past calendar year, and must have paid their 2015 WRAR dues in full by December 31, 2014. CRITERIA FOR ELIGIBILITY OF TRANSACTION 1. Sold properties through MLS PIN or other MLS may be counted. The listing side of an Entry Only sale shall NOT be counted, but the sale side may be counted. 2. All entries not substantiated by MLS PIN will require documentation. 3. No credit will be given for outgoing referrals, leases or finder’s fees. 4. Applicant takes credit for the full sales price and 1 unit if either the listing or selling agent. If applicant is both listing and selling agent on the same transaction, he/she may count the full sale price twice and 1 unit for each side. 5. All entries are subject to verification by the Top Producers Committee. The Committee reserves the right to reject applications based on fraudulent information. 6. The Top Producers Awards Committee has the right to and may request additional documentation in order to verify an agent’s sales. MINIMUM ENTRY REQUIREMENTS – An individual agent must have sold a minimum of either: - $4 million volume plus a minimum of 16 units OR - 22 units with no minimum volume OR - $8 million with no minimum units The requirements for a Team are based on the number of people on that team, with each person on the team requiring an additional 50% of the individual production levels. For example: Team of 2 - $6 million plus 24 units OR 33 units with no minimum volume OR $12 million Team of 3 - $8 million plus 32 units OR 44 units with no minimum volume OR $16 million Team of 4 - $10 million plus 40 units OR 55 units with no minimum volume OR $20 million, etc. * * A Team is defined as a group of agents who work together and all transactions are reported in MLS under one Team ID. AWARD LEVELS – Certificates will be given on three levels of production, Ruby, Emerald and Diamond, based on the calculation of the award formula on the application. In 2014, the Ruby awards ranged from $71 – 314 Million, The Emerald from $348 – 847 Million and the Diamond from $1.23 – 2.44 Million. There will also be one Top Producer Award per category.

Awards will be presented at the WRAR Awards event on April 16, 2015. Worcester Regional Association of REALTORS® 7 www.wrar.org

2015 TOP PRODUCER AWARDS DOCUMENTATION TO ACCOMPANY YOUR APPLICATION: MLS PIN report (see screen shot below) In Pinergy, select: TOOLS In Tools, click on Market Reports In Market Reports, click on New Report At the top left of the screen, under Report Type, choose Market Share – My Market Share Under Property Type, select ALL categories Set the button to YES for Display Search Criteria Under Time Frame, scroll down and click “Choose a Time Frame”. Set Start Date to 1/1/2014, End Date to 12/31/2014 Click Search Now. A message will pop up telling you “You have selected NO TOWNS… Do you wish to continue? Click OK. Print the summary page from MLS showing your transactions and sides.

Non-MLS Sales If you have a Non-MLS listing that you would like considered for this award, you must attach a copy of the HUD statement identifying your company as an agent of the transaction as well as a signed statement from your Broker showing the amount of gross commission paid to your office and verifying you were the agent for the transaction.

Awards will be presented at the WRAR Awards event on April 16, 2015. Worcester Regional Association of REALTORS® 8 www.wrar.org

2015 TOP PRODUCER AWARDS 2015 TOP PRODUCERS APPLICATION FORM Name: ______________________________________________ MLS ID: ________________________ Office: ______________________________________________________________________________ Email: ________________________________________ Individual ____________ Team ____________ Other Team Members: __________________________________________________________________ Total MLS Dollar Volume $__________________________

Total MLS Sides ____________________

Non-MLS Dollar Volume

$__________________________

Non-MLS Sides ____________________

Total Dollar Volume

$__________________________

Total Sides

____________________

Multiply $_____________________________ X ________________ = $ ___________________________ Dollar Volume Total Total Sides ** This formula will produce a very large number. This number is used to rank all applications to determine which category you fit into. This form must be accompanied by your MLS PIN Market Share report and any Non-MLS documentation to be considered. Applications without the proper documentation may be returned or rejected.

I hereby certify that all transactions submitted are truly my own, and not the sales or listings of other agents or assistants. I understand that falsifying my application will disqualify me from this award, may prohibit me from applying in the future, and may result in a hearing to assess a violation of the Realtor 速Code of Ethics.

Signature:

_________________________________________________________________________

Broker/Manager Signature: _______________________________________________________________

All applications must be received by WRAR no later than March 2, 2015. may be mailed, or emailed to lsprague@wrar.org. AwardsEntries will be presented atfaxed the WRAR Awards event on April 16, 2015. Worcester Regional Association of REALTORS速 9 www.wrar.org

WRAR SCHOLARSHIP for REALTOR® DESIGNATION

REALTOR® Scholarship Application Spring 2015 The Worcester Regional Association of REALTORS® has established a Scholarship Program to assist persons in the real estate field who are seeking to obtain a related designation (such as GRI, CBR, CRS, etc.). The Association supports the efforts of REALTORS® looking to further their education through these classes and has allocated funds to assist in the financial cost of these classes. A limited amount of funding is available for each year, allowing for up to a total of $1000 in scholarships being awarded. Awards will be given in the Spring and the Fall. Applications must be submitted by April 1 for Spring consideration. The Scholarship Committee will chose the recipients by April 15 and promptly notify the winners. If multiple qualified applications are received, the recipients may be chosen by a lottery system. Applicant must be a REALTOR® member of WRAR in good standing. Scholarships are for tuition only and are limited to one per person per calendar year. Scholarship reimbursement will be granted for the course requested and approved in the application after documentation of completion of the course is submitted to WRAR. Please complete the following for consideration: Name of Applicant: _____________________________________________________________ Company _____________________________________________________________________ Email Address _________________________________________________________________ Phone number _________________________________________________________________ Are you a REALTOR®? Yes ______

No ______

How many years have you been licensed? _________ Worcester Regional Association of REALTORS®

10 www.wrar.org

WRAR SCHOLARSHIP for REALTOR速 DESIGNATION Educational Background Please indicate the extent of your schooling, including highest level of education achieved and any professional designation programs successfully completed. If you are currently enrolled in a degree program, please indicate institution and field of study. Attach additional pages if necessary.

General Information Why do you believe you are deserving of a WRAR Scholarship?

For what purposes will the scholarship be used?

Are you currently the recipient of any other scholarship(s)? Yes ______

No ______

If Yes, please list sponsoring organization(s)

Signature of Scholarship Applicant __________________________________________ Date _________ Name of person Nominating Applicant (if any) _________________________________________________ Relationship to Applicant _________________________________________ Scholarship Grants will be issued upon successful completion of necessary coursework.

Worcester Regional Association of REALTORS速

11 www.wrar.org

PROFESSIONAL DEVELOPMENT

You’ r e Invi t e d To a Lunch and Learn With Amy Tierce and Michael Dutra Of Wintrust Mortgage

ceu course re47r05 - Residential Loan Market and Credit Today

Make Sure You are Writing offers That Stick In 2015 March 3rd, 2015 11:00am - 1:00 pm The Worcester Regional Association of REALTORS®, 492 Washington Street, Auburn, MA Register at http://www.wrar.org/events.html or by calling WRAR at 508-832-6600 Lunch provided by Ted Silva and Eric Stevens of Quick Silva Title

The Mortgage Gotchas:

Save time, money and stress by learning about all the little Gotchas that will ‘Getch-ya’ and potentially kill your purchase transaction. • Understand today’s mortgage process and all the details that go into creating a smooth transaction • Lean the truth about relaxing standards and lower down payment programs • How to determine if a pre-approval or pre-qualification letter is legitimate

• Why the timing of a transaction is so important • How to avoid the little things that can cause days of delay • Special tips to better manage the appraisal process

You don’t want to miss this valuable program with Free* CE and Lunch Who is Wintrust: Wintrust Mortgage was created to assist in the realization of the American dream of home ownership. Our large volume means competitive rates and in 2014 we originated nearly $3.4 Billion. Along with the ability to lend in all 50 states, this makes us one of the largest mortgage bankers in the country. Wintrust Mortgage is a part of Wintrust Financial Corporation, a well capitalized, diverse, $20 billion asset, financial services company. Our company offers unbeatable service and a wide variety of solutions. Amy Tierce, VP, Regional Sales Manager, NMLS# 15695. Michael S. Dutra, Senior Mortgage Loan Professional, NMLS# 13530.

Who is Quick Silva: QuickSilva is a full service Real Estate Law Firm based in Massachusetts. The QuickSilva Advantage have been designed to provide your borrowers with a closing experience they will rave about to anyone they know. Our top priority is being a partner to your business. Our benefits go beyond the typical real estate attorney services. We can guarantee to help your business grow. On any New England Purchase we provide: $275.00 attorney closing fee, Complimentary Purchase and Sale Review & Negotiation, night and weekend attorney availability, and our promise to Close Anywhere, At Anytime – Guaranteed.

Wintrust Mortgage • 175 Highland Avenue, Suite 306 • Needham, MA 02494 *All CEU classes held at facility are FREE for WRAR Members, non-members will be charged a $20 fee. This information is intended for mortgage and real estate professional use only and is not an advertisement to extend customer credit as defined by Section 226.2 Regulation Z. Wintrust Mortgage is a division of Barrington Bank & Trust Company, N.A., a Wintrust Community Bank NMLS# 449042 – © 2015 Wintrust Mortgage. 150100354TL

Worcester Regional Association of REALTORS®

12 www.wrar.org

A monthly educational series brought to you by the WRAR Professional Development Committee

Business Builders

PROFESSIONAL DEVELOPMENT Business Builder Session 3:

Is your Database a LEAD-GENERATING Machine? It should be! Thursday, March12 2:00-4:00 pm WRAR, 492 Washington St. Auburn FREE to WRAR Members Speaker: Paul Walsh

• • • •

Creating systems thatt generate t referrals f l in i eachh phase h off business b i Do you really know your customer/client? How to gather information Create that WOW experience that makes you referable Yes, you do have time to do this…Time Blocking 101

This event is Sponsored by: Daviau Law Offices, PC Guiding You Through Each Phase of Your Life

.......................................................... Sign me up ! Return this form via fax to 508-832-6620 or email to lwalls@wrar.org. You may also enroll online at www.wrar.org Name ___________________________________________________________________________________ Address__________________________________________________________________________________ City/State/Zip_____________________________________________________________________________ Phone______________________________________ email_______________________________________

Worcester Regional Association of REALTORS®

13 www.wrar.org

BUSINESS PARTNER APPRECIATION NIGHT

At tor ne

Mortgage Providers

Appreciation Night Partnership

Professional Services

Success

Our Business Partners are not only a trusted resource for our members, they are a key component to the success of our Association.

We invite you to join us for a Cocktail Reception to honor our valued Business Partners. Date: Time: Place: Cost:

Thursday, March 12, 2015 5:00-7:00 pm The Worcester Club One Oak Street, Worcester MA FREE to all Affiliate and REALTOR速 members of WRAR

Appetizers & Drink Tickets Provided Space is LIMITED: You MUST pre-register at www.wrar.org or by calling WRAR at 508-832-6600. REGISTRATION DEADLINE March 1 or until sold out - First Come/First Served

Thank you to our sponsors: Andrew Abu REALTORS速, Westboro * Berkshire Hathaway N.E.Prime Properties, Whitinsville CENTURY 21 Commonwealth, Milford * Coldwell Banker Sturbridge & Worcester ERA Key, Worcester * Janice Mitchell RE * Keller Williams, Westboro & Worcester Open Door Real Estate * Paramount Realty Group * Pierce Property Consultants Polito Development * RE/MAX Acclaim * RE/MAX Advantage RE/MAX Professional Associates, Auburn, Shrewsbury, Sturbridge Worcester Regional Association of REALTORS速

14 www.wrar.org

PROFESSIONAL DEVELOPMENT You’re Invited!

Lunch and Learn with Bill Murphy of Fairway Mortgage CEU Course: RE47R05

Residential Mortgage Loan Market & Credit Today

The Worcester Regional Association of REALTORS® 492 Washington St. Auburn, MA 01501

Have Your Best Spring Ever in 2015! March 17th 2015 11:00 AM – 1:00 PM (Registration 10:30 AM) Lunch and refreshments will be served courtesy of Attorney Jessica Albino RSVP ONLINE: http://www.wrar.org/events.html What to Expect:

• • • •

• • • • •

New changes in August 2015 that could impact your closing date Reduced mortgage insurance premium to make FHA more desirable New 3% down payment Conventional loan program New projection of interest rates from market analysts and the impact on your buyer’s loan programs and purchasing power o What factors will drive rates in 2015 o Recent drop in interest rates will allow your buyer to have increased buying power with similar monthly payments How to submit strong offers with strong preapprovals Helping the millennial generation understand their student loan debt and housing options Gaining market share from the newest generation of home buyers o The fastest growing home owners market is Generation X and Y How to improve your client’s credit score and maximize their loan options Cheat sheet for FHA, VA, Conventional, USDA and MA Housing

Hosted by: Bill Murphy of Fairway Independent Mortgage – CMP Center for Real Estate Studies & Training

This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply. ©2014 Fairway Independent Mortgage Corporation NMLS ID#2289 (www.nmlsconsumeraccess.org) EQUAL HOUSING LENDER.

Worcester Regional Association of REALTORS®

15 www.wrar.org

WRAR AWARDS CELEBRATION

PLATINUM SPONSORS Law Office of Jessica Albino Daviau Law Offices, PC Fairway Mortgage Prestige Home Mortgage Southbridge Savings WinTrust Mortgage

Thursday, April 16, 2015 Wachusett Country Club 11:30 am registration 12:00 Buffet Luncheon & Awards Member Price: Non-member Price: Table of 10:

$35 $35 $330

GOLD SPONSORS Bank of Canton Cahn & Barron, LLC, Attorneys at Law Fidelity Bank Forward Financial Services MLS PIN Prospect Mortgage Security First Mortgage Webster Five

If you are purchasing a table of 10, PLEASE include a separate sheet with the attendee names .

SILVER SPONSORS Commonwealth Environmental Services Law Office of Harry P. Kotseas BRONZE SPONSORS Law Office of Patrick Flynn Mortgage Network Law Office of David R. Rocheford, Jr. PC Each year the Worcester Regional Association of REALTORS速 recognizes its members for their professional achievements including involvement with our Association and contribution to our communities. Join us in celebrating those achievements, including our TOP PRODUCER Award. Register online at www.wrar.org or return this form via fax to 508-832-6620 or via email to jdinnocenzo@wrar.org. You may also call the WRAR offices at 508-832-6600. Contact Name:______________________________________________ Company:__________________________________ Billing Address:_______________________________________________ City/State/Zip_______________________________ Phone:___________________________________________ Email:_______________________________________________ Amount Due__________

____Check

____American Express

____Discover

____MasterCard

____Visa

Card No______________________________________________________________ Expiration________________________ Signature_____________________________________________________________________________________________

Worcester Regional Association of REALTORS速

16 www.wrar.org

MEMBERSHIP NEWS

New Applicants

New Office

Diana Awuah Xsell Realty Worcester Elizabeth Browning ERA Key Realty Services Auburn Samantha Butkiewicus ERA Key Realty Services Spencer Lynn Chevalier Sterling Realty Belair Sterling Megan Fletcher Realty Executive Tri-County Bellingham Jessica Fromm RE/MAX Professional Spencer Charlsey Gentile Exit Realty Partners Auburn Patrick Hack ERA Key Realty Services Worcester Michael Hoefling Keller Williams Realty Worcester Aaron Lathrop Keller Williams Realt Worcester Peter Mancuso Emerson REALTORS Auburn Jay Mooney Quaboag Valley RE Brookfield Lisa Paciello Reece Exit Realty Partners Worcester Mark Palmieri Jr. ERA Key Realty Services Whitinsville Williams Romero Cornejo Xsell Realty Worcester John Saari RE/MAX Professional Shrewsbury Carrie Stevens Executive Park Sutes II, Inc Worcester

Hugo Guidotti

Agents Transferred Offices John Bartosiewicz Lisa Bradley Jane Cheetham Brian Coomey Barry Dworman Bob Falter Mary McCarthy Bill McCormick Danny Minchoff Katie Mironidis Christina Riberdy Maryann Schelin

Exit Realty Partners RE/MAX Vision RE/MAX Acclaim RE/MAX Professional RE/MAX Professional ERA Key Realty Services ERA Key Realty Services McCormick Properties Quaboag Valley R.E. Emerson REALTORS C.B. Blair Real Estate RE/MAX Vision

Worcester Shrewsbury Oxford Auburn Shrewsbury Worcester Framingham Upton Brookfield Auburn Rutland Shrewsbury

Worcester Regional Association of REALTORS速

Hugo Homes 5A Autumn Drive

Hudson

Second Office Openings Gary Smith McCormick Properties Broker 112 Main Street Upton David Rocheford The Law Office David Rocheford Affiliate 100 Erdman Way Leominster

New Affiliates

Eva Kokosinska Merrimack Mortgage Company 255 Park Ave, Suite 1000 Worcester Tim Lebel Ten Mangoes Photography 11 Inwood Road Auburn

Damen Nisula The Law Office of David Rocheford 100 Erdman Way Leominster

17 www.wrar.org

MEMBERSHIP NEWS ERA Key Realty Services Receives Top National Honors ERA Real Estate has named ERA Key Realty Services of Whitinsville, Mass., as its national company of the year. The Gene Francis Memorial Award, given annually by ERA Real Estate to its top all-around company, was presented at the ERA® 2015 International Business Conference, held Feb. 15-18 in Washington, D.C. The award, named after ERA Real Estate co-founder Gene Francis, is the highest honor given to an ERA company, and reflects the qualities most respected throughout the global ERA system and the real estate industry. Known for his forward-thinking business acumen as well as his philanthropic spirit, Francis established a defining culture of service to which all ERA companies aspire. Factored into the award selection are: high customer satisfaction ratings, strong brand engagement and use of ERA resources, and sales and company growth. “Since joining the ERA franchise system in 1993, ERA Key Realty Services has continuously been one of our top-perBruce Taylor at the podium forming brokerage companies, leveraging the many innovative enhancements we have introduced to our members over the years to fuel growth and amplify the brand’s value to consumers,” said Charlie Young, president and CEO of ERA Real Estate. “The firm’s strong focus on growing organically through training and coaching, as well as their impressive acquisition strategy, are just a few of the things that have helped them achieve their status as a true market leader and a model ERA company.” Serving Massachusetts, Connecticut, New Hampshire and Rhode Island, ERA Key Realty Services is comprised of 17 offices and more than 350 agents. “Our 22-year affiliation with ERA Real Estate has proved critical to distinguishing our firm in the marketplace, and all of us at ERA Key Realty Services are deeply honored to be earn ERA’s highest award,” said Bruce Taylor, president of ERA Key Realty Services, who owns the brokerage along with his wife Cheryl, Mike Seaver and Nelson Zide. “Through ERA’s industry-leading technology, innovative marketing tools, proven training platforms and most importantly the highly collaborative ERA network, we’ve been able grown into one of the largest brokerages in Massachusetts and become a first-choice firm for top agents in the region.”

From left to right: Nelson Zide, Bruce Taylor, Cheryl Wright Eidinger-Taylor, Michael Seaver and Jeff Taylor at Marriott Marquis Washington, DC. Worcester Regional Association of REALTORS®

18 www.wrar.org

MEMBERSHIP NEWS Hydrant Hero Public Service Promotion sponsored by Andrew Abu Realtors® Andrew Abu Realtors ran a promotion with all the bad weather we’ve had, encouraging people to shovel out their fire hydrants to BE A HYDRANT HERO and be eligible to Win $250 and $250 to the charity of their choice! Entrants were directed to post a photo of themself or a family member with the shoveled out hydrant on the Andrew Abu Realtors facebook page to be entered into the drawing, with the end goal of keeping homes and our local fire departments safe. The promotion was so very received, and they received lots of positive feedback from many citizens and a few fire departments. Photos came in from Westborough, Shrewsbury, Grafton, Southborough, Northborough, Marlborough, Hopkinton, Ashland, Holliston and Weston. The winner of the contest was the Maggiore-Thompson Family. Amelia Maggiore and her step-brother took on the shoveling challenge to get those hydrants cleared and split the $250 prize. More importantly, Amelia chose FARE “Food Allergy Research & Education” as the charity to receive a $250 donation in her name. Amelia lives with a lifethreatening allergy to milk which is why FARE is so important to her. FARE is dedicated to food allergy research, education, advocacy

Above: Andrew Abu does his part in the Hydrant Hero promotion and awareness. It is a wonderful organization that has made the lives of so many people with food allergies have hope and support in their daily lives. They focus on our schools, hospitals, restaurants, government and so much more. Thank you to Andrew Abu Realtors for participating actively in the community! We are proud to have members like you.

At left is Amelia Maggiore, winner of the contest. The Maggiore-Thompson family donated their their prize to FARE, “Food Allergy Research & Education.” Worcester Regional Association of REALTORS®

19 www.wrar.org

MEMBERSHIP NEWS Milestones Our deepest sympathies are with Conrad and Paula Allen on the passing of their daughter, Cathy Taylor, who died unexpectedly on January 31 ,2015, after being stricken ill. Cathy was a WRAR member and a real estate appraiser for the past 20 years. She owned Mass Conn Real Estate Appraisal in Dudley She will be deeply missed by her family and friends CORRECTION: In February’s issue of Connections, we reported that Janice Mitchell of Janice Mitchell Real Estate celebrated 25 years in real estate in December. Janice has actually been in real estate for 43 years and Janice Mitchell R.E. is celebrating its 26 year anniversary.

World-Class Home Financing in Your Backyard! Prospect is a direct lender with in-house processing centers so you can close with confidence. Our vast array of home loan solutions can help first-time buyers, move-up buyers, hard-to-qualify, investors and everyone in between: n

Conventional

USDA Rural Financing

Refinance

Renovation Loans

FHA and VA

Investment and Second Homes

MA Housing

Jumbo and Super Jumbo

David Samara

Sales Manager, NMLS #29773 Office: (508) 459-3617 Cell: (508) 380-8385 Fax: (877) 301-5689 David.Samara@prospectmortgage.com www.myprospectmortgage.com/dsamara

Wendy Burdett

Contact us today for all of your home-financing needs! 1393 Grafton Street ∙ Suite D ∙ Worcester ∙ MA 01604 ∙ Branch NMLS #77995

Loan Officer, NMLS #40660 Office: (508) 459-3621 Cell: (508) 380-7697 Fax: (877 461-6020 Wendy.Burdett@prospectmortgage.com www.myprospectmortgage.com/wburdett

Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (NMLS Identifier #3296, www.nmlsconsumeraccess.org) is a Delaware limited liability company licensed by MA Mortgage Lender/Broker License #MC3296; licensed by the NH Banking Dept; licensed by RI Licensed Lender #20021343LL, Loan Broker #20041643LB. This is not an offer for extension of credit or a commitment to lend. Loans are currently being closed and committed at the expressed rates, however these rates may change or may not be available at the time of your loan lock-in, commitment or closing. All loans must satisfy company underwriting guidelines. Interest rates and APRs are based on recent market rates, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value ratio, credit score and other variables. Call for details. Terms and conditions apply. Additional loan programs may be available. Rev 2.25.15 (0215-1968) LR 2015-XXX

Worcester Regional Association of REALTORS®

20 www.wrar.org

MEMBERSHIP NEWS Scholarship Raffle - Winner Announced at Awards Luncheon 4/16 Our Young Professionals Networking Group is holding a raffle in support of the WRAR Scholarship Fund. As most of you know, the Scholarship Fund exists to help children and grandchildren of REALTOR® and Affiliate members to help further their education. Scholarships are awarded each spring. In 2014, we gave $4,000 ($1,000 each) to children of WRAR members.

To build up our 2015 Scholarship Funds, we will be selling raffle tickets for $25 each. The winner will receive the use of a cottage in Ogunquit, ME, for the week of June 13-20, 2015, or any week in June or September 2016. This holds a $1,300 value. For more information and pictures, visit http://www.homeaway.com/vacation-rental/p365187. Thank you to Bryan Larson of Fairway Mortgage, Boston, for the generous donation of the cottage. To purchase a ticket, call Lisa Sprague, Membership Manager, at 508-832-6600, ext. 230, or email Lisa at lsprague@wrar.org.

2015 VIP SPONSOR

We work hard for our clients and have developed a solid reputation for honesty and creativity and have built a track record of success that speaks for itself. • Residential mortgage loan closings for lenders and borrowers • Buyer and Seller Representation John “Jay” Barron, Esq.

53 East Central Street | Worcester, MA 01605 Tel: 508-755-5779 | Fax: 508-755-7363 Email: jbarron@centralmasslaw.com www.centralmasslaw.com

Worcester Regional Association of REALTORS®

21 www.wrar.org

CENTER FOR REAL ESTATE STUDIES & TRAINING Upcoming CEU Courses for March All classes are held at the Worcester Regional Association of REALTORS® CREST School, 492 Washington Street, Auburn, MA 01501.. We also hold periodic classes at the Fidelity Bank Building, 478 Mechanic Street in Leominster. WRAR Members in good standing receive FREE LOCAL CEU’s! Tuition for non-members is $20 for each 2-hour CEU. You may register for classes online at www.wrar.org or by calling the WRAR office at 508-832-6600.

Auburn, Tuesday, March 10, 2015 Time

Instructor

Course Code

Course Title

10:00 - 12:00

Maria Hopkins

RE26RC07

Appraisal Process

12:00 - 2:00

Brad Roberts

RE07R13

Closing & Settlement

2:00 - 4:00

Brad Roberts

RE44R05

Understanding Title & Title Concerns

Leominster, Wednesday, March 11, 2015 9:00 - 11:00

Craig Reynolds

RE44R05

Understanding Title & Title Concerns

11:00 - 1:00

Craig Reynolds

RE28RC12

Foreclosure

Auburn, Wednesday, March 25, 2015 8:00 - 10:00

Gary Bourque

RE84RC13

Escrow/Escrow Agents/Escrow Accounts in Real Estate

10:00- 12:00

Gary Bourque

RE51R06

Facilitator

12:00 - 2:00

Gary Bourque

RE35RC03

Offers

2015 VIP SPONSOR

Homebuyer WorksHop Wednesday, marcH 19tH 6-8pm

Worcester Regional Association of Realtors 492 Washington Street (Route 20), Auburn Please use the back entrance!

are you aFraid you can't buy a house? Join Bank of Canton and American Consumer Credit Counseling and take the ﬁrst step toward understanding what it takes to buy a house. Familiarize yourself with the homebuying process, including reviewing your credit report and credit score, and get the information you need to prepare yourself for the next step. We want to help!

Member FDIC. Member DIF.

First-time homebuyer attendees will receive a

$300 credit

toward closing costs on a oF

canton mortgage!

bank

For reserved seating, call by Monday, March 16th 508.450.6160 Maureen Linehan Sweet Regional Lending Manager NMLS #1115540 508.450.6160 (mobile) 508.832.0078 (ofﬁce) 781.830.6414 (efax) msweet@thebankofcanton.com 1 Offer valid until 12/31/15 Cannot be combined with any other Bank of Canton offer. Limit one coupon per mortgage loan application. Ad must be presented at time of application. Offer subject to credit approval.

Bank of Canton Mortgage Center • 850 Southbridge Street • Auburn, MA • 508.832.0078 Worcester Regional Association of REALTORS®

22 www.wrar.org

GOVERNMENT AFFAIRS COMMITTEE Government Affairs Committee off to a Great Start The Government Affairs Committee is already off to a terrific start this year with a full plate of legislative and regulatory issues at the local, state and federal levels. We are fortunate as an Association to have the lobbying powers of both the National Association of REALTORS® and the Massachusetts Association of REALTORS® to keep a keen eye on what is happening on the Hills (Capital and Beacon). However, there are many local issues that affect your business that we focus on in the Government Affairs Committee. Recently, it was brought to the committee’s attention that the City of Worcester had an ordinance where if you owed back taxes and it became a lien on the property, it would show up in the City’s system as being owed; thus the city would not honor requests for smoke detector and carbon monoxide detectors, which would hold up property transfers. With the help of REALTOR® and City Councilman Tony Economou, Smoke and Carbon Monoxide Detectors have been added to the exempt list so that the property can transfer. Issues such as this highlight the important work of this committee. How can you get involved? • • • • •

Attend this Year’s Day on Beacon Hill in June and Legislative Breakfast in September Answer any Call to Action Email you Receive Let us know when a local issue arises so we can assist Do your Part: Make your Fair Share Contribution to RPAC ** see page 25 for contributions to date Volunteer to become a State Political Coordinator (SPC)

The purpose of the State Political Coordinators Program is to establish and grow a grassroots effort to gain support from our Legislature. The goal of this program is to create a relationship with a Member of the Legislature in an effort to educate the Legislature regarding issues most important to MAR. There is training available on the process and issues, so no need to stress; we will prepare you. We currently are looking for REALTOR® members who live in the district and are willing to be the point person for the following: Representative Representative Representative Representative Representative Representative Representative Representative Representative Representative Representative Representative Senator Senator

Kate Campanale Paul Frost Danielle Gregoire Mary Keefe Kevin Kuros Joseph McKenna James O’Day Jeffrey Roy Chris Walsh David Linsky Alice Peisch Tom Sannicandro Harriette Chandler Ryan Fattman

R R D D R R D D D D D D D R

17th Worcester 7th Worcester 4th Middlesex 15th Worcester 8th Worcester 18th Worcester 14th Worcester 10th Norfolk 6th Middlesex 5th Middlesex 14th Norfolk 7th Middlesex First Worcester Worcester and Norfolk

Worcester Auburn Marlborough Worcester Uxbridge Sutton West Boylston Franklin Framingham Natick Wellesley Ashland Worcester Webster

Your 2015 Committee Chairs are happy to speak with you on any of the above so please let them know your interest or concerns: Erika Hall, eshall07@gmail.com Duane Papetti, info@a1realtyofcentralma.com

Worcester Regional Association of REALTORS®

23 www.wrar.org

LOCAL MARKET UPDATE Local Market Update – January 2015 A RESEARCH TOOL PROVIDED BY THE MASSACHUSETTS ASSOCIATION OF REALTORS®

Worcester Regional Association of REALTORS®

- 16.9%

0.0%

- 18.7%

Year-Over-Year Change in Closed Sales All Properties

Year-Over-Year Change in Median Sales Price All Properties

Year-Over-Year Change in Inventory of Homes All Properties

January

Single-Family Properties

2014 279 308 $250,500 2,022 4.4 117 92.8% 466

Pending Sales Closed Sales Median Sales Price* Inventory of Homes for Sale Months Supply of Inventory Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings

2015 378 264 $244,750 1,695 3.9 120 94.0% 409

Year to Date +/– + 35.5% - 14.3% - 2.3% - 16.2% - 11.7% + 3.2% + 1.3% - 12.2%

2014 279 308 $250,500 --117 92.8% 466

January

Condominium Properties

2014 103 88 $178,500 473 4.4 117 94.2% 134

Pending Sales Closed Sales Median Sales Price* Inventory of Homes for Sale Months Supply of Inventory Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings

2015 87 65 $220,000 334 3.1 132 95.3% 106

2015 378 264 $244,750 --120 94.0% 409

+/– + 35.5% - 14.3% - 2.3% --+ 3.2% + 1.3% - 12.2%

Year to Date +/– - 15.5% - 26.1% + 23.2% - 29.4% - 28.7% + 13.0% + 1.3% - 20.9%

2014 103 88 $178,500 --117 94.2% 134

2015 87 65 $220,000 --132 95.3% 106

+/– - 15.5% - 26.1% + 23.2% --+ 13.0% + 1.3% - 20.9%

* Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price

BASED ON A ROLLING 12-MONTH AVERAGE

Single-Family Properties

Condominium Properties

All MLS Worcester Regional Association of REALTORS®

$350,000

$300,000

$300,000 $250,000

$200,000 $250,000

$150,000

$200,000 1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

$100,000 1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS®, Inc. and MLS Property Information Network, Inc. | Provided by MAR. | Powered by 10K Research and Marketing.

Worcester Regional Association of REALTORS®

24 www.wrar.org

MAR LEGAL HOTLINE Michael McDonagh, MAR General Counsel Ashley Stolba, MAR Associate Counsel Justin Davidson, MAR Staff Attorney

Q. I am a listing agent with an exclusive right to sell agreement that expires in two months. The seller is telling me that they want to terminate the agreement effective this week. Do I have the right to refuse to release them from their listing agreement? What options do I have in this situation? A. Your rights and obligations, as well as those of the seller, should be clearly spelled out in the listing agreement that you have both signed. If there is no express provision in the agreement that allows the seller (or you) to unilaterally terminate the contract without the approval of the other party then neither party should assume that such a right exists. For example, if your agreement states “either the seller or broker may terminate this agreement at any time for any reason with no further obligations to the other party after such termination,” then the seller probably would have the right to end the listing agreement. Absent that type of clear option to terminate, neither party should presume that they can walk away from the agreement any time they choose.

Perhaps the most important issue to be addressed is determining why the seller no longer wants to continue with the agreement. If their circumstances have changed due to a job loss or family issue and they simply do not believe they can go forward with any sale of their home, you may want to consider mutually agreeing to suspend the marketing of the property for a specified time. This agreement should be in writing and should make clear that you will not continue to advertise or show the property but that all other contractual obligations established by the listing agreement, including your right to compensation if a sale occurs during the originally specified listing period-remain in effect. If you and the seller make this decision, be sure to make the necessary updates in the MLS, pursuant to your MLS’s rules and regulations. If, however, the seller’s decision to terminate is based upon their dissatisfaction with your firm’s efforts to sell the property then it may be more appropriate to talk with them about what their expectations regarding your services are. A good place to start may be a review of the original listing agreement. Explain what types of marketing and other services they should they have reasonably expected from your firm on the property and how you have tried-and will continue to try-to meet those goals.

Worcester Regional Association of REALTORS®

It is also possible that their dissatisfaction is based upon a lack of upto-date knowle d g e about the market in your community. Have interest r a t e s gone up? Have prices gone down? Are they affording your agents sufficient access the properties for showing? What kind of additional services do they think your office should be providing? Exploring these issues in an informal discussion can go a long way towards avoiding costly legal problems down the road.

Q. When someone is buying a home, is it ok for the buyer to sign a blank lead paint form and submit it with the offer? A. No. The lead paint form must be completed and signed by the seller and the listing broker before it is signed by the buyer. The purpose behind the law is to ensure that the seller has disclosed any information he may have, or lack thereof, regarding the presence of lead paint in the premises. The buyer’s signature on the form acknowledges receipt of that disclosure by the seller. When a buyer signs a blank form he is incorrectly acknowledging a disclosure he has not actually received yet. Q: Who is responsible for deleading a house that has lead paint: the buyer or the seller? A: If the buyer has children under the age of six who will be living in the house, M.G.L. c. 111, s. 197(a) requires the buyer to delead the house. If the buyer does not have any children under the age of six who will be living in the house, there is no obligation to delead the house.

25 www.wrar.org

2015 BOARD OF DIRECTORS President, Brad Roberts President Elect, Kris Koliss Vice-President, Sarah Gustafson Secretary, Judy Patterson Treasurer, Michael Meurant Immediate Past President, Dave Stead

Kathleen Cooper Diane Dabrowski Jayne Diliberto Tracey Fiorelli Erika Hall Lorraine Herbert Lee Joseph Kathy McSweeney Leslie Storrs James Keenan John Vaillancourt

Director Director Director Director Director Director Director Director Director Alternate Alternate

WRAR STAFF Executive VP, Colleen Pappas Membership Manager, Lisa Sprague

WRAR RPAC STATUS Each year, the National Association of REALTORS® sets goals that the local associations are encouraged to reach. For 2015, our NAR Goals are: RPAC Donations $25,000 $20,000 $15,000 $10,000 $5,000 $Donations

440

Administrative Assistant, Lynne Walls

420

WRAR office hours are 9:00 am—5:00 pm. For assistance with the MLS Lockbox system, please make an appointment with Lynne Walls at 508-8326600.

400

Please LIKE our facebook page at https://www.facebook.com/WorcesterRegionalAssociationofREALTORS. By doing so you will not only get up-to-the-minute information on everything going on at WRAR, but you will help us to increase our visibility while growing your own business network.

Current $7,560

RPAC Participation

Marketing Manager, Jacki D’Innocenzo Accountant, Maura O’Connor

Goal $23,677

380 360 340 Participation

Goal 426

Current 375

Have you made your fair share contribution this year? If not, please contact WRAR today.

Worcester Regional Association of REALTORS®

26 www.wrar.org