C.A.R. continues to fight a proposal to create a mortgage tax to pay for highways. Many of you have asked how to encourage your clients to get involved and help oppose this mortgage tax. There are a few easy ways to help spread the word.
1. Share this new website for consumers – www.nomortgagetax.org with your clients, friends and family. Use it in your regular marketing, share it on Facebook and on LinkedIn. If you have an e-newsletter, blog or website, you can use the content on the website for a quick update for your readers and followers. PLEASE URGE THEM TO CONTACT CONGRESS USING THE “TAKE ACTION” PAGE ON THE SITE.
2. Share the link on Twitter. For those of you using Twitter, please share the link in a Tweet and ask your followers to help spread the word. Be sure to include #nomortgagetax in your tweet.
At www.nomortgagetax.org, people can learn more about the issue, calculate their own mortgage tax and send their own message to their congressional representative. And this site isn’t just for people who live in California. It’s for anyone across the country who may be impacted by the tax.
By sharing this information with your clients, you not only help fight the tax but provide your clients with valuable information they may not see otherwise.
IF YOU HAVEN’T ALREADY CALLED YOUR MEMBER OF CONGRESS, PLEASE DO SO TODAY. Click here to see C.A.R.’s online Call-for-Action. Please note, only California REALTORS® can use the toll-free number to get connected to Congress since it requires that you enter your NRDS ID.
The new Supra eKEY app, version 2.2.1, is now available at the Apple® App Store and Google Play.
This new version of eKEY is compatible with the new Apple iOS 9 operating system.
This version of eKEY may prompt you for information related to the new end of showing notification feature scheduled for later this year. You may notice the following differences as you use the eKEY application:
- For Apple device users, if Location Services is not enabled for eKEY, you will be prompted to do so when you open the eKEY app.
- Approximately 30 minutes after performing an Obtain Key the eKEY app may display a “Showing Ended?” prompt with the option to select yes or no. This prompt only appears when the system cannot automatically detect the showing has ended.
The CALIFORNIA ASSOCATION OF REALTORS® (C.A.R.) is opposing a proposal in Congress to impose a hidden tax on mortgages to pay for highways. Congress is seeking to disguise this tax by calling it a “fee.”
C.A.R. is asking that all California REALTORS® contact their Member of Congress to ask that the House not include this tax in the long-term Transportation funding bill.
A portion (in the form of a fee) of every conforming loan, (those backed by Fannie Mae and Freddie Mac) is used to offset losses from bad loans and to pay for the administrative costs of running these companies. These are called guarantee fees (or g-fees). In 2011 Congress added on a tax of an additional 10 Basis Points, equal to .1% of the value of the loan, to the guarantee fee of every new loan to fund an extension of unemployment benefits. That “add on” tax was due to expire in 2021 and loans originated after that date would not be subject to the additional fee.
The U.S. Senate just passed a long-term transportation funding bill that extends the “add-on” fee until 2025 for all new mortgages in order to pay for transportation infrastructure. As an example using real numbers, buyers purchasing a median priced California home of $489,560 using a typical conforming loan with a 20% down payment and a 4% interest rate will pay an additional $8,100. This figure is sure to rise with an increase in sales prices. This "g-fee" is actually a disguised tax on homebuyers.
This “fee” for highways unfairly burdens homebuyers for something not related AT ALL to their mortgage. And it will also erode housing affordability by adding another $8,000 to the cost of a median priced home.
C.A.R. opposes this tax because of its impact on homebuyers and housing affordability and believes that g-fees should only be used to reduce Fannie Mae and Freddie Mac’s (and therefore the taxpayers’) exposure to the risks associated with guaranteeing a mortgage and for the operation of these companies. A mortgage tax will also make it more difficult to enact meaningful mortgage finance reform because, going forward, Congress would need to offset the “cost” of reducing or eliminating the tax.
Please oppose this tax by responding to C.A.R.’s Call-for-Action.
Click here for more details and to take action today for more details and to take action today.
In our continuing efforts to keep you abreast of the latest news on the implementation of the Truth in Lending RESPA Integrated Document (TRID) rule by the Consumer Financial Protection Bureau (CFPB), NAR is pleased to announce new resources to help REALTORS® prepare for the changes. Today, after close collaboration with NAR, the CFPB has launched a new online toolkit for real estate professionals as part of its “Know Before You Owe” campaign. CFPB uses the term “Know Before You Owe” for its consumer facing communications regarding TRID. The new website is designed to help real estate professionals understand the changes to the closing process, that will go into effect on October 3, 2015, and how to explain the changes to clients. The site also includes resources that real estate professionals can provide to their clients.
You can visit www.realtor.org to get additional information about the new website or visit the CFPB website directly