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The new Supra eKEY app, version 2.2.1, is now available at the Apple® App Store and Google Play.

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.

REALTORS® Oppose Mortgage Tax Proposal

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.

NAR Variable Dues Video

NAR Variable Dues Video thumbnail

Click here to watch this video where C.A.R. Treasurer Geoff McIntosh speaks about the NAR Variable Dues. (Note the link will take you to dropbox, where the video is stored.)

New CFPB Tool for Real Estate Professionals

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

If you have any questions please contact John DiBiase, Government Affairs Communications Director, This email address is being protected from spambots. You need JavaScript enabled to view it. or 202-383-1037

Complete Links:

http://www.realtor.org/articles/cfpb-releases-new-trid-tools                                                 

http://www.consumerfinance.gov/know-before-you-owe/real-estate-professionals/

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