More important info referencing Real Estate Teams.
02-02-2017 9:18:32 AM CST
CFPB charges brokers, lender with RESPA violation
WASHINGTON – Feb. 1, 2017 – The nation’s consumer watchdog – the Consumer Financial Protection Bureau (CFPB) – takes RESPA (Real Estate Settlement Procedures Act) violations seriously and continues to monitor agreements between real estate brokers, lenders and others for violations.
The message for real estate brokers: CFPB may be watching.
In an action announced yesterday, CFPB says it took action against Prospect Mortgage, a major U.S. mortgage lender, for paying illegal kickbacks for mortgage business referrals. It also charged the businesses that allegedly accepted the kickbacks – two real estate brokers and a mortgage servicer.
Under terms of the action, Prospect will pay a $3.5 million civil penalty, and the real estate brokers and servicer will pay a combined $495,000 in consumer relief, repayment of ill-gotten gains and penalties.
“Today’s action sends a clear message that it is illegal to make or accept payments for mortgage referrals,” said CFPB Director Richard Cordray. “We will hold both sides of these improper arrangements accountable for breaking the law, which skews the real estate market to the disadvantage of consumers and honest businesses.”
Prospect Mortgage, headquartered in Sherman Oaks, Calif., is one of the largest independent retail mortgage lenders in the United States, with nearly 100 branches nationwide.
RGC Services Inc., (doing business as ReMax Gold Coast), is based in Ventura, Calif.; Willamette Legacy LLC, (doing business as Keller Williams Mid-Willamette), is based in Corvallis, Ore. CFPB says the brokers are only two of more than 100 real estate brokers that had “improper arrangements” which Prospect.
Planet Home Lending LLC is a mortgage servicer headquartered in Meriden, Conn., that referred consumers to Prospect Mortgage and accepted fees in return.
The CFPB is responsible for enforcing the Real Estate Settlement Procedures Act, which was enacted in 1974 as a response to abuses in the real estate settlement process. A primary purpose of the law is to eliminate kickbacks or referral fees that tend to increase unnecessarily the costs of certain settlement services. The law covers any service provided in connection with a real estate settlement, such as title insurance, appraisals, inspections and loan origination.
The RESPA violation
According to CFPB, Prospect Mortgage offers a range of mortgages to consumers, including conventional, FHA and VA loans. From at least 2011 through 2016, Prospect used a variety of schemes to pay kickbacks for referrals of mortgage business in violation of RESPA:
·Paid for referrals through agreements: Prospect maintained various agreements that served primarily as vehicles to deliver payments for mortgage business referrals. It 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 prequalified elsewhere – to prequalify with Prospect: Prospect had some brokers “writing in” Prospect to their real estate listings. “Writing in” meant that brokers and their agents required anyone seeking to purchase a listed property to be prequalified with Prospect – even consumers who had prequalified for a mortgage with another lender.
·Split fees with a mortgage servicer: 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 by splitting the proceeds of the sale of these loans evenly with Planet. Prospect also sent the resulting mortgage servicing rights back to Planet.
Under the consent order, 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 two real estate brokers 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. ReMax 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 Florida Real Estate Commission announces a workshop to which all persons are invited.
DATE AND TIME: Monday, June 13, 2016, 2:00 p.m. or as soonest thereafter as possible
PLACE: 400 W. Robinson Street, Hurston Building, North Tower, Suite N901, Orlando, Florida 32801
GENERAL SUBJECT MATTER TO BE CONSIDERED: The purpose of the workshop is to discuss rule 61J2-10.025 as it relates to team advertising.
A copy of the agenda may be obtained by contacting: Lori Crawford at firstname.lastname@example.org or Mike Davis at email@example.com.
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Division of Real Estate, (407)481-5662. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
01-23-2017 7:38:42 AM CST
01-14-2017 9:48:44 PM CST
Always Be Careful with everything you do. It is good for agents to study the case law and changing rules which affect our industry.
Getting into the real estate business is tough. Not everyone can make it in this game, even when the market is good. But the first year is often the most difficult and if you can make it through that, you’re probably on your way to a successful career as a real estate agent.
There are a number of mistakes that often make or break aspiring agents. Some are easier to avoid than others, but all can lead to your potential downfall. So it’s far better to be aware of them sooner than later, when it could be too late.
Getting discouraged The key to success in sales is confidence. Once you’ve lost that, you’re done. Trying to convert leads as a newbie can be discouraging. It takes tremendous mental stamina to keep going after the 20th consecutive rejection. But every successful real estate agent goes through periods like this, particularly at the beginning of their careers.
Think of the slew of rejections as a test. There is light at the end of the tunnel, but you have to work for it. You should try to learn from each failed lead –– and try to figure out things that worked and didn’t work. But, what you cannot do is lose faith in your ultimate ability to make a sale.
Putting on an act Honesty and authenticity is what wins the big bucks. People want to work with somebody who is likable, approachable and above all, trustworthy. Despite what the movies may suggest, “slick” sales people are more likely to turn off customers. The wonderful thing is there is not one type of personality that works in real estate. If you enjoy telling jokes, go for it! If not, then don’t bother trying. Customers will always differ on the personality types they favor so don’t be afraid to be you.
Not asking questions At your brokerage and elsewhere, you’ll be surrounded by people with more experience in real estate than you. Ask them for advice! Many veteran agents love sharing what they’ve learned with up-and-comers in the industry. In addition, these days there are a number of great online resources where agents trade tips. Take advantage of it!
Putting off training In addition to the wisdom you gain through your colleagues, you should constantly be updating your training by earning new designations and certifications. Getting a designation as a Seller Representative Specialist, a General Accredited Appraiser or Counselor of Real Estate boosts your stature in the competitive world of real estate. But more importantly, it furthers your understanding of the industry that will guide you to success.
Spending the first check you earn When you get started, you’re probably going to need some type of financial backing to pay the bills while business is slow. That may be savings from a previous job, personal loans or a commission advance. Regardless of what your financial situation is at the beginning, your first priority when you do start getting commissions is to establish some savings that will help you get through future tough times. You should talk to a financial adviser as soon as possible about setting up a nest egg that can support you throughout your career.
3.Pay 3% Commission if and only if the property sells at agreed price.
4.Deal direct with the Real Estate Agents
5.You control your property and what you want to do.
6.You show the property on your schedule.
Edward E. Cambas has been providing flat fee mls services since 1992. We were the first company in the state of Florida and possibly nationwide to provide these types of services. It is very important that you the seller stay completely in control of the sale of your property.
01-22-2016 10:18:47 AM CST
Are you investing in Real Estate? Contact Edward E. Cambas - Lic. Real Estate Broker at 786-200-8817
Edward E. Cambas is a Lic. Real Estate Broker and equal housing opportunity since 1992.
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12-04-2015 3:22:49 PM CST
Alternative Method for Selling Your Home or Condo in South Florida – Flat Fee MLS
You do not always have to go the traditional route when listing and selling your home. Can you actually list a home on the MLS without paying a 5-7% commission? The answer is yes. Along with doing all the right things that come with selling your home on your own, you can also combine that with a Flat Fee MLS listing. You need to make sure that you choose the MLS Company carefully and there are several things to look for. One important thing is that you should be allowed to sell on your own and not pay any fee. The reason this is so important is because you hear a lot of stories from people who found their own buyer but still had to pay a commission. For example, the next door neighbor sees the sign goes up and refers a cousin who ends up buying, and you pay the full 6% for them to only perform the contract writing, inspections, attend the closing, etc.
It is good to choose an MLS listing service which has good person to person support and answers the phone when you call. The last thing you need is to not be able to make any changes once the listing is entered into the MLS. Changes like price drops or adjusting minor details should always be easy to do and free of charge. There are services which boast low pricing starting at around $49 and services which add extra features which can go up to around $1,000 or more depending on the level of services. The key is that you want to choose the lowest pricing with all other factors being equivalent.
Most people typically choose a Flat Fee MLS service based on who has the highest ranking in the Google searches which is not always the best way to decide. Try to see if there are online reviews for the company you are considering. Right now there are not all that many reviews online for Flat Fee MLS companies and the most important thing is that they are a member of the local board of Realtors, and that you gain a level of comfort with the way you are treated as a customer. Make sure that all of your questions are answered knowledgeably and with a certain level of expertise and confidence.
It might be smart to give a quick call to the Board of Realtors for the city you are located in and make sure the company is a member in good standing with full MLS privileges. In addition, you might check with the BBB but not all of the smaller companies are registered so just make sure they do not have any complaints unresolved on file. Do your homework and see if you can have camaraderie with the person who you are dealing with.
The next step is to review all the paperwork prior to signing anything or paying any fees. You want to review all the paperwork thoroughly so you fully understand what to expect. Tell the company that you will pay the fee after they send you written proof that the property is on the MLS and active. In order to do this you should be willing to sign the listing agreement and return it to the MLS provider because they must have that in their records prior to putting your home active.
You will be taking the calls directly from agents with buyers. The MLS Company does not and should not field your calls. Often times they put in the remark section “Do not call the Real Estate Office,” and will show your phone number and name as the direct contact. Just field the calls, assist with setting appointment times, and have the home in great condition for showings to the prospective buyers. The agents will make offers directly to you and the MLS Company typically does not participate in the contracting, negotiating or closing – without an additional FEE/.
Written by Edward Cambas, a Lic. Real Estate Broker Dec. 4th, 2015
12-04-2015 5:34:40 AM CST
Our MLS Listing Packages
Call Edward E. Cambas, a Lic. Real Estate Broker for more info at 786-200-8817.
*Zillow & Trulia Get 3x the exposure! Plus posted on: Yahoo Real Estate; MLSonline; Enormo; Dothomes; ByOwnerMLS; Twitter; Facebook; Google Base; Oodle; Vast; and many more...
Max photos differ per MLS and can range from 16-25.Call Edward Cambas at 786-200-8817. or go to www.edwardcambas.com
12-04-2015 5:32:47 AM CST
We offer innovative solutions - saving seller's 50% to 100% in real estate commission!
Call Edward E. Cambas, a Lic. Real Estate Broker at 786-200-8817
Flat Fee MLS is when you pay an upfront fee to get listed in the MLS. You then choose commission (a finder’s fee) as a way to get Realtors to show and sell your home. You will work with the agent representing the buyer to complete your transaction. You save around 50% since you pay no listing brokerage commission when selling with a Flat Fee MLS program.
Need more help? We offer professional help through your entire transaction. From open houses marketing, negotiations, document preparation, contingencies, inspections, appraisals, and the many additional facets of selling, let our experience guide you through your transaction.
• NO upfront listing fee
• The lowest potential fees of any listing plan
• Best for owner occupants or sellers who want to conduct showing of their property to buyers
A program designed to give your home massive marketing exposure on public websites like Realtor.com, Zillow, and Trulia. What’s truly special about this program is how it can connect buyers and sellers - without going through an agent. No other broker will markets your home - with your direct contact information - to the millions of buyers looking on these high traffic public websites.
Once you connect with a buyer, we then guide you through the entire negotiation and sales process. We can prepare the buyer/seller contracts using only your agreed terms. We prepare all documents using Florida best practices and FAR/BAR approved forms. We can help you choose a title company, open escrow, schedule inspections, surveys, elevation certificates, and the other details related to your closing. It’s FREE to get listed and our fee at closing is only a fraction of traditional Realtors – saving you about 75% in commission.
• Fast As-Is cash offer. NO obligation!
• We can close fast or on your schedule.
• No repairs or cleaning required.
• No inconvenient showings, open houses, or pushy agents.
• No financing or appraisal contingencies which keep many homes from closing.
12-04-2015 5:28:48 AM CST
Dear Edward E. Cambas,
Last week, we asked for your help in an important research project as a valued member of the NATIONAL ASSOCIATION OF REALTORS®. NAR is conducting the REALTORS® Confidence Index survey, detailing the current state of the real estate markets. We are especially grateful for your help because the survey results help NAR tell the real estate story to important stakeholders. Every month we consolidate information from the respondents and report the national results to members, the media, consumers and potential buyers, and the government and statistical groups. The Survey is one of the ways in which NAR continues to be the “Voice for Real Estate.”
In appreciation of your time, we invite you to participate in a drawing for 1 of 8 $50 Gift Cards.
If you have already completed the survey, please accept our sincere thanks. If not, please do so today. The survey can be found here:
Your individual responses will remain completely confidential, as results are reported in the aggregate and never at the individual level. We will not sell or distribute your name or any information about you to another party.