Back to AMBR News Archive Index
Click here to read the latest report from the NMREC Rules Hearing October 23rd.
For its November meeting, the Appraisal Council will meet at UNM Continuing Education for a training session on InnoVia, the new MLS system. The training session will run from 8:30 to 11:00 a.m. on Friday, November 7th.
Call the Board today (842-1433) to reserve your spot at the third and last Professional Standards Luncheon, which will be held on Friday, November 7th, from 11:30 a.m. to 2:00 p.m. Maryann Bassett will speak about Lights—Camera—Ethics in Action. Sign up today. The luncheon costs only $15—and you will get 2 credits of continuing education!
The New Mexico Real Estate Commission has accepted a bid for a new carrier for errors and omissions (E&O) insurance: Rice Insurance Services from Louisville, Kentucky. This carrier provides E&O insurance in 11 of the 12 states in which such insurance is required. The premium will be $146 per licensee, not per license, as was the case with Williams. You may choose to have your E&O insurance through another carrier if all the required criteria are met. If you have any questions, call the Commission at their new telephone number, 222-9120.
The Senate last week unexpectedly took up and approved a federal anti-spam bill that includes an amendment to create a do-not-spam registry. REALTORS® already comply with many of the practices outlined in the bill, NAR has told legislators. NAR is communicating its concerns to law makers that any
bill creating a do-not-spam registry must respect the ability of businesses to communicate with current and past clients and not create overwhelming compliance burdens for small businesses that use e-mail as a business tool. In the House, there are several anti-spam bills pending but none have
passed out of committee nor do they include a registry provision. The Federal Trade Commission, which is the agency responsible for evaluating the feasibility of and planning for a do-not-spam registry, opposes the concept. For more info, CONTACT: Marcia Salkin, msalkin@REALTORS®.org, 202/383-1092.
Election Day is TODAY, and I wanted to take this
opportunity to thank you for your support of Citizens
for Greater Albuquerque. Please remember to exercise
your right to vote today.
I also want to invite you to join our CGA-endorsed
candidates, Mary Molina Mescall in District 2, Patrick
Milligan in District 4, Johanna Tighe in District 6,
and Craig Loy in District 8, as we watch the election
returns come in tonight at the Albuquerque Marriott.
WHO: All CGA supporters
WHAT: Election Night Party
WHEN: 7:00pm, Tuesday, October 28th
WHERE: Albuquerque Marriott,
2101 Louisiana Boulevard NE
WHY: Join CGA's endorsed City Council candidates
and watch LIVE election returns.
Today's election offers voters the opportunity to
elect a new City Council that will work to create jobs
and renew hope in Albuquerque. As a valuable
supporter, we hope that you will join our candidates
for City Council on this important evening.
Thank you again for your support, and we look
forward to seeing you TONIGHT at the Albuquerque
Marriott.
Sincerely yours,
Chuck Gara
Chairman
Citizens for Greater Albuquerque
There are three issues that WILL effect your business. They include the Transfer Tax being considered by the special session of the state legislature; the proposed unification of the City of Albuquerque and County of Bernalillo, and the Albuquerque City Council election. For more information on each of these issues, click here.
NMREC Public Hearing on proposed amendments to Rules & Regulations is scheduled for Thursday, October 23, 10 a.m. at UNM Continuing Ed Center, 1634 University NE, Salon B. Click here for official notice of meeting and proposed amendements
TO CALL OR NOT TO CALL WEBCAST
Login to a new do-not-call webcast, Oct. 16, 2 p.m. - 2:30 p.m. EDT, to hear an update on what the courts, Congress, and federal agencies are doing to sort out recent court decisions on the implementation of the do-not-call registry rules. A link to login will be posted on the REALTOR®.org homepage.
For more info: CONTACT: Jeanne Delgado, 202/383-1079, jdelgado@REALTORS®.org. Preregister for the webcast at:
http://www.visualwebcaster.com/event.asp?id=18074
Visit the Do-Not-Call Field Guide at: http://www.REALTOR®.org/libweb.nsf/pages/fg707
HOUSE PASSES BILL TO INCREASE FHA MULTIFAMILY LOAN LIMITS
NAR applauds the U.S. House of Representatives for passing legislation that would increase FHA loan limits for the construction of multifamily housing in high-cost metro areas, such as Boston, New York, and San Francisco. Under this bill, the per-unit maximum loan limit would increase from $194,190 to $218,465. NAR is working with the Senate to make the loan-limit increase an amendment to the American Dream Downpayment Act, currently pending in the Senate. For more info, Go To: http://www.REALTOR®.org/publicaffairsweb.nsf/Pages/FHAMultiFamily
NAR OPPOSES OCC PREEMPTION OF STATE BANKING LAWS
The Office of the Comptroller of the Currency does not have the congressional authority to exempt national banks from state banking and real estate lending laws, NAR President Cathy Whatley said in a statement to the agency last week. NAR disagrees with the OCC's interpretation that federal law enables it to regulate national banks' real estate lending. The OCC issued the proposed rule in early August identifying types of state laws that are pre-empted for national banks, including: mortgage broker licensing laws, escrow account laws, credit score and insurance score disclosure laws, and anti-predatory lending laws. For a copy of NAR's comment letter, Go To: http://www.REALTOR®.org/gapublic.nsf/files/narfinalet.pdf/$FILE/narfinalet.pdf. For more info, CONTACT: Lynn King, 202/383-1156, lking@REALTORS®.org.
Legislative Chairman Victor Raymos presents RPAC checks to City Council
Candidates Patrick Milligan and Johanna Tighe. Last week Jim Maddox and
Kate Southard presented a check to Mary Molina Mescall. Craig Loy will also
receive a check.
These candidates are all endorsed by Citizens for Greater Albuquerque and
received local PAC funds (from RANM RPAC) at the request of AMBR and CARNM.
City Council Election is coming October 28. For information on early voting locations and CGA endorsed candidates, click here.
COURT SAYS DO-NOT-CALL LIST CAN BE ENFORCED
Both the FTC and FCC will likely enforce the do-not-call list immediately, following yesterday's
10th Circuit Court of Appeals decision to stay the Colorado District Court's injunction against
the FTC, pending appeal. In the coming months the appeals court will still consider whether the
do-not-call list is unconstitutional, but it has indicated that it thinks the list is legal. A
decision from the court of appeals is expected by the end of the year, but in the meantime, the
do-not-call list will be implemented and enforced. For more info on REALTORS®' rights and
responsibilities under the rule, Go To: http://www.REALTOR®.org/libweb.nsf/pages/fg707
HOUSE PASSES AMERICAN DREAM DOWNPAYMENT ACT
Last week the House passed the American Dream Downpayment Act that would provide $200 million in
grants averaging $5,000 each to low-income first-time homebuyers to help with downpayment and
closing costs. The Senate is expected to consider its own version of the legislation in the next
few weeks. For more info, Go To: http://www.REALTOR®.org/PublicAffairsWeb.nsf/Pages/DownpaymentPassage03
FLOOD MAPS TO GET UPDATE
President Bush signed legislation last week that includes $200 million for the Federal Emergency
Management Agency to update and digitize existing paper maps and thus make them more accurate,
more accessible, and easier to maintain. The money for the multiyear flood map modernization
program was included in the Homeland Security appropriations bill, since FEMA is now part of
that department. "Consumer access to accurate and updated flood maps is crucial to the
homebuying and selling process in communities that are prone to flooding," said NAR President
Cathy Whatley.
VA TO EXPAND NUMBER OF FEE PANEL APPRAISERS
Tell your appraiser members: The Department of Veterans Affairs is looking to add to its list of
qualified fee appraisers to perform VA residential appraisals nationwide. Applications and
qualification requirements are available at
http://www.homeloans.va.gov/cav.htm. The VA is also looking for qualified people to perform
compliance inspections for proposed and under-construction residential properties. By increasing
the number of appraisers and compliance inspectors on the fee panels, the VA hopes to better use
local expertise in serving veterans. Appraisers and compliance inspectors on the VA fee panel
are assigned cases on a rotational basis. Applications due Jan. 31, 2004. Applications received
after the deadline will be considered if there's still a need in that particular area. The VA
cautions that due to the anticipated volume of applications, the processing and response time
may exceed normal expectations. For more info, CONTACT: Peter Morgan, pmorgan@REALTORS®.org,
202/383-1233.
LIMITED TIME OFFER TO SAVE ON e-PRO
REALTORS® and association staff who register now through Nov. 10, can take the e-PRO
Certification Course at the original price of $299. A price change will go into effect Nov. 11.
Access the list of states that have approved e-PRO for CE credit at
http://www.epronar.com/ce.htm. For more info and to register, Go To: http://albuquerquemetroborepro.internetcrusade.com/.
Signups for the new MLS Training are now open! Classes start November 3rd. Class space is limited, especially hands-on classes. Check out the schedule here. Sign up quickly to ensure the class of your choice, by calling 843-8833 between 8am and 5pm, Mon-Fri!
You may have received a flyer today stating your MLS conversion guide was mailed to you in the past week. This flyer was sent out in error, the MLS conversion guide is slated to be mailed out next week. The flyer went out too early, we apologize for the confusion.
AMBR and SWMLS Officers, Directors and Volunteers gathered at El Pinto September 23 for the annual Installation and Thank You Gala.
photos (top to bottom): 2002-2003 AMBR officers, directors and committee chairmen.
2002-03 AMBR President George Lowes presents gavel to new President Joe Gilmore.
2002-03 SWMLS President Beth Beaver presents gavel to new President Jeff Grover.
Click on any image to see it full-size.
Nearly 12,000 letters from NAR members calling for HUD to rethink its proposed RESPA reforms were delivered to HUD Secretary Mel Martinez on Sept. 30. The proposed RESPA rules could significantly affect members' ability to competitively offer real estate settlement services such as mortgage,
title, and closing to their clients, says NAR. HUD's original proposal would permit lenders to package all mortgage-related services at a guaranteed price to the consumer. In exchange for the guarantee, lenders would be exempt from Section 8's prohibition against kickbacks. REALTORS® also sent nearly 25,000 letters to Congress via NAR's Action Center opposing the proposed RESPA rules. NAR backs a two-package approach to RESPA reform that would promote competition by allowing consumers to comparison shop for settlement packages among lenders and nonlenders alike. NAR expects HUD to finalize the rules this year. For more info on RESPA and NAR's position, Go To: http://www.REALTOR®.org/gapublic.nsf/pages/respalanding
from NAR - DO-NOT-CALL RULES IN EFFECT TODAY
Despite court rulings that have stalled the Federal Trade Commission (FTC) from administering its Do-Not-Call Registry, the Federal Communications Commission (FCC) said Tuesday it will continue to enforce its do-not-call rules. The FCC rules have also been challenged in court though a decision in
that case hasn't yet been issued. FCC Chairman Michael K. Powell said, to the extent possible, his agency plans to enforce the rules beginning today, Oct. 1. Since no one can register or access the registry at the moment, the FCC has said it will enforce its rules only against those who have previously obtained lists from the registry.
What does the FCC statement mean for real estate brokerages that use cold calling? Brokers and salespeople who have obtained lists from the Do-Not-Call Registry but fail to follow the do-not-call rules may be subject to a claim by the FCC or a private party that they violated those rules. The ultimate legality of the rules will become clearer in the coming weeks. For the present, brokers who have a list but fail to use it should know that in addition to the costs and burdens of responding to a claim, they face fines of up to $11,000 per violation. In addition, a state attorney general or private individual could sue for damages of$500 per violation. Those who did not obtain lists from the registry prior to its closure have no duty (or ability) to comply with the do-not-call rules at present. Note, however, that state telemarketing rules remain in effect. In addition, even though inability to access the list may be a valid defense, brokers
could still face a lawsuit if they call a consumer whose number is registered. Access the latest on do-not-call developments on the FTC's Web site, http://www.ftc.gov. Access NAR's guide to working within the do-not-call rules online at: http://www.REALTOR®.org/libweb.nsf/pages/fg707
With the new FTC and FCC regulations, it's becoming more and more difficult to comply with the law and still do business. Sign up by calling 842-1433 to register for the next Q&A session at 11:30 a.m. on Monday, November 3, when Jan Perelson, legal counsel for RANM, will talk about Phones, Faxes, and e-mail: Using Technology Legally. Sign up today to get this important information to keep you out of trouble! Lunch will be provided by Bank 1st Mortgage.