OKCMAR Government Affairs

Special Election Results

2012-02-17T13:19:00.000-08:00

On February 14, Oklahoma voters went to the polls in four legislative special elections. Voters in two of those districts will head to the polls again on April 3 to decide the ultimate winners. In the other two races, Rep. Al McAffrey was elected to serve as a State Senator in District 46 and Curtis McDaniel was elected the State Representative for District 1.

In House District 71, which is located in Tulsa, Katie Henke won the Republican primary with 77% of the vote. Dan Arthrell won the Democratic primary with 85% of the vote in that district. The two will face off on the April 3 General Election.

In Senate District 20, which is comprised of Logan, Noble, Pawnee, and Kingfisher Counties, AJ Griffin won the Republican nomination with 40% of the vote. The primary was winner-take-all since special elections do not have run-offs. Griffin will face Democrat Magnus Scott in the April 3 election.

To see the complete results of these four special elections and school board elections that were also held on February 14, click here.

2011-10-25T08:01:00.000-07:00

New ward boundaries for the City’s eight wards were adopted by City Council. The boundaries took effect on September 30.

City Council members for each ward are as follows:
Ward 1 Gary Marrs, Ward 2 Ed Shadid, Ward 3 Larry McAtee, Ward 4 Pete White, Ward 5 David Greenwell, Ward 6 Meg Salyer, Ward 7 Skip Kelly and Ward 8 Pat Ryan.

Approved Ward Map

City of Oklahoma City Releases Performance Report

2011-10-20T06:43:00.000-07:00

City of Oklahoma City has released an in-depth report on their 2011 goals and their performance. This is a detailed report and worthy of reading. I am proud to be a citizen of Oklahoma City!
Residents interested in learning how effectively the City of Oklahoma City is delivering services to them can log on to 2011 City of Oklahoma City Performance Report

Congrats Senator-Elect Childers

2011-10-11T19:14:00.001-07:00

Congrats to Republican Greg Childers, the new Senator from the 43rd District of Oklahoma!

MAPS Implementation Plan

2011-10-08T16:05:00.000-07:00

Do you know the projects, timing and budget for MAPS3? Find all the answers here MAPS3 Implementation Plan

2011 OKC Citizen Survey

2011-10-02T18:13:00.000-07:00

Mayor Cornett announced according to the 2011 Citizen Survey they received this week at City Council, eight out of 10 Oklahoma City residents think Oklahoma City is not only moving in the right direction but is also a good place to live, raise children and work.

Oklahoma City Unemployment Rate

2011-09-30T08:19:00.000-07:00

For the month of August, Oklahoma City's unemployment rate improved to 5.0% from previous month (July 5.5%). OKC has the lowest unemployment rate of any large metro (over 1 million population) in the country!

WAY TO GO OKC!

Oklahoma City Council Elections Bode Well for Economic Development

2011-03-02T14:11:00.000-08:00

The Oklahoma City Council had 4 open seats in this month's election. Meg Salyer, Ward 6 and Pat Ryan Ward 8 retained their seats. David Greenwell won Ward 5 and there will be a runoff for Ward 2. Charlie Swinton, a former REALTOR®, is pro-development. We had the chance to meet with Charlie last week and he shares many of the same interests that REALTORS® do in promoting economic development. I encourage everyone to read about the two candidates and participate in the run off. According to NEWSOK.com,:

"In the Ward 2 election, the two top spenders — Swinton and Shadid — will face each other in a runoff election April 5. Swinton received 43 percent of the vote and Shadid received 35 percent. Oklahoma City Planning Commissioner Janis Powers received 16 percent of the vote but did not qualify for the runoff. None of the other three candidates received more than 3 percent of the votes. “We're celebrating a great victory,” Swinton said from his watch party. “We think our issues are the best — pro job growth, pro business and pro police. It's a matter of timing. We're confident we're going to win, it's just a matter of when.”

Read more: http://newsok.com/oklahoma-elections-two-city-council-incumbents-win-re-election-one-gets-defeated/article/3545242#ixzz1FTywRCYQ

New Short Sale Disclosure Requirements

2011-03-02T13:59:00.000-08:00

Direct from NAR :

The Federal Trade Commission (“FTC”) has issued a final rule that may impact real estate professionals who represent clients involved in a short sale transaction. Depending on certain factors, the rules may require real estate professionals to make certain disclosures to consumers if they negotiate a short sale with a lender, advertise short sales experience, or take upfront fees from short sale sellers. The MARS rules took full effect on January 31, 2011- click here to view the MARS rule. Click on the title above to read all about the new requirements

Obama Signs Tax Credit & Expansion

2009-11-08T19:58:00.000-08:00

Tax Credit Passes! You did it OKCMAR!

A Message from NAR President Charles.....

You did it. You’ve succeeded in achieving a huge victory for real estate. Congress heard you on the need to both extend and expand the homebuyer tax credit to continue stimulating the housing sector of the economy. The Senate voted 98-0 on Wednesday and yesterday the House voted 403-12 on legislation that includes the extension and expansion of the credit. President Obama is expected to sign the legislation, perhaps as early as today.

Thank you for making this victory happen. Your letters in response to our Call for Action made a very big difference, as did the thousands of REALTOR® phone calls, visits by Federal Political Coordinators—all members of NAR—in getting this legislation passed. This is a great victory for the economy, for homebuyers, and for all of you in real estate. You made your case to Congress. We deeply appreciate your commitment and involvement on this issue and trust your continued support will follow in the weeks ahead on all our future Calls for Action.

More information on the tax credit and what it means to you please visit the REALTOR Action Center!

Thursday, November 5, 2009

KUDOS to the RPIC Committee

Great News OKCMAR! Your legislative RPIC (REALTORS Political Involvement Committee) Committee has secured $10,000 from the state association to support MAPS. Your state association, OAR, sets aside funds each year to assist local associations in issues mobilization (in plainspeak- promoting good laws that benefit homeowners and REALTORS or defeating bad laws that seek to strip property owners of their current rights or results in harm to the real estate industry). These funds are given very judiciously and their use should impact all Oklahoma REALTORS.

MAPS is a great example of how economic development in the heart of our capital city can impact our entire state through dollars and visitors brought into our state. This legislation will ripple through all of Oklahoma and will not only maintain our vibrant real estate industry but open up even more opportunities for growth in both the commercial and residential segments.

A special thank you to RPIC Chair, Lorna Koeninger, of Paradigm Realty, whose passionate and informed testimony in front of the state committee secured the maximum available funding. Thank you Lorna on behalf of all of OKCMAR and the OKC REALTOR citizens!

Seats at the Table

OKCMAR you should be proud! This week I got the news that OKCMAR will fill three seats on the National Association of REALTORS 2010 committees. Now, OKC will have an active voice in the national leadership that defines us all. Mike Cassidy, of Paradigm Realty, has been selected to serve on the national Land Use & Private Property Rights Committee. Bart Binning of Prudential Alliance Real Estate has been selected to serve on the national REALTORS Commercial Alliance Committee and I, Dawn Kennedy, will be a member of the AE group.

When one joins the local association there is an opportunity to be a part of a national force that affects policy and legislation for our society as a whole. No more is this proven than when our association is asked to have a seat at the table and be a voice in national policy. This is only accomplished through dedicated leadership,vision and the member committment to the growth and development of a local association. Your efforts have been recognized!

Health Reform Passes the House

2009-11-08T19:57:00.000-08:00

The house passed the health care reform bill by a small vote margin. Your OKCMAR staff is currently reviewing the bill- it is 1990 pages and will post information as soon as our analysis is complete

You Made a Difference!

2009-11-03T14:14:00.000-08:00

Legislation passes 85-2 to clear the way for an extended tax credit AND to include move-up buyers in the credit! You all did this through your response to the call to action. You have made a tremendous difference in the lives of Oklahoma citizens who otherwise could not afford a home and for those homeowners looking to sell their home and invest in another!

To read the full details click here

Why You Need to Vote Yes for MAPS

2009-10-26T16:50:00.000-07:00

OKC REALTORS, we have an opportunity of a lifetime looming in the future: MAPS3. Passage of this important legislation is essential to the long term growth of our industry and our market. Over the last three years, as cities across the country are seeing record losses in real estate sales and property values, Oklahoma City has received national recognition for our healthy real estate market and sales have continued to climb.

Because we were uniquely positioned to survive the economic downturn we are also uniquely positioned to leapfrog over other cities as the most desired vacation/second home/ retirement/ commercial market. We are in an exceptional position to deliver!

But the great future ahead of us cannot be realized without the passage of MAPS. There are several key components to MAPS detailed below with talking points in red as to the benefit to the REALTORS:

The sales tax extension for the Ford Center renovations expires at the end of March 2009. Mayor Mick Cornett and the city released the official plan for MAPS 3 on September 17, 2009.

The official plan calls for a December 8, 2009 vote on a continuation of the one-cent sales tax for a period of 7 years and 9 months. According to the city, if approved, the total $777 million would be used for the following:

A new, approximately 70-acre central park linking the core of downtown with the Oklahoma River- Increases the quality of life in OKC which in turn positions OKC as a desired relocation area
A new rail-based streetcar system, plus potential funding for other rail transit initiatives, such as commuter lines and a transit hub-Increases the desirability of downtown housing
A new downtown convention center- Brings dollars into the city from other states through increased convention activity
Sidewalks to be placed on major streets and near facilities used by the public throughout the City- Walkability is the statistically proven primary factor in a city's growth- growth means housing and commercial real estate opportunities created
57 miles of new public bicycling and walking trails throughout the City- Major corporations consider the quality of life for its employees and potential growth when considering new sites for corporate facilities. Also increases the quality of life in OKC which in turn positions OKC as a desired urban relocation area
Improvements to the Oklahoma River, including a public whitewater kayaking facility and upgrades intended to achieve the finest rowing racecourse in the world- Draws dollars into the community from other states
State-of-the-art health and wellness aquatic centers throughout the City designed for senior citizens- Positions OKC as a desired second home/ retirement market
Improvements to the Oklahoma State Fairgrounds-Positions OKC as an area of consideration for large outdoor events

TO LEARN MORE: www.yesformaps.com

FHA Announces Credit Tightening Policies

2009-09-21T20:31:00.001-07:00

The FHA (which insures mortgage lenders against losses) is required by federal law to maintain a supplementary reserve of 2% of the loans it insures. This Friday (September 18th) the FHA announced that they would fall below the reserve requirement and were initiating action. The FHA is confident that they can control the situation through several measures. The FHA assured the press and the public that the shortfall WOULD NOT affect the premiums borrows pay or the current 3.5% down payment requirement.

The Wisconsin Journal Sentinel reported, "Appraisals will be valid for no more than four months, down from six to 12 months previously. The FHA also plans to change rules aimed at averting pressure on appraisers, making them more consistent with those adopted earlier this year by Fannie and Freddie. Mortgage brokers or bank employees paid on commission won't be allowed to order appraisals."

Lenders providing FHA loans will now be required to have 1 million dollars in assets as opposed to the current quarter of a million.

Of concern is that Inman News reported that the minimum consumer credit score for an FHA backed loan would increase from 633 to 693. After much research, I could not find verification from a credible source of this report. I would ask our lending affiliates to verify this through blog comment.

NAR is Launching Its First Video Contest!! Win $500!!

2009-08-26T09:49:00.000-07:00

The 2009 REALTOR Party Video Contest challenges REALTORs to make a short, personal video explaining how the Home Buyer Tax Credit has helped their clients buy their first home.

The contest will run until September 30. The winning entry will receive a $500 American Express gift card and be shown at the Annual Convention in San Diego in November. Two runners-up will receive Flip UltraHD Camcorders.

All of the information about the contest, including the rules and instructions on how to enter, is located at http://www.realtoractioncenter.com/video

What a great opportunity for OKCMAR members to show what the tax credit has done for us! Please contact me if you decide to summit a video for this contest. We will help in any way possible. GOOD LUCK!

Monetized Tax Credit for Oklahoma First Time Home Buyers!!

2009-08-26T09:10:00.000-07:00

The Oklahoma Housing Finance Agency has announced a program to monetize the Federal First Time Homebuyer Tax Credit to allow qualified buyers to use the funds for down payment, closing costs & pre-paid expenses for the purchase of their home.

The Buyer has to be eligible for the Federal Tax credit to access this program and have a minimum credit score of 620. FHA guideline apply.

For more information on how you or your buyers can use this program talk to you lender or see www.ohfa.org.

Houses Passes Climate Bill with Energy Labeling Exemptions

2009-07-01T16:16:00.000-07:00

NAR Legislative Analysis: The American Clean Energy and Security Act:

The U.S. House of Representatives approved H.R. 2454, the American Clean Energy and Security Act by Reps. Waxman (D‐CA) and Markey (D‐MA). The bill, re‐numbered H.R. 2998, includes NAR‐supported provisions, championed by Rep. Perlmutter (D‐CO), that exempt existing homes and buildings from the bill's provisions to build upon an existing Energy Star energy labeling program.

After multiple consultations with the NAR Climate Presidential Advisory Group, the NAR Land Use, Property Rights and Environment Committee, and state associations who had dealt with energy audit legislation at the state level, the Land Use, Property Rights and Environment Committee directed NAR staff to concentrate on the real estate provisions in the bill. As a result, NAR issued calls for action and made this a talking point for Capitol Hill visits during its recent Midyear meeting.

Overall, Realtors succeeded in making a number of positive changes to the bill. Thanks to Realtors, the House‐approved bill:

Does not create a federal energy audit requirement for real property;
Exempts existing homes and building from any federal guidelines for new construction energy efficiency information label;
Prohibits the implementation of any labeling during a sales transaction.
Leaves the decision to states as to whether to require energy audits, disclosures, etc.
Provides property owners with significant financial incentives, matching grants and tools to make property improvements and reduce their energy bills;
Prohibits the Environmental Protection Agency from regulating residential and commercial buildings under the Clean Air Act;
Eliminated an early proposal to allow citizens to sue over minor climate risks under the Clean Air Act; and
Establishes green building incentives for HUD housing, including a loan program for renewable energy, block grants and credit for upgrades in mortgage underwriting.

While H.R. 2998 includes many positive changes, NAR will have additional opportunities to make further changes to address unresolved issues, such as the bill's building energy code targets. The Senate must still pass its version of an energy and climate bill. There would be a House‐Senate conference committee to reconcile differences between the House and Senate bills. The timing for a vote in the Senate is not clear as the Environment and Public Works Committee still must develop the climate provisions to "cap and trade" carbon emissions.

The Senate Energy and Natural Resources Committee has approved energy provisions that are more realistic and preserve state flexibility to develop and enforce building codes. While the bill as approved by the House represents a significant improvement over the bill that was introduced, NAR will continue to work to address these issues as the legislative process continues.

"Green Mortgage"

2009-06-18T13:18:00.001-07:00

FHA Expands “Green Mortgage” Feature (ML 2009-18)

Link to Mortgagee Letter »

Notable Date:

Effective immediately

Industry Participants Affected:

Builders, Realtors, FHA Approved Lenders

Synopsis:

FHA has increased the amount of effective energy improvements that may be added to the base FHA maximum mortgage amount limit under the Energy Efficient Mortgage (EEM) program. The maximum amount for the portion of the EEM for energy improvements is the lesser of 5% of:

The value of the property, or
115% of the median area price of a single family dwelling, or
150% of the conforming Freddie Mac limit

The EEM program allows a borrower to finance 100% of the cost-effective energy package as long as the present value of the energy saved over the useful life of the improvements is demonstrated. For example:

Sam and Sally Homebuyer are purchasing a 20 year old home and the value is $300,000. They want to take full advantage of the EEM feature, which is $15,000 (5% of $300,000).
They have decided to replace the old windows with energy efficient windows and replace most of the dated appliances with Energy Star appliances. The current utility bills for the home average $350 per month.
Mr. and Mrs. Homebuyer have consulted a certified Home Energy Rater and the Rater has provided a report which indicates with the improvements the average monthly utility cost based on today’s value is $250 per month, a savings of $100 per month. The average life of the energy improvements is 15 years or 180 months.
The energy savings over the life of the improvements will be $18,000 ($100 X 180). Since the energy savings ($18,000), based on today’s energy costs, are more than the cost of the improvements ($15,000), the Homebuyers’ qualify for the EEM feature.
The new maximum base loan amount with the EEM feature is the original base loan amount plus the cost of the cost-effective energy improvements. In this example, the new base loan amount is $304, 500 (300,000 X .965 + 15,000).

The EEM may be used for all property types, purchase and refinance transactions, including streamline refinances. New construction and existing construction are also eligible for EEM. In addition, EEM may be used in conjunction with the 203 (k) and Streamline K programs.

A qualified home energy rater must perform an analysis of the cost-effectiveness of the energy improvement using Home Energy Rating System (HERS) guidelines. The energy rater must provide the borrower and the lender with a written home energy rating report. The report will include an estimate of the current energy cost vs. the proposed energy costs with the improvements. Many home improvement stores have qualified home energy raters on staff. There are also a few home energy service networks with accredited home energy rater members, which can be found through an internet search.

Additional guidelines for underwriting an EEM and assuring completion of the energy savings improvements include:

Initially underwrite the loan as if the EEM feature did not exist. For new construction, subtract the cost of the energy package from the sale price since the builder has included the improvements in the sale price.
Use the information in the HERS report to determine if the improvements are cost-effective and qualify for the EEM feature.
If cost effective, add the energy package cost to the maximum base loan amount, and calculate the loan amount with UFMIP. Note: The FHA maximum loan limit for the area may be exceeded by the cost of the energy efficient improvements.
The qualification ratios may be stretched to 33/45 with the EEM.
The FHA Loan Underwriting and Transmittal Summary (92900-LT) must indicate the EEM feature; show the cost of the energy improvements, and the final loan amount calculations.
The appraisal does not need to reflect the value of the energy package.
For new construction the energy improvements must be made prior to closing.
For existing construction the improvements should be made within 90 days of closing. If the improvements are made post-closing, the lender must establish an escrow account, execute form HUD 92300, Mortgagee Assurance of Completion, and obtain a final inspection when the improvements are complete.

This recent change is a great opportunity for FHA approved lenders to market “green mortgages.” Let your Realtors and builders know how the EEM feature can help them sell more homes to energy conscious homebuyers, and get to know qualified home energy raters in your market. Home energy raters are an excellent referral source for current homeowners that want to include the cost of energy-effective improvements with the refinance of their current mortgage.

See ML 2005-21 for additional guidance.

FHA New Condo Approval Process

2009-06-18T13:14:00.001-07:00

FHA Announces a New Condo Approval Process
(ML 2009-19)

Link to Mortgagee Letter »

Notable Dates:

Case numbers assigned on or after October 1, 2009
Single family detached condominiums—effective immediately

Industry Participants Affected:

Builders, Realtors, FHA DE Lenders and FHA Correspondents

Synopsis:

Single-family, detached residences legally classified as condominiums no longer require condo approval. These are known as “site condos,” and this change is effective immediately.

Effective October 1, 2009 there will be two (2) options for review and approval of condominium units in non-FHA pre-approved condo projects. Both of these options can be used for proposed/under construction units, existing construction or conversions. The current spot condo approval process will be eliminated.

Option 1: HUD Review and Approval Process (HRAP) – if this option is used, Environmental Review is not required within certain parameters.
Option 2: DE Lender Review and Approval Process (DELRAP) – this option is only available to lenders who have unconditional DE approval, and staff with knowledge or expertise in reviewing and approving condominium projects. Environmental Reviews are not required with this option, but the lender must mitigate or avoid many conditions before completing review process. Mortgagee Letter 2009-19 should be read, in its entirety, for these details. A DE lender’s first five DELRAP approvals must be submitted to FHA for review for quality assurance purposes.

Projects must be in full compliance with applicable state law requirements of the jurisdiction in which the condo project is located and with all other applicable laws and regulations. The DE lender is required to retain all project legal documents, contracts, conveyances, plats, plans, insurance coverage, presale and owner occupancy conditions in connection with their review and approval of any unit. The DE lender must be able to provide this documentation upon request by HUD staff.

Project approval is NOT required for FHA to FHA Streamline refinance transactions, or FHA/HUD REO Division sales.

Project eligibility criteria include:

Projects, consisting of 2 units or more, covered by hazard and liability insurance
No more than 25% of total floor area in project is designated as commercial use
No more than 10% of units owned by one investor
No more than 15% of total units can be in arrears of condo association fees
At least 50 percent of units must be sold; 50% of units must be owner-occupied (if under construction 50% pre-solds) and legal phasing is permitted
If the project is 3 or less units, only 1 unit can be FHA insured; If more than 3, the project is limited to total of 30% FHA insurance concentration
Conversion projects no longer require the one year waiting period
Manufactured homes projects are eligible but the DELRAP option for lender delegated approval is not available

This new condo approval process does have benefits to the industry. Unconditional Direct Endorsement Lenders will now be able to process their own condo unit approvals and the delay for the HOC centers to review/approve will be eliminated. This can dramatically increase lenders’ turn times for non pre-approved condos.

NAR's Strategy on Health Care Reform

2009-06-18T08:57:00.000-07:00

On this weeks PodCast, NAR President Charles McMillan stated three strategies to help lawmakers pass Health Care reform.

First, NAR will continue to talk directly to law makers who are drafting new legislation to ensure that heath care reform will adress the needs of the self-employed and the small employer.

Second, NAR will urge lawmakers to re-introduce and sign several bills that provide solutions specifically for the self-employed and the small employer, such as the Small Business Health Options Plan Act and the CHOICE Act.

Third, NAR will continue to oppose any effort to trim the Mortgage Interest Deduction as a way to pay for health care.

Congressional leaders are hoping to get a final bill to the President to sign no later that October 15.

With this short time line it is more important than ever to show our support through RPAC donations and through Call to Actions to tell our lawmakers how important Health Care Reform is to REALTORS and all self-employed.

Listen to the PodCast

NAR Health Care Reform Page

Edmond enact CodeRED Emergency Notification System

2009-06-12T09:47:00.000-07:00

What is CodeRED?

CodeRed is a state-of-the-art voice messaging system that the City of Edmond will use to alert residents and businesses about weather emergencies, homeland security issues, missing children or adults, evacuation orders, local criminal activity and other situations that require immediate dissemination of crucial information.

The CodeRED dialing system attempts each telephone number up to 3 times and will leave a message on your answering machine if you have one.

To Register

If you are a resident or business owner in Edmond, you can click on the following link to register for the City of Edmond's CodeRED Emergency Notification System. You will be directed to the CodeRED website where you will enter the information requested. You can add other telephone numbers such as cell phone numbers or out-of-county/state phone numbers as long as each is associated with your Edmond address.

Total Care Ambulance Service for OKC Residence

2009-06-12T09:45:00.000-07:00

The City of Oklahoma City will begin TotalCare ambulance coverage for all residents on Oct. 1. For just $3.65 per month you and permanent residents of your household will receive emergency medical transport through EMSA with No Out of Pocket Expenses. Unless you opt out, TotalCare will automatically be billed on your utility bill starting in October.

To opt out and forfeit your TotalCare benefits, call Utilities Customer Service at (405) 297-2833 between Sept 1 and 30. The opt-out deadline is September 30.

More information | TotalCare FAQ

City Council Considers FY 09-10 Budget

2009-06-12T09:43:00.000-07:00

Oklahoma City’s proposed 2009-10 fiscal year budget was presented to Council during the May 5 City Council meeting. Nine City departments presented their proposed budgets to the Council on Tuesday, May 12, May 26 and June 9. The budget will be voted on during the June 16 Council meeting and becomes effective July 1. More | Download Proposed FY 09-10 budget(PDF)

Citizens selected to take City satisfaction survey

2009-06-12T09:41:00.001-07:00

3,600 Oklahoma City residents have been randomly selected to participate in a survey measuring satisfaction with City services such as police, fire, street maintenance, code enforcement, transit and communications.

The survey will be mailed June 11-15. Those chosen will receive a recorded phone message from Mayor Mick Cornett telling them the survey is on the way, explaining the survey and encouraging them to respond. Results will be made public in August and will be placed on the City’s Web site, www.okc.gov. Results from the 2008 survey are currently posted. (PDF)

Oklahoma Homebuyer Expo

2009-04-24T14:35:00.000-07:00

The Oklahoma Homebuyer Expo is looking for REALTORS® to sponsor booths at the Expo Saturday, June 27 at the Coca Cola Bricktown Events Center.

The Expo will match prospective homebuyers with information and resources by giving attendees access to local, state, and federal housing programs and free credit counseling.

The Oklahoma Homebuyer Expo is designed to:

Raise public awareness of the ability to buy a house in Oklahoma and the financial assistance available.
Increase the number of homebuyers in Oklahoma
Connect prospective homebuyers with professionals in the housing industry
Place emphasis on the importance of homebuyer education and good credit management

For more information please see the above link.

Small Business Day at the Capital

2009-04-24T14:00:00.000-07:00

April 22, 2009 marked the 11th annual small business day at the Oklahoma State Capital.

Small business owners from across the State gathered on the 2nd floor Rotunda to hear more about what Oklahoma is doing for small business.

Lt. Governor, Jari Askins spoke about some of the resources that Oklahoma is offering to help small business as well as Insurance Commissioner, Kim Holland and Larry Mocha, Chair of the Oklahoma Small Business Advocacy Committee as well as others.

One of the State programs that were discussed was Insure Oklahoma. Insure Oklahoma is a great resource for any small business owner who is looking for a way to provide costly insurance to his employees. The program will provide over 50% of insurance cost for each employee, then the rest can be divided up between the employer and the employee. This cost cutting way of providing insurance allows small businesses to compete with larger business who do provide insurance. This program would be great for any REALTOR® office that wants to provide insurance options for their staff or associates.

One of the most memorable presenters was James Haddock, a local small business owner who testified to the amount of resources that are out their to help small business get going including i2E: Turning Innovation into Enterprise. Haddock applied for and received numerous grants from the State and other agencies to help his vaccine company PreDENT have the foundation monies needed to research and advertise his product.

Oklahoma Housing Finance Agency Bond Program

2009-04-24T13:42:00.000-07:00

OHFA will release approximately $31 million dollars in bond money on April 28, 2009. The money will be used to give qualified first time home buyers a 3.5% down payment on their first home.

This bond program, along with its low rate, is timed perfectly with the federal tax credit of $8,000 for qualified first time home buyers.

The press has been calling this combination a "modern land run" claiming there has never been a better time for first time home buyers to purchase a home.

For more information regarding the OHFA bond program: www.ohfa.org

Don't forget to sign up for REALTOR Day at the State Capital

2009-04-07T09:30:00.001-07:00

April 15, 2009 is REALTOR Day at the State Capital from 1-4 pm.

Please join the Oklahoma Association of REALTORS® for a fun afternoon at the Capitol. It will kick off with you learning the latest news from the Capitol. Then, you'll watch the legislature in action. You'll learn about what’s going on under the dome that could have an impact on Oklahoma’s real estate industry! Next, you will be able to meet your legislators and thank them for the important work they do and take the time to share your views on the bills they will be voting on. The afternoon will wrap up with an ice cream party in the rotunda.

Show the Political Power of the REALTOR® Family. Bring some friends and we'll see you at the Capitol!

For more information, please email Amber Corbin at acorbin@okcmar.org

Banks in Real Estate

2009-04-02T07:33:00.001-07:00

On Wednesday,March 11th, President Barack Obama signed H.R. 1105, the Omnibus Appropriations Bill, into law. In doing so, he ended our nearly eight-year battle to preserve the separation between banking and commerce.

Specifically, this new law permanently bans large national banking conglomerates from entering the real estate business by preventing the Treasury and Federal Reserve, by rule, order, or any other way, from opening the door to such activities. We have been fighting the banks’ entry into real estate for eight years and thus, this is a great victory for REALTORS® and consumers!

GSEs Issue Guidance on Home Affordable Modification Program

2009-03-17T06:38:00.000-07:00

On March 11, 2009, Freddie Mac issued Bulletin 2009-6 giving its servicers guidance on the Home Affordable Modification Program, one of the programs under the Obama Administration's Making Home Affordable initiatives. On March 4, 2009, Fannie Mae released guidance on its version of the program as Announcement 09-05, Introduction of the Home Affordable Modification Program, HomeSaver ForbearanceTM, and New Workout Hierarchy.

Details of the programs differ, but they share the same major requirements and goals. The goal of the programs is to help troubled borrowers who face hardship and have defaulted or are at imminent risk of default, as well as to help stabilize communities. The programs reduce mortgage payments for homeowner-occupants as low as 31 percent of the borrower's gross monthly income, provide for a trial period during which the borrower must make three monthly payments before the modification becomes permanent, and include incentives for servicers and borrowers to participate and succeed. Mortgages with balances up to $729,750 are eligible (higher maximums for 2-, 3-, and 4-unit properties).

The Freddie Bulletin reconfirms its policy directing servicers to suspend foreclosures where the borrower may be eligible for a loan modification until the servicer determines whether the borrower is eligible for this or any other Freddie Mac workout program. The Fannie Announcement establishes a new HomeSaverTM Forbearance Program for borrowers who do not qualify for the Home Affordable Mortgage Program but are willing and able to make monthly payments of at least half of the monthly payment amount due. Servicers are instructed to work with borrowers during the 6 month forbearance period to identify a permanent foreclosure prevention alternative.

HUD Warns Housing Counseling Agencies Not Take a Fee Split from Real Estate Brokers/Agents

2009-03-17T06:37:00.001-07:00

A real estate trade publication recently reported that HUD's Office of Single Family Housing has warned housing counseling agencies that it is not permissible to take a fee split from real estate brokers or agents to defray the cost of counseling and that fee splits may violate the Real Estate Settlement Procedures Act (RESPA). All HUD-approved housing counseling agencies, their affiliates, and branches were ordered to stop the practice immediately. The warning came in response to reports that some housing counseling agencies were receiving a share of real estate broker or agent commissions on short sales to pay for clients' foreclosure counseling sessions

HUD Reopening Comment on Required Use Provisions of New RESPA Rule

2009-03-09T17:14:00.001-07:00

On Friday, HUD announced (http://www.hud.gov/news/release.cfm?content=pr09-020.cfm) it will reopen public comment on how it should define "required use" for purposes of Section 8 of the Real Estate Settlement Procedures Act.

The "required use" provisions in HUD's November 16, 2008 RESPA rule would particularly affect builders' incentives for use of affiliated lenders and were the subject of litigation by the National Association of Home Builders. HUD said it said it will delay its implementation of the provisions for 90 days, or until July 16th, as it solicits public comment on whether to withdraw its new definition. HUD did not indicate that it would withdraw the entire RESPA rule to coordinate it with the forthcoming Truth in Lending Act revisions as HUD and several other trade associations recently requested by letter to Secretary Shaun Donovan.

Lawsuit Reform Measures Move Forward

2009-03-09T17:10:00.000-07:00

HB 1601 (Representative Dan Sullivan & Senator Glenn Coffee) passed the House of Representatives February 11th by a vote of 62-36. The bill prohibits attorneys and counselors from withholding a portion of judgments for the purpose of making political donations.

HB 1602 (Representative Dan Sullivan & Senator Glenn Coffee) passed the House of Representatives February 18th by a vote of 54-46. The bill will allow Oklahoma voters to decide if more of a lawsuit’s proceeds should go to the claimant. Current law caps attorney fees at fifty percent (50%). This bill will allow the voters to decide if that figure should be dropped to thirty-three percent (33%) of the first One Million Dollars ($1,000,000.00) recovered and twenty percent (20%) of any amount exceeding One Million Dollars ($1,000,000.00). The bill now goes to the Senate.   

HB 1603 (Representative Dan Sullivan & Senator Glenn Coffee) passed the Oklahoma House of Representatives on Wednesday, March 4th, by a vote of 62-39. This bill is the omnibus lawsuit reform bill containing 98 different sections designed to bring common sense back to our courts and personal responsibility to our society.

The bill now advances to the state Senate.

City Councilman reelected

2009-03-06T07:53:00.000-08:00

Ward 3 Councilman Larry McAtee reelected

(March 4, 2009) - Incumbent Ward 3 Councilman Larry McAtee, the only City Council member to draw an opponent, defeated Bruce Knutson with 86% of the vote in Tuesday’s City Council election. McAtee was elected to his first full term of office in April, 2001, after serving four months as Ward 3's interim representative.

Ward 1 Councilman Gary Marrs, Ward 4 Councilman Pete White and Ward 7 Councilman Skip Kelly were unopposed and retained their seats.

All four councilmen will be sworn in for their new terms of office at the Tuesday April 14 City Council meeting. The swearing-in ceremony will be televised on City Channel 20 as part of its regular live coverage of City Council meetings.

President Obama Announces Homeowner Affordability and Stability Plan

2009-02-25T12:13:00.000-08:00

On February 18, President Obama announced his Homeowner Affordability and Stability Plan designed to help 7 to 9 million families avoid foreclosure by refinancing or modifying their mortgages. The plan also strengthens the federal commitment to Fannie Mae and Freddie Mac (the government sponsored enterprises, or GSEs).

Here are the key elements of the Obama plan:

Refinancing by the GSEs of loans that they own or guarantee. The GSEs will work with their loan servicers to develop a streamlined refinancing program for borrowers with loan-to-value ratios (LTVs) above 80 percent who now face difficulty refinancing.

A $75 billion Homeowner Stability Initiative—with lender, servicer, investor, and borrower incentives to make it work. The program is limited to loans at or below the GSE conforming loan limits.

More support for the GSEs, including doubling of potential Treasury investment from $100 billion to $200 billion for each GSE, to maintain their positive net worth. The plan also raises the cap on mortgages that the GSEs may hold in their portfolios by $50 billion to $900 billion.

Home Buyer Tax Credit Details

2009-02-24T09:58:00.000-08:00

The Home Buyer Tax credit is available to first time home buyers and is the lesser of 10% of the purchase price or $8,000, which must be paid back if the home owner moves with in 3 years.

A first time home buyer has been defined as a person who has never owned a home or has not owned a home in the last three years.

The tax credit also has an income cap of $75,000 for a single person or $150,00 for a married couple.

The tax credit is retroactive starting 1/1/2009 and ends 11/30/2009 and can be applied for on the home owners tax return

Treasury Department Doubles Funding for Fannie Mae and Freddie Mac

2009-02-24T09:56:00.000-08:00

The Treasury Department has doubled its funding commitment to keep Fannie Mae and Freddie Mac afloat in an effort to reassure market participants that the government will continue to “stand firmly behind” the two federally chartered mortgage giants.

The Treasury extended a $100 billion commitment to each GSE when it placed Fannie and Freddie into conservorships in September.

Now the Treasury has doubled that backup support to $200 billion to ensure the government-sponsored enterprises continue to operate with a positive new worth.

Letter from NAR President, Charles McMillan re: the Stimulus Bill

2009-02-16T10:05:00.000-08:00




	Dear Fellow REALTOR®, Here's our take on the Stimulis Bill and Treasury announcements made this week. We look at the Stimulis package AND the Treasury's package holistically, in compliment with each other - mostly because that's how the Obama team is looking at it. Your representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem. So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10. In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects). We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had. While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again. Sincerely, Charles McMillan, CIPS, GRI 2009 NAR President

2009 Home Buyer Tax Credit

2009-02-16T09:59:00.000-08:00

Homebuyer Tax Credit –

The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
The credit does not require repayment.
Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

AMERICAN RECOVERY AND REINVESTMENT PLAN:

2009-02-10T09:04:00.000-08:00

The White House turned up its effort to win public support for President Barack Obama's American Recovery and Reinvestment Plan by releasing an updated, state-by-state, estimated impact of the plan. Obama says the plan will create jobs, jumpstart growth and transform the economy for the 21st century.  According to data released by the White House last week, the plan's impact in Oklahoma will include:

The American Recovery and Reinvestment Plan is a nationwide effort to create jobs, jumpstart growth and transform our economy for the 21st century. Across the country, this plan will help businesses create jobs and families afford their bills while laying a foundation for future economic growth in key areas like health care, clean energy, education and a 21st century infrastructure. In Oklahoma, this plan will deliver immediate, tangible impacts, including:

• Creating or saving 42,300 jobs over the next two years.

Jobs created will be in a range of industries from clean energy to health care, with over 90% in the private sector. [Source: White House Estimate based on Romer and Bernstein, “The Job Impact of the American Recovery and Reinvestment Plan.” January 9, 2009.]

• Providing a making work pay tax cut of up to $1,000 for 1,380,000 workers and their families.

The plan will make a down payment on the President’s Making Work Pay tax cut for 95% of workers and their families, designed to pay out immediately into workers’ paychecks. [Source: White House Estimate based on IRS Statistics of Income]

• Making 53,000 families eligible for a new American Opportunity Tax Credit to make college affordable.

By creating a new $2,500 partially refundable tax credit for four years of college, this plan will give 3.8 million families nationwide – and 53,000 families in Oklahoma – new assistance to put college within their reach. [Source: Center on Budget and Policy Priorities analysis of U.S. Census data]

• Offering an additional $100 per month in unemployment insurance benefits to 96,000 workers in Oklahoma who have lost their jobs in this recession.

By providing extended unemployment benefits to an additional 16,000 laid-off workers. [Source: National Employment Law Project]

• Providing funding sufficient to modernize at least 108 schools in Oklahoma so our children have the labs, classrooms and libraries they need to compete in the 21st century economy. [Source: White House Estimate]

In addition to this immediate assistance for Oklahoma, the American Recovery and Reinvestment Plan will help transform our economy by:

• Doubling renewable energy generating capacity over three years, creating enough renewable energy to power 6 million American homes.

• Computerizing every American’s health record in five years, reducing medical errors and saving billions of dollars in health care costs.

• Launching the most ambitious school modernization program on record, sufficient to upgrade 10,000 schools.

• Enacting the largest investment increase in our nation’s roads, bridges and mass transit systems since the creation of the national highway system in the 1950s.

http://www.whitehouse.gov/assets/documents/White_House_Releases_Additional_State1.pdf