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August Closing Changes Will Cause Delays

 
 
INDUSTRY
INSIDER
   
Industry Insider is a publication distributed by MIBOR every other Friday to Managing Brokers. 


 
 
 
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August Closing Changes Will Cause Delays
 
  IAR recently published details about the changes to the HUD-1 Settlement Statement which will take effect August 1. With their permission, we are reprinting the article and a primer by IAR General Counsel Richelle Cohen Mossler. 

The closing process drastically changes on August 1, 2015. That’s when the HUD-1 Settlement Statement, Good Faith Estimate, and Truth-In-Lending Disclosure Statement retire. New closing and loan estimate forms take their place. The lender generates the new forms, not the title company. And, a new rule goes into effect that requires everything to be in place three days prior to closing. It’s the last point IAR attorneys worry about. We want you to familiarize yourself with the new forms. But the most important thing you can do for your clients is to set and manage expectations. IAR General Counsel Richelle Cohen Mossler gives all the details here.
 
   
   
 
 
 
 
 
 
 
 
 
     
  TECH TIP   
  Have you Logged-In? 
Have you logged in to the Matrix™ platform this week? Do you know someone who is holding off? We are all in this transition together so let’s help ourselves and our peers so everyone’s deals run more smoothly. Matrix™ becomes the sole platform on Sept. 9th. It’s time to start using the system as your primary platform. If training is keeping you from doing that, sign up for a hands-on class now. Click here for May schedule. 

The hands-on Matrix™ training classes are now organized into Basic, CMA, Prospecting and Realist. If you have not attended an overview class, take advantage of the Basic session. If you have attended an overview class and are ready for more, take the next step with CMA or Prospecting. Register at www.mibor.com/matrix
 
         
  QUICK STAT  
  The MIBOR Dashboard has been rebranded to MIBOR Snapshot. It still provides high level market data to you in an instant. Click here to view. The Dashboard is currently updated with March, 2015 data.  
         
  OTHER NEWS      
  There’s Still Time to Take MIBOR Member Survey  
  All REALTOR® members have been given the chance to let their voices be heard through the annual Membership Satisfaction Survey. And there are TWO DAYS remaining. The survey will close on Tuesday, May 12th. We conduct this research each year to gauge how well we are delivering services to you. It is an important tool for the Board of Directors and staff as we measure performance and set direction for the future, therefore your participation in the survey is very much appreciated. It will take 15-20 minutes to complete and all those who finish the survey will be entered into a random drawing for two tickets to the upcoming Indianapolis 500 Race. The survey is conducted by local firm Loyalty Research and all responses are confidential. If you have any questions about the survey process or need the survey link resent to you, please contact Claire Belby.  
     
  REALTOR® Foundation: Race to End Homelessness Friday, June 26th  
  Reserve your spot now for Feed the Fight: The Race to End Homelessness. If you ever attended the REALTOR® Foundation Feed the Fight events in the past, you know this is a great time. We will host this year’s party at the Dallara IndyCar Factory in downtown Speedway complete with beer, wine and restaurant samples from the area’s best! Also on tap…DJ, dancing, silent auction, street legal rides in an IndyCar and race simulators. All this for only $25 per person. More  
     
     
  CALENDAR      
  All Month: Meeting Dates and Topic for MIBOR Division meetings. MORE  
  Ongoing: Matrix™ Trainings. MORE  
  Ongoing: Online Calendar of Events. MORE  
  June 26th: REALTOR® Foundation Feed the Fight  MORE  
 
 
2015 Metropolitan Indianapolis Board of REALTORS®
1912 N. Meridian St., Indianapolis, IN 46202
317­-956­-1912 
www.mibor.com
 
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