Connections May 2015 by REALTOR® Association of Central Massachusetts

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

Month-at-a-Glance

Featured Affiliate: Prestige Home Mortgage

Classes & Events

5-10

WRAR Awards

12-16

Classes/Events

8-17

Membership News

17-19

CREST

Community Action

YPN Paint Night

Golf Outing

Gov’t Affairs

RESPA/TILA Overview

Local Market Update

Legal Hotline

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.

I hope that business is settling into a pattern, although I understand that the buyer market is very busy with listings needed. Let’s get those seller’s off the dime! I want to thank all of you who were able to attend the Annual Awards Luncheon. It was a picture- perfect day at Wachusett with a full audience. Congratulations to all the winners, thanks to all our affiliates and volunteers who make these events possible and, of course, our collective gratitude to the staff for their tireless work. As you may know, there are some changes to the closing process which will be effective on August 1, 2015. The regulations formulated by the Consumer Finance Protection Bureau will impose new regulations on lenders and settlement agents and may have an effect on the loan approval and loan closing process. While these new requirements do not directly affect our licensing, they will have an impact on how we do business with our clients. Knowledge is power so please make an effort to get CEU training on this subject. We have several classes scheduled and will be adding more over the next month. Happy Spring everyone - hope your grass is green, your tulips growing straight and your pollen count low!!

Brad Brad Roberts

2015 WRAR President

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

WRAR MONTH-AT-A-GLANCE May 2015 Sunday

Monday

Tuesday

4 5 10 Recruit/Reten- 9 Gov’t Affairs tion Mtg. Comm.

Wednesday

11 9:30 YPN Mtg.

12 11-1 Lunch & Learn w/Fairway Mortgage

Friday

Saturday

2 8-12 Pre-License Class

6 8-2 CEU Classes

7 10 Prof Devel. Comm 2-4 Business Builder

8 12-2 TILA/RESPA CEU Class

9 8-12 Sales Review Class

13 9:30-3:30 MLS PIN Training

5:30-9:30 PreLicense Class 10

Thursday

NAR - Washington DC 17

18 1 DR Task Force

19 8-2 CEU Classes

20 9 Investments 9:30 Finance 10-12 Lunch & Learn w/Mortgage Network

27 12-2 Lunch & Learn w/Wintrust Mortgage

28 9 Comm. Chair Mtg. 5:30-9:30 PreLicense Class

29 9:30-3:30 MLS PIN Training

WRAR Closed 31

Save the Date

Get on the Bus with Us! JUNE 10

June 3, 2015 Board of Directors Mtg. - 10:30 YPN - Assessors’ Lunch & Learn - 11:30 June 8, 2015 Broker / Office Manager / DR Breakfast June 10, 2015 REALTOR® Day on Beacon Hill June 22 & 23, 2015 SRES Designation Course June 25, 2015 Annual Golf Tournament at the Wachusett Country Club

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

FEATURED AFFILIATE: Wes Oliver, Prestige Home Mortgage Prestige Home Mortgage : Pre-Approval App a Game Changer for Buyers Have you ever used or relied a pre-approval letter from a lender that was declined because the buyer was unqualified to purchase because it was ultimately above their qualifying ability? There is a missing link in the home buying process for those seeking a mortgage. For years buyers have been selecting homes based purely on the price of the home, condition, appeal, etc. Also they have relied on pre-approval letters that Wes Oliver, Prestige Home Mortgage are based on price and not actual payment. Let me give you an example: Buyer gets a pre-approval letter from XYZ lender that states they can buy a home for $250K with 5% down payment. You as the agent and the buyer are relying on that information to make an informed strategy to ensure you focus your search with properties in that price range. What if I told you that was fundamentally flawed? If XYZ lender in my above example was using $3500/year in annual property taxes to issue that $250K preapproval letter they would be qualifying their payment with $291.66 in taxes. Now that same buyer wanted to look at a property that was the EXACT SAME PRICE as their letter stated they could buy however the taxes on that home were $5,500. The letter states they are approved to $250K, but now the real estate taxes are $458/month and that would push their monthly payment and corresponding debt to income ratioâ&#x20AC;&#x2122;s would result in a denial. What do we do to eliminate the error, confusion, and potential for this happening? The answer is technology and our customized mobile app. Their data is carefully entered into our mobile app after reviewing all of their income, asset, and credit documentation. Once complete the client and agent have 24/7 access on their phone to a built-in mortgage calculator that is specifically built for that buyer. You will enter the offer price, down payment amount, annual property tax information, and HOA fee if you are looking at condos. Instantly the client will get the exact payment with everything included AND know if they are qualified or not. If they are qualified, you have a button to generate an instant pre-approval letter 24/7. Press that button and a PDF letter based upon the exact parameters entered is emailed to the client and the agent so you can instantly attach it to your offer. If they are not qualified for that payment it will say NOT QUALIFIED and the ability to generate a letter is now gone. What this does is gives clarity to the buyer on price, payment and qualifying ability with pinpoint accuracy based upon the exact property they are looking at. This changes the game because now you are no longer shopping simply on property price, but you are armed with the actual data upfront for your client.

Worcester Regional Association of REALTORSÂŽ 3 www.wrar.org

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Worcester Regional Association of REALTORS® 4 www.wrar.org

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

Business Builders

PROFESSIONAL DEVELOPMENT

Top 5 Secrets of

Effective Negotiating Date: Time: Place:

Thursday, May 7, 2015 2:00-4:00 pm WRAR 492 Washington Street, Auburn Price: FREE to WRAR Members In this lively workshop, participants will practice real-time negotiating in an energetic role-play environment. Expert negotiator and real estate guru, Lynn D Cohen, facilitates this fun and interactive session and shares the secrets used by professional negotiators.

Learn what to say, how to say it, and how to WIN for your client! Thank you to our Sponsors:

PROFESSIONAL DEVELOPMENT Consumer Financial Protection Bureau (CFPB) & THE Effect on Real Estate Closings Receive 2 CEU’s - RE93R15

Dates: May 8 Time: 12:00 - 2:00 pm Place: WRAR, 492 Washington St Auburn Cost: FREE to WRAR Members

This course provides a counseling session to prepare real estate agents and their clients on how to respond to new changes to the Consumer Financial Protection Bureau’s (CFPB) rules, effective date of August 1, 2015. These very important sessions will be offered twice monthly through August 1.

Lunch & Refreshments will be served courtesy of Mark P. Covotta Branch Manager Stonegate Mortgage NMLS# 65971

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! May 12th 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® 7 www.wrar.org

PROFESSIONAL DEVELOPMENT

Marketing Session DATE: PLACE: Time:

Thursday, May 14, 2015 Worcester Regional Assn. of REALTORS® 492 Washington Street, Auburn, MA 10:00 am - 3:00 pm

REALTORS®

Commercial Alliance

Join us from 10 am - 12:30 pm for a FREE CEU Class: RE33RC11: Quadrennial Ethics

NAR requires all REALTOR® members to complete Code of Ethics training. The next deadline for completion is December 31, 2016. It’s never too early to check this training off your list. Open to all REALTOR® members in the state.

Presented by Peter West Peter West has been a REALTOR® since 1984. He is licensed in MA, NY, VT, and FL. Peter has been awarded the prestigious SEC designation from the Society of Exchange Counselors. He also has the CCIM, ABR, and CRS designations. A former National Sales Trainer for Century 21 Real Estate Corp., Peter now trains real estate agents throughout all of North America. He is a frequent presenter of NAR’s buyer agency programs. In 2007, Peter was inducted into the Buyer Agent Hall of Fame.He is also a National Moderator for Commercial Equity marketing sessions. Peter is a popular and frequent presenter at state and national conventions.

Here’s one reason why you will want to plan to attend all 12 Sessions

5050 Raffle

We will offer a 50/50 Raffle at every session, with proceeds to benefit the MAR Charitable Foundation. Bring your checkbooks!

Benefits from attending this marketing session:  The Generation of Potential Transactions for Buyer & Seller Clients or YOURSELF!  Possible Earned Commissions  Networking with other Brokers / Investors from the local market, as well as Regional and National Players  Creative transactions & solutions  Find Investor Cash for you or your clients

Thank you to our Sponsors:

TO REGISTER please contact Colleen Pappas at 508-832-6600 x 106, or cpappas@rcama.org

“25% of my commercial business in 2014 was a direct result of these monthly Marketing Sessions. Worcester Regional I wouldn’t miss one!” Association of REALTORS® 8 www.wrar.org Frank Bertolino, Keller Williams

PROFESSIONAL DEVELOPMENT Amy Tierce, Regional VP (NMLS# 15694), and Michael Dutra, Sr. Loan Officer (NMLS # 13530), of Wintrust Mortgage and All American Title Services invite you to

REACH! dream * stretch * achieve * influence

All Attendees receive a complimentary copy of REACH! Topics Covered: • REACH! as opposed to reach • Building a network of advocates • Achieving organizational milestones utilizing the REACH! methodology • Using social media to build a REACH! platform • Cultivating influence • The Power of Attitude and our PSG Formula for Success • How to build Teams that REACH! • Smartphones, Tablets, and Apps…Oh My! • Appreciation Marketing • Fashion and REACH! • Community OutREACH! as a way of business and life • Building Mastermind REACH! groups • The power of ASK

Wednesday, May 27, 2015 12:00 - 2:00 pm WRAR Headquarters 492 Washington Street, Auburn, MA FREE to WRAR Members Speaker: Stacey Alcorn , Co-Author of REACH! Register online at www.wrar.org About Stacey Alcorn

Stacey Alcorn has grown a successful mortgage practice, a real estate empire, a top title company and a well-known boutique to name just a few of her many enterprises. She is a highly regarded blogger for The Huffington Post and writes on success for Entrepreneur Magazine.

She is an expert in recruiting, mergers and acquisitions and operational efficiencies. An Entrepreneur, Author, Business Owner, Attorney, Blogger, and Mom, Stacey will share a main component of her amazing success through her REACH strategies. You’ve heard enough about TRID and millennial buyers, now it’s time to build your REACH! so that you can reach for any goal you set for yourself.

*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.

Worcester Regional Association of REALTORS® 9 www.wrar.org

YOUNG PROFESSIONALS’ NETWORK

YPN

Young Professionals’ Network

Professional Development & Networking Opportunities for today’s REALTOR®

By Popular Demand - an Encore Presentation PLUS MORE! Lunch & Learn

Appraisals & Assessments Date: Time: Place:

June 3, 2015 11:30 am - 2:00 pm WRAR, 492 Washington Street Auburn, MA FREE to WRAR members Christopher Reidy, Shrewsbury Assessor

Cost: Moderator: Panel Members:

Jennifer Sclar, Milford Assessor Tom Walsh, Appraiser Lou Pepi, Building Inspector, Shrewsbury Kathleen Cooper, Realtor®

Topics to be discussed: Positives

of pulling permits How Building Inspectors Interact w/Assessors and Realtors® Some Real Life Examples Q+A Luncheon sponsored by

Kathryn Weldon of Fidelity Bank

10 www.wrar.org

SRES® DESIGNATION The Worcester Regional Association of REALTORS®

74.9 Million Boomers are ready to talk real estate.

Are you ready? The SRES® designation course will give you the knowledge and understanding of and empathy for 50+ real estate clients and customers.

Take the class & get your SRES Designation Dates: Monday & Tuesday, June 22 & 23, 2015

Develop the business building skills and resources needed for specialization in the 50+ real estate market.

Time: 9:00 am - 5:00 pm

The SRES® designation program provides professional training and development suitable for continuing education credit.

Place: WRAR, 492 Washington St. Auburn, MA

SRES® where the future takes shape.

Early bird $275 until June 1 Regular $295 after June 1 Non-members $325

11 www.wrar.org

WRAR 2015 AWARDS CELEBRATION The Worcester Regional Association of REALTORS® held its Annual Awards Ceremony on Thursday, April 16, 2015, at the Wachusett Country Club in West Boylston, to honor excellence in service to the Association, the community and the real estate industry. The prestigious REALTOR® of the Year Award, chosen from a membership of over 1,500, was awarded to TracTracey Fiorelli, ey Fiorelli of Jan2015 REALTOR® of the Year ice Mitchel Real Estate in Holden. “I am so honored to be chosen as REALTOR® of the Year. I attribute my success as a REALTOR® to the involvement I have had with the Worcester Regional Association. Being involved with such an extraordinary level of professional and experienced REALTORS® has made me a better REALTOR® and has enabled me to offer a higher level of service to my clients.” The remaining winners received the following awards: Distinguished Service Award-- Mary Stolarczyk of RE/MAX Vision in Worcester; REALTORS® Choice Award–Kathleen Cooper of Exit Realty Partners in Worcester; Rookie of the Year–Keith Krikorian of Keller Williams Realty in Worcester; and Affiliate of the Year–Emily DeGray of Southbridge Savings Bank, Charlton. Recognition was also given to members with 5-, 10-, 15-, 20-, 25- and 30-year milestones as WRAR members.

Emily DeGray, 2015 Affiliate of the Year

The following were granted Lifetime Membership:

Worcester Regional Association of REALTORS®

Ella DeNault of Century 21 DeNault Realty, Leominster; Jane Fine of Fine Properties, Shrewsbury; Marcia Hastbacka of Coldwell Banker , Worcester; and Amoret Zamarro Beiter of AA Zamarro Realty in Worcester. Recipients awarded the Lifetime Membership have been members for 30 years or more and have served our association proudly. Mary Stolarczyk, 2015 Natalie Quinlan Also receiving LifeDistinguished Service Award Winner time recognition was Kitty Bradshaw, RE/ MAX Vision, Worcester Top Producers of the Association were recognized for outstanding levels of production in real estate transactions based on dollar volume or units sold in the 2014 calendar year. Only 3% of WRAR members were eligible for this award.

TOP HONORS - DIAMOND LEVEL TOP PRODUCERS Top Individual Production: REALTORS®, Westboro.

Andrew Abu, Andrew Abu

Top Team Production: Hill Team Associates of Keller Williams Realty, Worcester The Hill team is made up of David Hill, Pam Taylor, Vee Somoulaylack, Paul O’Rourke, Shane Ludden, Ranushma Santram and Gina Bello.

Diamond Level Top Producers. Missing from picture are members of the Hill Team Associates.

12 www.wrar.org

WRAR 2015 AWARDS CELEBRATION Below is a complete listing of Top Producers

Diamond Level

Kathleen Cooper, 2015 REALTORS® Choice Award Winner

Michael Durkin, LAER Realty Partners Tracey Fiorelli, Janice Mitchell Real Estate Lee Joseph, Coldwell Banker John Miller Real Estate Experts, Keller Williams Westboro

Emerald Level

A&M Real Estate Consultant, Keller Williams - Worcester Mark Balestracci, EXIT Realty Partners Tracy Barber, EXIT Realty Partners Marianne Belanger, RE/MAX Vision Lisa Bradley, RE/MAX Vision Jeff Burk, RE/MAX Vision Donna Caissie, Emerson Realtors Scott Cheney, Keller Williams Worcester Preben Christenson, RE/MAX Real Estate Center Crawford Realty Team, RE/MAX Professional Diane Dabrowski, ERA Key Realty Donna Flannery, ERA Key Realty Matteo Gentile, EXIT Realty Partners Caryn Gorczynski, Century 21 Center Home Team Kimberly McGrath, Janice Mitchell Real Estate Amy Mullen, RE/MAX Professional Dorrinda O’Keefe-Shea, Century 21 Toomey-Lovett Mark Peris, Andrew Abu Realtors The Pros Real Estate Team, Keller Williams - Worcester Mary Ann Shaw, ERA Key Realty David Stead, RE/MAX Advantage 1 Mary Stolarczyk, RE/MAX Vision Paolucci Team, Post Road Realty Mary Wood, RE/MAX Executive

Keith Krikorian, 2015 Rookie of the Year

Lifetime Members Ella DeNault, Jane Fine, and Amoret Zamarro and Marcia Hastbacka Worcester Regional Association of REALTORS®

13 www.wrar.org

WRAR 2015 AWARDS CELEBRATION Fiona Hoare, RE/MAX Professional Mike Howard, Andrew Abu REALTORS® Elizabeth Johnson, Emerson REALTORS® Lynn Kapinos, Emerson REALTORS® Anthony Khattar, Khattar Realty Virginia Larkin, Larkin Co. REALTORS® Gail Mahoney, RE/MAX Professional Sandy McGinnis, Coldwell Banker Robyn Nasuti, Century 21 Commonwealth Elaine Quigley, Berkshire Hathaway Christine Reilly, ERA Key Realty Barbara Rybicki, RE/MAX Executive Mark Sacco, Exit Beacon Pointe Realty Leslie Storrs, Century 21 North Shore Realty Team Jo-Ann Szymczak, RE/MAX Advantage 1 Marita Tasse, RE/MAX Professional Dianne Zottoli, Holden Realty Inc

Ruby Level

Patricia Anderson, Andrew Abu REALTORS® Susan Bellino, Coldwell Banker Amy Bonner, Berkshire Hathaway Christopher Campolito, RE/MAX Professional Michael Duffy, EXIT Realty Partners Darlene Eager, ERA Key Realty Elaine Evans, RE/MAXProfessional Amy Gerrish, RE/MAX Professional Jeffrey Gibbs, Gibbs Realty Christy Gibbs, Gibbs Realty Michelle Gillespie, Berkshire Hathaway Clara Gorczynski, Century 21 Center Home Team Terri Grimes, Coldwell Banker, Shrewsbury The Hall Team, Keller Williams - Worcester Barbara Hines, RE/MAX Vision

Emerald Level Top Producers

Ruby Level Top Producers

Worcester Regional Association of REALTORS®

14 www.wrar.org

WRAR 2015 AWARDS CELEBRATION

President Brad Roberts with 2014 Lifetime Member Kitty Bradshaw

30 Year Milestones: Darlene Eager & Patricia Anderson

LIfetime Member Janice Mitchell with President Brad Roberts

25 Year Milestones Members. Missing from picture is Jeanne Storrs. Worcester Regional Association of REALTORS速

15 www.wrar.org

20 Year Milestone: Jeff Burk with President Brad Roberts

15 Year Milestone Members

10 Year Milestone Members

5 Year Milestone Members. Missing from picture is Sue Sachs. Worcester Regional Association of REALTORS速

16 www.wrar.org

MEMBERSHIP NEWS

New Applicants Fotoun Albach Megan Byron Pamela Diotalevi Alicia Howard Jessica Jalbert Dong Liu Danielle Lussier Sarah Menke Sonya Rastad Trudy Risedorf Saadia Roman Joseph Simone Devan Sousa

New Affiliates

Coldwell Banker Shrewsbury Century 21 I & V Walsh RE Shrewsbury Kelller Williams Realty Westboro Keller Williams Realty- Worcester Exit Realty Partners Shrewsbury Exit Beacon Pointe Realty Northboro Picket Fence Properties Spencer Realty Execs. Tri County Bellingham Exit Beacon Pointe Realty Northboro Emerson REALTORS Auburn RE/MAX Professional Auburn Keller Williams Realty Worcester RE/MAX Professional Auburn

Agents Transferred Offices Mike Hoefling Paul O’Rourke Donna Plouffe

Romeo Real Estate RE/MAX Professional RE/MAX Professional

Leicester Shrewsbury Spencer

Val Tourtellotte

American Consumer Credit Counseling 179 Shrewsbury Street Worcester MA 01604

Paul Gleason

Central One Federal Credit Union 714 Main Street Shrewsbury MA 01545

Greg Gentile Embrace Home Loans Sebastian Bilentschuk 179 Shrewsbury Street Worcester MA 01604 Bill Gilbert Anthony Chabot

Fairway New England Mortgage 5 Albert Street Auburn MA 01501 Pro RE Photography.com 56 Ring Street Putnam CT 06260

New Secondary Broker Kevin Brignole

Spaulding Realty Group

Plainfield, CT

Agents Transferred from Another Board Lisa Durant Karen Milley Gabrielle Wilson

Laer Realty Partners RE/MAX Best Choice Keller Williams Realty

Groton Framingham Worcester

Worcester Regional Association of REALTORS®

Get on the Bus with Us! JUNE 10

17 www.wrar.org

MEMBERSHIP NEWS

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 June 1 for Spring consideration. The Scholarship Committee will chose the recipients by June 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®

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MEMBERSHIP NEWS 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

19 www.wrar.org

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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

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Get on the Bus with Us! JUNE 10

Real Estate Mortgage Law Purchases & Sales Mortgage Closings Short Sales

Title & Closings Preparation of Wills Business Formation & Transfers Settlement of Estates

94 Highland Street, Worcester, MA 01609 09 Tel: (508) 753-5933 Fax: (508) 755-1244 contact@kotseas.com

Worcester Regional Association of REALTORS®

20 www.wrar.org

CENTER FOR REAL ESTATE STUDIES & TRAINING Upcoming CEU Courses for May 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, Wednesday, May 6, 2015 Time

Instructor

Course Code

Course Title

8:00 - 10:00

Gary Bourque

RE26RC07

Appraisal Process

10:00 - 12:00

Gary Bourque

Re51R06

Facilitator

12:00-2:00

Gary Bourque

RE84RC13

Escrow/Escrow Agents/Escrow Accounts in Real Estate

12:00 - 2:00

Brad Roberts

RE93R15

8:00 - 10:00

Leslie Storrs

RE39C05

Commonly Used Forms: Mandatory/Optional

10:00 - 12:00

Leslie Storrs

RE10RC07

General Real Estate Laws, Regulations and Practices

12:00-2:00

Gene Check

RE05RC12

Contract Law

Auburn, Friday, May 8, 2015 Consumer Financial Protection Bureau (CFPB) & THE Effect on Real Estate Closings

Auburn, Tuesday, May 19, 2015

2015 VIP SPONSOR

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Get on the Bus with Us! JUNE 10

• 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

WRAR COMMUNITY ACTION COMMITTEE Thank you to everyone who helped with our Spring Drive for Horizons for Homeless Children. Between everything dropped off at our offices and the Awards Luncheon, we had quite a nice collection to donate for the children. We also collected $270 in cash donations. We’re going to continue the Drive through June. If you can help, please drop off any items at WRAR or bring them to the Annual Golf Tournament. Our next big drive is our Annual Backpack Drive. If you’d like to hlep, please contact Kris Koliss, CAC Committee Chair at kkoliss3853@gmail.com

Can You Help Our Supply Drive? We are running a Supply Drive for Horizons for Homeless Children and we are looking for the following items: Playdough Clorox Wipes Baby Wipes Tissue Paper Towels Markers Coloring Books

Baby Rattles Chutes and Ladders Candyland Mr. Potato Head Construction Paper Tempera Paint Finger Paint.

Please bring an item to the Golf Outing or to WRAR. Email me if you need a pick up: kkoliss3853@gmail.com.

Worcester Regional Association of REALTORS®

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YPN PAINT NIGHT The Young Professionals Network held a Paint Night on Tuesday, April 28, at the Compass Tavern in Worcester. The event earned $260 and all of the YPN’s proceeds benefit the WRAR Scholarship Fund, which is awarded to members children and grandchildren who are high school seniors or college students. New this year is a scholarship to be used by REALTORS® for designation courses. Be sure to fill out your scholarship application, found on pages 18-19 of this newsletter, for our next designation course, the Senior Real Estate Specialist (SRES).

Worcester Regional Association of REALTORS®

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WRAR 17th ANNUAL GOLF TOURNAMENT

Registration: 8:30 am Shotgun: 9:30 am Luncheon: 2:30 pm

Single: Foursome:

Wachusett Country Club Thursday, June 25, 2015

Chair Massages sponsored by Southbridge Savings Bank Marshmallow Drive sponsored by Foward Financial Svcs. Raffles, including CondoVacation & Patriots Tickets! Door Prizes!

A portion of the proceeds will be donated to Horizons for Homeless Children and Veterans, Inc.

$125 $500

Includes 18 holes, cart, continental breakfast, luncheon

To register contact Jacki D’Innocenzo at 508-832-6600 or via email at jdinnocenzo@wrar.org. Or send this form to WRAR, 492 Washington Street, Auburn, MA 01501 * FAX 508-832-6620. No. of Players__________

Team Captain:____________________________________________________________

Player 1:

Player 2:

Player 3:

Player 4:

Contact Name: Billing Address: Amount Paid: $__________

___Check

___Amex

___Discover

Card No._________________________________________________

___MasterCard

___Visa

Exp.____________________________________

Signature:__________________________________________________________________________________________

Worcester Regional Association of REALTORS®

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GOVERNMENT AFFAIRS COMMITTEE

REALTOR速 Day on Beacon Hill June 10, 2015 10:00 am at the State House

WRAR Bus departs TJ Maxx parking lot in Auburn at 7:30 SHARP and returns at 3:30 pm FREE to WRAR Members

Featuring Keynote Speaker: MA Senate President Stanley Rosenberg (D-Amherst)

Join us and make your VOICE HEARD! Seats are Limited - Sign up TODAY!

Worcester Regional Association of REALTORS速

25 www.wrar.org

Overview of Changes to RESPA/TILA Disclosures On November 20, 2013, the Consumer Financial Protection Bureau (CFPB) issued its final rule to integrate the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations. The final rule integrates existing disclosures with new requirements from the Dodd-Frank Act to improve consumer understanding of the mortgage process, aid in comparison shopping, and help to prevent surprises at the closing table. The new rule and changes go into effect on August 1, 2015.

HIGHLIGHTS OF NEW RULE New Loan Estimate Document Created  Replaces the Good Faith Estimate (GFE) and initial Truth-in-Lending (initial TIL) disclosure.  The new form provides clearer information so that consumers understand the loan terms and estimates of loan and closing costs and to facilitate comparison shopping.  The Loan Estimate must be provided to consumers within three business days after submission of loan application. New Closing Disclosure Document Created  Replaces and combines the HUD-1 and final Truth-in-Lending disclosures (final TIL and, together with the initial TIL, the Truth-in-Lending forms).  The new form provides clear details about loan charges and features so that consumers can better understand the costs of the transaction.  The Closing Disclosure must be received by consumers three business days before consummation of loan. Timing of Disclosures  The Loan Estimate must be given to consumers within three business days of applying for the loan.  The Closing Disclosure must be received by the consumer three business days before consummation.  Consumers may modify or waive the waiting period of the Closing Disclosure if they have a “bona fide financial emergency”. Consumers should work directly with their mortgage lender or creditor to determine if they are eligible for this limited waiver. Types of Loans Covered  Applies to most closed-end consumer mortgage loans.  The rule does not apply to: o Home equity lines of credit (HELOCs) o Reverse mortgages o Mortgages secured by mobile homes or by dwellings not attached to a property o Creditors that make five or fewer mortgage loans in one year. Effective Date  Beginning August 1, 2015, lenders will be required to use the new documents for any loan applications received. More Information Visit www.realtor.org to learn more about the upcoming changes and to view webinars, videos and articles.

Worcester Regional Association of REALTORS®

26 www.wrar.org

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

Worcester Regional Association of REALTORS®

- 6.4%

+ 0.2%

- 26.1%

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

March

Single-Family Properties

2014 453 326 $250,000 2,194 4.8 137 93.2% 783

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 570 317 $243,500 1,663 3.9 146 93.3% 716

Year to Date +/– + 25.8% - 2.8% - 2.6% - 24.2% - 20.1% + 7.0% + 0.1% - 8.6%

2014 1,092 893 $245,000 --129 93.0% 1,800

+/– + 21.7% - 18.6% - 1.9% - 33.8% - 31.3% + 13.8% + 0.2% + 1.0%

2014 313 261 $202,500 --108 95.1% 472

March

Condominium Properties

2014 120 97 $212,000 533 4.9 104 95.3% 192

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 146 79 $208,000 353 3.4 119 95.5% 194

2015 1,216 830 $249,450 --135 93.1% 1,490

+/– + 11.4% - 7.1% + 1.8% --+ 5.2% + 0.0% - 17.2%

Year to Date 2015 304 208 $212,500 --115 95.9% 400

+/– - 2.9% - 20.3% + 4.9% --+ 6.5% + 0.8% - 15.3%

* 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

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®

27 www.wrar.org

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

Q. My company wants to start advertising our listings on social media. How can I be sure that I am making the proper disclosures? A. Whether the property is being promoted in a newspaper or on the internet, brokers must disclose the name of their brokerage, as well as their status as a real estate professional. Massachusetts Regulation 254 CMR 3.00(9) states that, “A broker shall not advertise in any way that is false or misleading” and “all advertisements shall include the name of the real estate broker.” Furthermore, the REALTOR® Code of Ethics states that, “REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations. REALTORS® shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional.” Standard of Practice 12-5 goes on to say that, “REALTORS® shall not advertise nor permit any person employed by or affiliated with them to advertise real estate services or listed property in any medium (e.g., electronically, print, radio, television, etc.) without disclosing the name of that REALTOR®’s firm in a reasonable and readily apparent manner.”

Standard of Practice 12-5 of the REALTOR® Code of Ethics was amended in 2011 to address the concern of social media and advertisements. Specifically, it states: “This Standard of Practice acknowledges that disclosing the name of the firm may not be practical in electronic displays of limited information (e.g., “thumbnails”, text messages, “tweets”, etc.). Such displays are exempt from the disclosure requirement established in this Standard of Practice, but only when linked to a display that includes all required disclosures.” Therefore, in each social media advertisement, you must be sure to include a link to another page, most likely your firm website, which includes the name of your brokerage.

You should also keep in mind that Massachusetts License law prohibits salespersons from advertising under their own name. Therefore, it is recommended that salespeople who wish to advertise their listings via social media should do so in a manner that clearly identifies their status as a real estate professional, as well as the name of their brokerage.

Worcester Regional Association of REALTORS®

Q. I am a buyer’s agent and want to showcase some other brokerages’ listings on my social media page to attract buyerclients. I think this is a win-win, since I will help the sellers get exposure, and I will also attract clients. Is this an acceptable practice? A. Probably not. Advertising another firm’s listing on your social media page could be construed as misleading to prospective buyers, since they might assume that the listing is your own. Furthermore, Standard of Practice 12-4 prohibits REALTORS® from advertising without authority. If the seller’s agent and their client did not give you permission to advertise this listing, this is likely a violation of Article 12, and possibly the Massachusetts regulations. Q. I thought that when brokers signed up for the MLS, the brokers automatically granted access to have their listings posted on other subscriber’s websites. Can I post information on other broker’s listings from the MLS on my social media page? A. Not necessarily. You should take a close look at your Multiple Listing Service policies, which will include very specific requirements for WebPages, or “public access websites” that display listings through the MLS. Specifically, the National Association of REALTORS® Handbook on Multiple Listing Policy states that, “the “Information Data Exchange” (IDX) policy gives MLS participants the ability to authorize limited electronic display of their listings by other participants...and... MLS participants [may] display aggregated MLS listing information by specified electronic means in accordance with this policy.” Following that statement is a detailed list of what each website must include in order to properly display other participant’s listings. Each MLS has varying policies on this, but those policies are exhaustive and specific. Most likely, sharing another brokerage’s listing on your social media page is not automatically consistent with your MLS policies. To be sure, if you are sharing another brokerage’s listings on your website, be sure to check your MLS rules. 28 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 Marketing Manager, Jacki D’Innocenzo

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

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. 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 $8,130

RPAC Participation

Accountant, Maura O’Connor Administrative Assistant, Lynne Walls

Goal $23,677

430 420 410 400 390 380 Participation

Goal 426

Current 399

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

Worcester Regional Association of REALTORS®

29 www.wrar.org