managing broker/owner · 9/4/2015  · broker public portal initiative of major brokerages and...

Managing

Broker/Owner September 4, 2015

WelcomeKathy Hall, 2015 MIBOR President

Director Elections Kathy Hall, 2015 MIBOR President

MIBOR Districts

Broker offices are placed

into one of five regional

districts around the region

determined by zip code.

10% - 1 Seat

25% - 2 Seats

April 1st Deadline

4

James Anthony

F.C. Tucker Co.Kelly Todd

F.C. Tucker Co.

Jenni RuizJ.S. Ruiz Realty,

Inc.

District 1 Candidates

Aaron Clark

RE/MAX Select,

REALTORS®

Tom Johnson

F.C. Tucker Co.

District 3 Candidates

Heather Meyer

Stewart Title Services

Patty Thornberry

Security Home

Inspections

Affiliate Candidates

National Association of REALTORS®

2015 Good Neighbor Award

Four-time cancer survivor Nancy Hines wants you to

know the symptoms of ovarian cancer, and that

recognizing them early can save lives.

REALTORS® and the public can vote for their

favorite of the 10 Good Neighbor finalists.

Between Aug. 25 and Sept. 25, you can cast

your vote at realtor.com/goodneighbor.

Association

Branding EffortsKathy Hall, 2015 MIBOR President

Claire Belby, MIBOR Communications Director

We’re changing…

Direction from BOD

• Expand our service area,

either offer services to other

Boards or recruit as full

members

• Emphasize the relevancy of

the REALTOR®, strongly

communicate R® value

What we learned

• MIBOR has equity – for

consumers and Rs

• REALTOR® brand is critical

• Surrounding boards (to

differing degrees) averse to

“Indianapolis”

Metropolitan Indianapolis

Board of REALTORS®

becomes

Mid Indiana Board of REALTORS®

Visually more of a refresh

than a rebrand

Rationale

• REALTOR® front and center

• Retains equity of MIBOR for members

and consumers

• MIBOR.com remains intact

• Familiar to current members

• Comfortable and inclusive to

surrounding boards

Right at home in Central Indiana.

Trusted Name. Expanded

Neighborhood.

Process

• Board of Director approval

• 60-day period

• NAR approval

• Managing Broker Announcement

• Member Announcement – TODAY

• Public Announcement

Next 30 Days…

• Website refreshed

• New letterhead, business cards

• Fast Track e-newsletter will receive new

name and new look

• Lobby and exterior signage

• Print and digital ad campaign

• Communicate with organizational

partners

• Public announcement October, including

Madison County expansion

Current

Technology &

Portal EffortsTom Renkert, Business Support Services Director

Roger Lundy, 2015 MIBOR President Elect

It’s a new world out there

RPR

Upstream

AMP

Broker Public Portal

Midwest Data Cooperative

RPR

(Realtor Property Resource)

Property centric national data base

Owned by NAR

BLC contributes its information

since April, 2015

Tool for brokers and for brokerages

Timeframe: up and running

Upstream

Initiative of major independent brokerages

Now includes major franchisors around the country

Intent is control for brokerages of all sizes

to aggregate all brokerage data in one place

to normalize all data

to then send data to wherever brokerages choose

Pipeline to listing services and portals

Timeframe: uncertain but not sooner than 18 months

RPR could be the platform

Today without Upstream

Slide courtesy of Keller Williams

With Project Upstream

Slide courtesy of Keller Williams

AMP™

(Advanced Multi-list Platform™)

Initiative of RPR and smaller listing services around the

country

Concept is that RPR become the backbone backend for

listing service to tie into

Vendors would develop products fro frontend access and

uses

Could be platform for national data base

Timeframe: uncertain but not sooner than 18 months

Supports the continued existence of listing services

around the county

Broker Public Portal

Initiative of major brokerages and franchisors

and listing services around the country

Public facing website for property searches

REALTOR friendly in that leads go to brokerage

and brokers directly (similar to mibor.com)

Follows fair display guidelines

Timeframe: uncertain but at least 18 months

out

MIBOR has small investment in the $500,000

pot raised to date to follow the progress

Midwest Data Cooperative

Initiative of five large listings services

including our BLC

Improved technology options for members;

Increased innovation velocity; faster time to

market

More options for brokerages and brokers

Reduced vendor dependency

Minimization of redundancy…economies of

scale

Centralization of compliance

The Landscape

1

12 Mega Regions =

$13 Trillion Economic Output:

¾ US GDP (Plus MRED Concept

Partners)

Matrix™ Updatewww.mibor.com Public Search

Tom Renkert,

Business Support Services Director

MATRIX Update Tempo/Fusion Add/Edit ends at 11:00

am on Tuesday September 8th (search

only for the remainder of the day)

Fusion/Tempo no longer available in the

early morning hours of September 9th.

Live with Matrix Add/Edit at 10:00 a.m.

on Wednesday September 9th.

MATRIX Update Support includes Corelogic Call Center

for the first 30 days

Training videos are a good source – Use

Help Tab on Matrix to find or BLC

Training links on MIBOR.com

1st available Training Lunch and Learn

on 9/11 and many opening the week of

9/14.

Property.mibor.com

Property.mibor.com

Property.mibor.com

Property.mibor.com

Property.mibor.com

Property.mibor.com

CFPB TaskforceJeanette Langford,

Professional Service and Industry Issues

Director

New Mortgage Disclosure Rule

Rule takes effect on October 3, 2015

Any loan application made prior to

October 3, 2015 will continue to use the

HUD-1.

Any loan application made on or after

October 3, 2015 will use the new Closing

Disclosure.

Integrated Mortgage

Disclosures

The Loan Estimate:

replaces the Good Faith Estimate

is more inclusive with fees

is more in line with closing disclosure

provides estimated cash to close

is more consumer friendly

Integrated Mortgage

Disclosures

The Closing Disclosure replaces the HUD-1 and

final Truth in Lending statement and must be

delivered and acknowledged by the buyer at least

3 days prior to closing.

The lender will determine what is considered an

acknowledgement of the Closing Disclosure.

There are only 3 instances that will require re-

disclosure and a new 3 day waiting period:

The loan product changes

The addition of a prepayment penalty

The APR changes + .125% for fixed rate and + .25%

for adjustable

TRID Best Practices

Be in the know!

MIBOR’s TRID Best Practices

CFPB’s Guide for Real Estate Professionals

on New Mortgage Disclosures consumerfinance.gov/know-before-you-owe/real-estate-

professionals

Contact MIBOR with any questions.

REALTOR®/Builder

Pact UpdateJeanette Langford,

Professional Service and Industry Issues

Director

REALTOR®/Builder

Cooperative Agreement

MIBOR and the Builders Association of Greater

Indianapolis (BAGI)

Guidelines establish expectations for both parties

Works to ensure cooperation and compensation

Provides for dispute resolution processes

45 Brokerages and 23 Builders

http://www.mibor.com/membersinfo/r-b-cooperative/

Thank youToday’s presentation will be online at

www.mibor.com under “Member Info”

“Managing Broker Information”