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Broker Blast - a brokers only e-newsletter publication of the Metropolitan Indianapolis Board of REALTORS

 

 

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Flood Insurance Update - Affordability Bill Introduced

The National Association of REALTORS® (NAR) continues to focus efforts on addressing the new rates for flood insurance that are impacting home sales across the country. On October 29, 2013, Senators Robert Menendez (D-NJ) and Johnny Isakson (R-GA) introduced the NAR-supported “Homeowner Flood Insurance Affordability Act” (S. 1610), to delay unintended rate increases under the Biggert-Waters law and its implementation.  Representatives Michael Grimm (R-NY) and Maxine Waters (D-CA) have introduced the identical bill in the House (H.R. 3370). 

The bipartisan measure essentially calls for a four-year “time out” on further implementation of the rate structure until FEMA completes the affordability study required by Biggert-Waters and also proposes a regulatory solution to issues found in the study.  The bill’s delay would apply to any property that is grandfathered or purchased after July 2012, including second homes and commercial properties.  The other property owners will still see any rate increases capped at 20-25 percent a year.  The bill would also create a Flood Insurance Advocate within FEMA to investigate and assist property owners with verifying the accuracy of flood insurance rate quotes.  

The House bill, H.R. 3370, currently has 95 cosponsors. To see that list, please click here.

The Senate bill, S. 1610, currently has 17 cosponsors. To see that list, please click here.

To read NAR’s summary of the bill, click here.

Please visit NAR’s flood insurance web page to get the latest information including a comprehensive toolkit of resources.

Technology TipREMINDER: 
In order to change the status of a listing from ACT to a WITHDRAWN/RELEASED status within the last 21 days of the contracted expiration date, you must provide MIBOR with a signed Withdraw/Release form. The system “locks” the status and requires board intervention to make the status change. This should ensure that all parties are aware that the listing is being removed from the market.

You may fax the form, with the request to Withdraw/Release, to 317­-956­-5050 or email the request to helpdesk@mibor.com.

 

Other News from MIBOR
Over 2,000 MIBOR Salespersons need to Transition to Brokers!
As of last week, more than 2,000 MIBOR members still have salesperson licenses.  Brokers, be aware that salesperson licensees affiliated with your firm must complete the 24-hour broker transition course, pass the classroom exam, and mail or physically take the transition application along with $65.50 to the Indiana Professional Licensing Agency  before June 30, 2014 . More

 

Federal Tax Reform Update: Chairman Camp Releases Tax Reform Discussion Draft
On Wednesday February 26, 2014, the Chairman of the U.S. House Ways and Means Committee, Dave Camp (R-MI) released his long-awaited discussion draft for comprehensive reform of the tax code. In anticipation of the release, NAR sent a letter to all Members of the House on Monday reminding them of NAR’s priorities in tax reform. Now that the draft has been released, NAR staff is carefully reviewing the contents to evaluate its impact on residential and commercial real estate and plans to share those findings with Congress. It is important to remember that the Camp bill is only a discussion draft and because of the political landscape and timeline, NAR does not believe any tax reform bill will become law this Congress. Please stay tuned for more details and analysis from NAR. More

2014 MIBOR, 1912 N. Meridian St., Indianapolis, IN 46202 317-956-1912 www.mibor.com

 

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