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 Dave Howe  Friday, January 29th, 2010  MetroList is excited to announce we will be converting all MetroList subscribers to Adaptive Authentication. This means MetroList subscribers will no longer need an RSA Secure Logon Token to log onto Prospector. The new MetroList Adaptive Authentication system utilizes banking Industry strength security, multi-factor authentication and user convenience.
On Monday, February 1, 2010 when you log onto Prospector you will go through and Adaptive Authentication enrollment process where you will provide answers to three security questions. Upon completing the enrollment process you will no longer need your token. To view a quick video tutorial on the enrollment process, click here.
IMPORTANT REMINDER WHEN ENROLLING
It is important that you remember the following steps when you enroll in the new MetroList Adaptive Authentication in Prospector:
Answer the security questions with valid answers
Please answer the security questions with valid answers and, most important, remember your answers in the event you are using a non-owned computer to log onto Prospector.
Remember this computer – I use this system frequently for the MLS
Only check the “Remember This Computer” box if the computer you are enrolling on is your office, home or personal laptop. If the computer you are enrolling on belongs to someone else or is a public computer found in an internet café, library or some other public place, DO NOT CHECK the box.
Continue reading: MetroList Introduces Adaptive Authentication NO MORE TOKENS
Stella Ling Friday, January 29th, 2010
Fidelity National Financial, Inc. (FNF) and its title insurance underwriters, including Fidelity National Title Insurance Company, have informed C.A.R. they are now offering FIRPTA qualified substitute services. They have informed C.A.R. that, upon request, they will sign the C.A.R. Qualified Substitute form if they are in possession of a completed and executed Transferor’s Affidavit. This is another major company that is providing this valuable service to real estate professionals.
Three days ago, C.A.R. reported on the refusal by certain settlement companies, including FNF companies, to provide FIRPTA qualified substitute services (see Realegal dated January 26, 2010). C.A.R. also began providing member-generated FIRPTA Qualified Substitute Services lists of the settlement companies that will, and those that will not, provide FIRPTA qualified services.
It was at the direction of our members that C.A.R. advocated for years for federal legislation to help protect the privacy of sellers’ social security numbers on FIRPTA forms. In July 2008, a FIRPTA fix by way of a qualified substitute alternative was finally enacted into law to the celebration of many REALTORS®. It was therefore very disappointing when certain title companies temporarily shrank from providing FIRPTA qualified substitute services. At this time, C.A.R. is happy to report that FNF and its title insurance underwriters will resume providing FIRPTA qualified substitute services.
Continue reading: Fidelity Reinstates FIRPTA Qualified Substitute Services
Stella Ling Tuesday, January 26th, 2010
Some settlement companies, such as Fidelity National Title Insurance Company, have refused to complete a Qualified Substitute affidavit to assist their buyer-clients in complying with FIRPTA (Foreign Investment in Real Property Tax Act), according to reports from C.A.R. members. Such refusal generally forces a buyer seeking to comply with FIRPTA to obtain a Seller’s Affidavit of Nonforeign Status (C.A.R. Form AS or equivalent) containing the seller’s social security number, or withhold 10 percent of the sales price to remit to the IRS, as further explained below.
Despite certain companies’ refusal to act as qualified substitutes, C.A.R. has verbally confirmed that title giant First American Title Insurance Company, among other companies, will continue to provide Qualified Substitute affidavits and other FIRPTA compliance services. Before selecting escrow and title companies for a transaction, REALTORS® and their clients are strongly encouraged to check whether the settlement agent provides FIRPTA qualified substitute services, if such services are desired. Be aware that companies refusing to provide qualified substitute services may also attempt to disavow responsibility under FIRPTA by getting their buyer-clients to sign liability waivers.
To help REALTORS® keep track of qualified substitutes, C.A.R.’s Legal Department will create a FIRPTA Qualified Substitute Services webpage to post member-generated lists of settlement companies that will, and those that will not, provide FIRPTA qualified substitute services. REALTORS® with first-hand knowledge of a particular escrow or title insurance company that will or will not provide FIRPTA qualified substitute services may email that information to C.A.R. at candicem@car.org. Be sure you provide all of the following information for posting on C.A.R.’s FIRPTA Qualified Substitute Services webpage:
Continue reading: CERTAIN COMPANIES REFUSE TO ACT AS FIRPTA QUALIFIED SUBSTITUTES
Louise Dela Cruz Monday, January 25th, 2010
The deadline to apply for masters club is quickly approaching! please follow the link and start your application. http://www.sacrealtor.org/masters-club/application-process.html
Daniel Allen Monday, January 25th, 2010
Members have reported that certain investor buyers use a standard form “As-Is Contract for Sale and Purchase” which fraudulently purports to be approved by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). This standard form agreement has been used by Greenhills Financial Investment, LLC, among others. C.A.R.’s Legal Department is vigilantly pursuing this matter, which includes [...]
Caylyn Brown Friday, January 22nd, 2010
The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, the agency announced Tuesday.
The change is among a number of major changes the FHA is making to ensure its long-term financial soundness.
Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. [...]
Vicki Cox Golder Friday, January 22nd, 2010
 To: All REALTORS®
From: Vicki Cox Golder, 2010 NAR President
Date: January 19, 2010
Re: NAR Update: Help for Haiti
Dear Fellow REALTOR®,
By now, we all know about the severe devastation caused by the earthquakes in Haiti. NAR is helping answer the calls for help in two key ways.
First, we are contributing $550,000 to charities that will help bring much-needed supplies and care to the people of Haiti. Included in that sum is $100,000 donated by our REALTOR Benefits® Program partner, Lowe’s®, which we have matched at $100,000. From that we will donate $50,000 to The Harvest of Haiti, founded by REALTOR® Patrick Moore, a 2007 Good Neighbor Award winner. Patrick has done great work for several years in Haiti supporting orphans, delivering clean water and providing medical care for more than 3,500 people a year.
http://www.realtor.org/press_room/news_releases/2010/01/donate_haiti
We are also contributing $500,000 to the Clinton Bush Haiti Fund, which is supporting earthquake recovery efforts with immediate relief and long-term support to earthquake survivors. For up-to-the-minute information about these efforts, visit NAR’s Haiti relief page on REALTOR.org.
Second, I have asked NAR to accept donations from REALTORS® through the REALTORS® Relief Foundation. Please consider giving today. To make a donation, go to www. realtor.org/relief, and complete the contribution form.
Dr. Martin Luther King, Jr. once said: “An individual has not started living until he can rise above the narrow confines of his individualistic concerns to the broader concerns of all humanity.”
Continue reading: NAR Update: Help for Haiti
Caylyn Brown Thursday, January 21st, 2010
FHA 90-day anti-flipping rule waived The Dept. of Housing and Urban Development (HUD) announced Friday it will eliminate for one year the Federal Housing Administration (FHA) 90-day anti-flipping rule.
FHA’s anti-flipping rule generally prohibits insuring a mortgage on a home owned by the seller for less than 90 days. That rule already has [...]
Caylyn Brown Tuesday, January 19th, 2010
RAF Chair Rob McQuade stars in a video highlighting what the RAF Committee did in the last year to raise awareness on the importance of investing in RAF. You can also check it out at:
Caylyn Brown Friday, January 15th, 2010
With a new April 30 deadline in place for clients to take advantage of a federal home-buyer incentive, real estate practitioners now have slightly less than four months to get their qualified prospects under contract before the cut-off date.
In order to maximize this opportunity, it is recommended that real estate pros revamp their [...]
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MetroList is excited to announce we will be converting all MetroList subscribers to Adaptive Authentication. This means MetroList subscribers will no longer need an RSA Secure Logon Token to log onto Prospector. The new MetroList Adaptive Authentication system utilizes banking Industry strength security, multi-factor authentication and user convenience.
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