×
Your C.A.R.
Industry 360°
Transaction Center
Learn & Thrive

C.A.R. Board of Directors and Committees

The main Business Meetings page includes important links for Directors and Committee Members.

Current Meeting Materials Tentative Program Committee Selection Summary of Action Items Meeting Registration
REALTOR® EXPO

CALIFORNIA REALTOR® EXPO, the state's largest real estate trade show.


Mid-Year Luncheon

Attend the special luncheon event with C.A.R.'s CEO Joel Singer to find out what's next for the real estate market.


NAR Meetings

NAR meeting information and materials.


License Renewal

Easily renew your real estate license with the FREE 45 hour online license renewal package from C.A.R.


Pre-License Training

Prepare to earn your real estate license with our online courses


Career Path

Build and drive success for your real estate business with the training you need for continuous improvement


Designations / Certifications

Distinguish yourself by learning how to build a business that specializes in niche markets to nearly double your earning potential in various real estate sectors


Education Calendar

Browse our class schedule to find when and where to take real estate courses.


Course Catalog

Get the description you need to learn more about our many courses offered.  To find courses by career path, please visit our Career Path page.


NMLS/MLO CE Courses

Complete your eight-hour NMLS license renewal requirement through our NMLS-approved provider, OnlineEd


Thought Leadership

This program represents our ongoing commitment to enhancing the professionalism of all our members.


Speeches & Presentations

Speeches & Presentations from C.A.R. Business Meetings and other Events


Multimedia Library

From webinars to videos and podcasts to blogs, C.A.R. keeps you in the know.

Housing Matters Blog Slideshows Videos
Publications

C.A.R. publishes eight magazine issues and various newsletters throughout the year.

Newsletters California Real Estate Magazine
Webinars

Webinars focusing on the critical issues that impact REALTORS®, their clients, and the real estate industry.

California Housing Market Webinars Finance Helpline Webinars Legal Webinars Upcoming Webinars
For Your Clients

A one-stop shop for tools and and resources to educate consumers about the intracacies of buying and selling a home and how a REALTOR® can help.

ClientDIRECT® Infographics
Charts & Graphs

Explore and interact with the latest market statistics.

County Market Updates Market @ A Glance Market Snapshot
Digital Tools

Marketing tools from C.A.R.'s consumer advertising campaign

CARmojis Legal Hotline App REALTOR® RealTalk REALTOR® ReelMaker
Social Media Content

See the latest social media content from C.A.R. and find content for you to share on your own social media.

Featured Share of the Week Success with Social Media
Top Searches
CLOSE

For Brokers/Managers

Email Article
Lock icon
The page you are sharing is not public and requires a car.org account to view.
Send Email
What is this?
Add a quick link to this page from the Homepage when you are signed in
Share Article

 

February Broker Insight



What We're Reading
The Price of Prosperity: Why Rich Nations Fail and How to Renew Them by Todd G. Buchholz
In this bold history and manifesto, a former White House director of economic policy exposes the economic, political, and cultural cracks that wealthy nations face and makes the case for transforming those same vulnerabilities into sources of strength—and the foundation of a national renewal.

America and other developed countries, including Germany, Japan, France, and Great Britain are in desperate straits. The loss of community, a contracting jobs market, immigration fears, rising globalization, and poisonous partisanship—the adverse price of unprecedented prosperity—are pushing these nations to the brink.

Read1.jpg

What We're Watching
Alan Smith: Why you should love statistics
Think you're good at guessing stats? Guess again. Whether we consider ourselves math people or not, our ability to understand and work with numbers is terribly limited, says data visualization expert Alan Smith. In this delightful talk, Smith explores the mismatch between what we know and what we think we know.

Watch1.JPG

All That We Share
We live in a time where we quickly put people in boxes. Maybe we have more in common than what we think?

watch2.JPG

Latest Market Statistics
Existing Single-Family Home Sales
decreased 0.6 percent year-to-year in December to a seasonally adjusted rate of 411,230 on an annualized basis.

Median Price of an existing single-family home increased 3.9 percent in December 2016 to $509,060 compared with December 2015 and a 1.5 percent increase from November 2016.

Unsold Inventory Index
in December was 2.6 months, down 5.1 percent from a year ago and well below the long-run average of about 7 months.

Click here to view the slides for these stats

Mortgage Trends Update
Mortgage.jpg

Source: Fannie Mae

Housing Affordability Index
More information

Latest Releases
December 2016 Monthly Sales & Price Report
December 2016 Pending and Distressed Sales Report
3rd Quarter 2016 Housing Affordability Index  

County Market Updates

This all- in- one page is your county’s housing trends at a glance. It includes market statistics such as sales, median prices, inventory indicators, and so much more! Use this information to establish yourself as the market expert with hard facts to explain market conditions to your clients.

Download updates

C.A.R. housing market presentations  
C.A.R.’s Research and Economics team are available to visit your firm as a part  of C.A.R.’s outreach program this year. We schedule in-person presentations for groups of 100 or more. If you cannot meet that  minimum, hold a joint event with other real estate offices, OR conduct a C.A.R.-hosted webinar for your agents.  Please contact Paula Green
paulag@car.org or (213) 739-8337 regarding available dates/times for outreach events. See below for the latest outreach presentations.  Download the latest housing market and survey infographics. Share these with your colleagues and clients.

PacWest AOR, February 2  
PPT    PDF
Global Real Estate Forum, January 27  
PPT    PDF
Venture Sotheby's - Pleasanton
January 11  
PPT   PDF

Product spotlight
New Leadership Advantage Seminars
Leadership Advantage is a one-day exploration into the art and science of leadership where you will learn how to communicate more effectively in all settings, lead people with respect, compassion, and excitement, tap into your individual strengths every day and gain an understanding of emotional intelligence.

The first seminar of 2017 will be held at the Santa Clara County Association of REALTORS® on Tuesday, March 2nd from 9:30 a.m. to 3:30 p.m. and includes lunch. Future sessions will be scheduled throughout California - continue to watch the C.A.R. Education Calendar for upcoming dates.

Register now if you're someone who would like to invest in this one day event to expand your skills and apply them to what you do every day in your business.
Learn more


   


Legal Update  
Real Estate Brokers ordered to pay $230,000 in illegal kickback scheme. Mortgage Lender to pay $3.5 million fine

RE/MAX Gold Coast and Keller Williams Mid-Willamette are California and Oregon real estate brokers, respectively, that work with consumers seeking to buy or sell real estate. Brokers or agents often make recommendations to their clients for various services, such as mortgage lending, title insurance, or home inspectors. Among other things, the Real Estate Settlement Procedures Act prohibits brokers and agents from exploiting consumers’ reliance on these recommendations by accepting payments or kickbacks in return for referrals to particular service providers.

The CFPB’s investigation found that
RE/MAX Gold Coast and Keller Williams Mid-Willamette accepted illegal payment for referrals. Both companies were among more than 100 brokers who had marketing services agreements, lead agreements, and desk-license agreements with Prospect, which were, in whole or in part, vehicles to obtain illegal payments for referrals.

Specifically, The CFPB issued a consent order against
RE/MAX Gold with the following findings:
•    A lead generation agreement was signed with a mortgage broker that went well beyond merely providing information about prospective buyers. It was admitted that the brokerage would receive a lead payment if a client was introduced or a meeting was set up, and the lead agreement had an exclusivity provision that prohibited the sharing of the potential buyer’s information with any of the mortgage lender’s competitors. The lead agreement didn’t require RE/MAX Gold Coast to perform any marketing services or other services in exchange for payments, other than sharing information about clients.
•    The broker sometimes required prequalification or cross qualification of buyers when submitting an offer, even if the buyer was already qualified with another lender. Agents would sometimes include this requirement into the MLS confidential remarks. According to the CFPB “There is rarely any special expertise that only one lender in a given area possesses that precludes the other lenders in that same area from offering equally valid prequalifications.”
•    Monthly payments were received through a desk license agreement which not only included the leasing of office space, but that the broker would “endorse” the lender.
•    Preferential lender access to agents was provided in agent training sessions. No other lenders attended or participated in these training sessions. Additionally, the broker allowed loan officers to attend and provide presentations at other meetings with sales agents. Competing lenders did not have similar access.

The CFPB also issued a consent order against Keller William Mid-Williamette in which the brokerage was found to have:
•    Shared a portion of its lead fees from the lender with it agents when the agents recommended the lender to their clients,
•    Discussed ways the lender could increase its “capture rate” of potential mortgage business
•    Gave the lender preferential access to its agents
•    Agreed to endorse and promote the lender as a preferred mortgaged lender

Under the consent orders filed, both companies are prohibited from violating the Real Estate Settlement Procedures Act, will not pay or accept payment for referrals, and will not enter into any agreements with settlement service providers to endorse the use of their services. RE/MAX Gold Coast will pay $50,000 in civil money penalties, and Keller Williams Mid-Willamette will pay $145,000 in disgorgement and $35,000 in penalties.
The consent order filed against RE/MAX Gold Coast
available here .  The consent order filed against Keller Williams Mid-Willamette available here .

Additionally the CFPB Orders Prospect Mortgage, a mortgage lender, to Pay $3.5 Million Fine for Illegal Kickback Scheme
Prospect Mortgage offers a range of mortgages to consumers, including conventional, FHA, and VA loans. From at least 2011 through 2016, Prospect Mortgage used a variety of schemes to pay kickbacks for referrals of mortgage business in violation of the Real Estate Settlement Procedures Act. For example, Prospect established marketing services agreements with companies, which were framed as payments for advertising or promotional services, but in this case actually served to disguise payments for referrals. Specifically, the CFPB found that Prospect Mortgage:
Paid for referrals through agreements: Prospect maintained various agreements with over 100 real estate brokers, including
RE/MAX Gold Coast and Keller Williams Mid-Willamette, which served primarily as vehicles to deliver payments for referrals of mortgage business. Prospect tracked the number of referrals made by each broker and adjusted the amounts paid accordingly. Prospect also had other, more informal, co-marketing arrangements that operated as vehicles to make payments for referrals.

Paid brokers to require consumers – even those who had already prequalified with another lender – to prequalify with Prospect: One particular method Prospect used to obtain referrals under their lead agreements was to have brokers engage in a practice of “writing in” Prospect into their real estate listings. “Writing in” meant that brokers and their agents required anyone seeking to purchase a listed property to obtain prequalification with Prospect, even consumers who had prequalified for a mortgage with another lender.

Split fees with a mortgage servicer to obtain consumer referrals: Prospect and Planet Home Lending had an agreement under which Planet worked to identify and persuade eligible consumers to refinance with Prospect for their Home Affordable Refinance Program (HARP) mortgages. Prospect compensated Planet for the referrals by splitting the proceeds of the sale of such loans evenly with Planet. Prospect also sent the resulting mortgage servicing rights back to Planet.

Under the consent order issued today, Prospect will pay $3.5 million to the CFPB’s Civil Penalty Fund for its illegal kickback schemes. The company is prohibited from future violations of the Real Estate Settlement Procedures Act, will not pay for referrals, and will not enter into any agreements with settlement service providers to endorse the use of their services.
The consent order filed against Prospect Mortgage is
available here .

C.A.R. Legal Tools
C.A.R. Legal Tools is the place to find dynamic and engaging legal tools to help you, your office, and your clients understand legal issues related to real estate, which is your business. Some tools are designed just for your office meetings and others may be shared with clients.  Each month a different topic will be explored via tools like videos, flyers, presentation decks, and infographics. The topic explored in January: New Water-conserving Plumbing Fixtures Requirements. Coming topics include Negotiating Repairs and Protecting Against Cyber Fraud in a Real Estate Transaction. Learn more .


Legislative Update  
AB 30 (Caballero), a “by-right” infill development bill supported by C.A.R., was introduced in the Legislature.
Existing law authorizes the preparation of specific plans by the planning agency of a city or county for the systematic implementation of its general plan. C.A.R. supports AB 30, which authorizes a legislative body of a city or county to identify an underperforming infill development area and to direct the local planning agency to prepare a plan to provide for immediate development within that area. The local planning agency will designate a plan area as an overlay zone where development will be permitted “by right.” The plan must make findings and declarations demonstrating, among other things, that there is a critical need for housing within the community, that the project will not create sprawl or detrimentally affect the environment, that the property is located near public transportation, and that development is in the best interest of the community.

SB 173 (Dodd), a CalBRE “department” status restoration bill sponsored by C.A.R., was introduced in the Legislature. In 2012, the Brown Administration made changes to the state's organizational structure in an effort to streamline government practices. These changes included moving the Department of Real Estate to the Business, Consumer Services, and Housing Agency (BCSH) to function under the Department of Consumer Affairs as a Bureau. This bill returns CalBRE to its standing as the Department of Real Estate within BCSH.

C.A.R.’s Board of Directors, at the Winter 2017 meetings, adopted motions to sponsor the following legislation:

Private Transfer Fee Disclosure Update - Private Transfer Fees (PTFs) are fees imposed by an individual, developer, etc. that require a homebuyer and any subsequent purchaser to pay a fee upon the transfer of a home. In 2012, the Federal Housing Finance Agency (FHFA) adopted a rule requiring that the funds generated by any PTF associated with a home provide a “direct benefit” to the encumbered property in order for the property to be eligible to obtain a Fannie Mae or Freddie Mac backed mortgage (However, PTFs established prior to the date of the rule were “grandfathered”).  And, in July 2016, Congress approved HR 3700, which required the Federal Housing Administration (FHA) to adopt the same rule adopted by the FHFA regarding PTFs. Current California law on PTF disclosures only provides the “particulars” of the fee (i.e., amount, fee recipient, etc.). This C.A.R.-sponsored bill updates the PTF disclosure law to also inform homebuyers of the FHA and FHFA regulations relating to PTFs and how those regulations may impair the ability to obtain financing.

Real Estate License Exams - There are currently no restrictions on the number of times that an applicant for a California real estate license can take the broker’s or salesperson’s exam in the two-year period after the applicant’s original application. This C.A.R.-sponsored bill requires a three-month waiting period for those exam applicants who have failed either exam two times.




For more information regarding Industry & Broker Relations, please contact Sara Sutachan at
(213) 739-8224 or saras@car.org

FEEDBACK