If you do not wish to receive these emails, you may unlist yourself immediately.

Having trouble viewing this email? View as web page.    Forward this email to a colleague.

Minnesota REALTORS® Make
Their Legislative Impact

REALTOR® Day at the Capitol a huge success
with 6 guest speakers

Over 600 members of the Minnesota Association of REALTORS® filled the upper auditorium on March 15th to hear a wide range of speakers discuss a wide range of issues influencing Minnesota's real estate marketplace.

The day began with an overview of demographic change in Minnesota presented by Martha McMurry, Senior Research Analyst with the Minnesota Demographic Center. Her presentation discussed a number of issues that are changing Minnesota's real estate landscape. Many of the issues have been used by MNAR Lobbyist Susan Dioury and Christine Berger to inform legislators about the complex and fragile nature of Minnesota's real estate market.

All of the elected officials took an assortment of questions from the audience.

Continue Reading

Lending Bills Move Forward Cautiously

When it comes to the lending bills before the legislature, many Minnesota REALTORS® have either heard the world is falling or the world will beautiful place - it generally depends on your point of view. In reality the answer is both and neither.

Lending activity has been slowing down for some time because of concern over subprime mortgages and increased foreclosures rates. Across the nation lenders and regulatory agencies have begun reassessing the impact of these lending standards on the overall marketplace. Whether Minnesota's legislature takes action or not, the "loose lending" standards of the past 4-5 years is going to end.

The Bills currently being considered have these key points:

Requires Lenders to verify the Borrower's ability to pay. This piece of the legislation has caused significant concern as it relates to ARM's and some of the no documentation programs. The most concerning piece requires a lender to determine if the borrower can afford the maximum payment that could be required during the first 7 years of the loan. Whether Minnesota adopts this language or not, Freddie Mac has recently imposed the standards on loans they will be purchasing. Fannie Mae is expected to adopt the same position.

Legal Hotline Questions Run the Gambit

Encroachment to Lender Fraud, over 200 questions a month

Interpreting real estate contracts and forms is the number issue the Minnesota Association of REALTORS® (MNAR) Hotline Directory covers in most months. The concerns last month ranged from the new Contingency language to when an agent should use an Addendum versus an Amendment. Agency Law, disclosure issues, commission concerns, and Commerce Department implications all are popular call topics.

Next month, the Minnesota REALTORS® Resource Email Publication will include a feature similar to the popular "Hotlines Question" we publish in the printed newsletter. We hope that by bringing you more Q & A scenarios you can improve your consumer service in the field.

Continuing Education Opportunities Abound!

See the Education Calendar of Events

  • StCloud - MNAR Education Extravaganza: March 23rd - 7.5 hours
  • Tower - MNAR Education Tour: March 26th - 7.5 hours
  • Bloomington - Seller Representative Specialist: April 11th & 12th - 15 hours
  • Detroit Lakes - MNAR Education Tour: April 16th - 7.5 hours
  • Fergus Falls - MNAR Education Tour: April 17th - 7.5 hours
  • Alexandria - MNAR Education Tour: April 18th - 7.5 hours
  • Minnetonka - MNAR Risk Reduction Series: April 19th - 7.5 Hours (pending)
  • Bloomington - RLI Site Selection Program: April 19th & 20th -15 hours

Broker Management Series: April 25th - 7.5 hours (pending)

This newsletter was sent to [email address suppressed] at your request as a member of the Minnesota Association of REALTORS®. If you no longer wish to receive these emails, you may unlist yourself immediately. You may also unsubscribe via postal mail by writing to Minnesota Association of REALTORS®, 5750 Lincoln Drive, Edina, MN 55436. Be sure to include your email address.