Barbara Corcoran's Keynote Address at Inman Connect Spotlights this Sales Meeting

March 3, 2015

1

CHAMBERSBURG OFFICE SALES

MEETING

Code of

Ethics

Mortgage

Disclosures

Barbara

Corcoran

Case Study

As part of the negotiation process, can a listing

REALTOR® negotiate a different co-op

commission than what is listed in the MLS with the

selling REALTOR® in order to ‘make the deal

work?’

2

LEGAL CORNER

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NAR Code of Ethics & Standard of Practice 3-2

Any change in compensation offered for

cooperative services must be communicated to

the other REALTOR® prior to the time that

REALTOR® submits an offer to purchase/lease the

property. After a REALTOR® has submitted an

offer to purchase or lease property, the listing

broker may not attempt to unilaterally modify the

offered compensation with respect to that

cooperative transaction. (Amended 1/14)

3

LEGAL CORNER

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Code of Ethics has been

in existence since 1913

Revised every year

Not a choice – an

obligation

4

LEGAL CORNER

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5

MORTGAGE DISCLOSURES

Background on Existing Forms:

Two different federal agencies

developed forms separately,

under two federal statutes:

Truth in Lending Act (TILA)

Real Estate Settlement

Procedures Act (RESPA)

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MORTGAGE DISCLOSURES

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Application Process

7

MORTGAGE DISCLOSURES

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Settlement Process

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MORTGAGE DISCLOSURES

Problems:

Information on these forms is overlapping and

the language is inconsistent

Consumers often find the forms confusing

Lenders and settlement agents find the forms

burdensome to provide and explain

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9

MORTGAGE DISCLOSURES

Loan Estimate Form

Outlines key features, costs,

and risks of the mortgage

loan

Provided to consumers within

three business days after they

submit a mortgage loan

application

Replaces the Good Faith Estimate and the “Early”

Truth-in Lending disclosure

3/6/2015

10

MORTGAGE DISCLOSURES

Closing Disclosure Form

Helpful in understanding all of

the costs of the transaction

Provided to consumer three business days before they

close on the mortgage loan

Replaces the HUD-1

Settlement Statement and the

revised Truth-in-Lending disclosure

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MORTGAGE DISCLOSURES

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14

REVISIONS TO RPR

1. RPR is now Mobile

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15

REVISIONS TO RPR

2. Customize Report Covers

Under the ‘Property Notes’ section, click

‘Upload Photos’

Choose ‘Use for report covers’

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Barbara

Corcoran

Copy this link to play the 20 minute inspirational video:

http://content.jwplatform.com/previews/2fsvL5St-A1a7vJME

17

THINK YOUR WAY TO SUCCESS

3/6/2015

Brenda Florida

Copy this link to play the 1½ minute video:

https://vimeo.com/119164664