THE REALTOR® Voice Volume 15, Edition 3, Third Quarter 2012 Published by the REALTORS® Association of New Mexico The Voice for Real Estate in New Mexico New Name. Education and Training, Networking, and New Look. FUN! The New Mexico Multi-Board MLS From Appy Hour to the drawing for the has changed its name to the New Mexico iPad winner - RANM’s Fall Conference MLS. This new name symbolizes the was packed full of great events. MLS is a statewide Multiple Listing Ser- vice for ALL RANM members. Attendees learned from Leigh Brown, Richard Flint, Dan Elzer, Ashley Strauss- The new look Martin, Todd Clarke, and REALTOR. is their logo com®. which includes a keyhole to signify The business of the Association was the New Mex- conducted during RANM’s Annual Meet- ico MLS is the ing where bylaw amendments were con- doorway to New sidered - and all proposed amendments Mexico MLS were ap- Listings. proved. The New Mexico MLS is the third The Board largest Multiple Listing Service in the of Direc- state. The Board of Directors is dedicated tors elected to bringing the NM MLS into a viable 2013 officers; future through cutting edge technology approved the and cost efficient services. 2011 audit and pro- Want more information? Contact Char- posed continued on maine Koroneos or Megan McFarlane. page 2 2013 RANM Officers Elected INSIDE RANM Fall Conference page 2 Cathy Colvin, Greater Albuquerque Association, was con- From Your President page 3 firmed as 2013 RANM President during the Board of Direc- Legal Corner page 4 tors meeting at Fall Conference. Have You Read Your Rice Insurance Policy? page 5 Sandylee Pasquale, also of Albuquerque, was elected Presi- NMREC News page 6 dent-Elect and Baro Shalizi, Santa Fe, was elected Treasurer. Upcoming Events page 6 From Your CEO page 7 Housing Trends Carol Bernstein, Greater Albuquerque, was re-elected Cen- page 8 REALTOR® Spotlight page 9 tral District Vice President; Victoria Murphy, Santa Fe, was Government Affairs page 10 elected Northeast DVP and Michelle RPAC-NM page 10 Martin, Las Cruces, was elected Communications Survey page 11 Southwest DVP. Silent Auction Success page 11 RPAC Major Investors page 12 These officers will be joined on RANM’s 2013 Executive Committee by Debbie Rogers, Immediate Past President; Lela Holmes, Northwest DVP; and Connie DeNio, Southeast DV P. RANM REALTOR® Voice | Third Quarter 2012 RANM Annual Conference Snapshots continued from page 1 distribution of undes- ignated funds; ap- proved a re- vised 2013 RANM budget; approved proposed policy re- garding use of RANM Forms; and defeated a proposal regarding disclosure of sales prices for all properties. Volunteers were honored and thanked during Friday’s Celebra- tion luncheon. And con- gratulations go to Liz Scott, Otero County, winner of the iPad. Directors Present at Annual BOD Meeting Debbie Rogers, President; Cathy Colvin, President- Gift, Greater Albuquerque; Wes Graham, NAR Elect; Teresa Ramos, Immediate Past President; Director; Julie Greenwood, Greater Albuquerque; Sandylee Pasquale, Treasurer; Gary Wallace, Marc Guggino, Greater Albuquerque; Connie Northeast District Vice President; Lela Holmes, Hettinga, NAR Director; Sharon Hicks, Clovis/ Northwest District Vice President; Carol Bernstein, Portales; Dave Hill, CARNM; Amy Hummer, Central District Vice President; Pat Fell, Southwest Appointed Director; Lebron Little, Otero County; District Vice President; Connie DeNio, Southeast Helen Milligan (alternate for Brandon Livermore), District Vice President; Mary Anne Beard, Los Espanola Valley; L. J. Lundy, Silver City; Cindy Alamos; Karla Benefield, Gallup; Teri Camacho, Lynch, Appointed Director; Michele Marie Mun- Las Cruces; Kristine Cannaday, Greater Albu- son, Greater Albuquerque; Steve Murtha, Greater querque; Lorenzo Carreon, Deming/Luna County; Albuquerque; Peter Parnegg, Greater Albuquerque; Michael Carter, Greater Albuquerque; Judy Wilson Shirley Rich, Greater Albuquerque; Paul Romero, (alternate for Waylon Chavez), Greater Albuquer- Taos; Jim Smith, CARNM; Elizabeth Tafoya, San que; Daniel Coleman, Roswell; Susan Crenshaw, Juan County; George Torres, Greater Albuquerque; Carlsbad; Coleen Dearing, Santa Fe; Dan Delaney Cathy Vickers, Sierra County; JoAnne Vigil Cop- (alternate for Dolores DeMers), Las Cruces; John pler, Santa Fe; Paul Wilson, Greater Albuquerque; Kynor (alternate for Gina Dion), Greater Albuquer- Dan Wright, Santa Fe; and M. Steven Anaya, que; Eddy Gibson, Ruidoso/Lincoln County; Eloise RANM. 2 From Your President RANM REALTOR® Voice | Third Quarter 2012 Thanks to Everyone Who Helped Make RANM’s Fall Conference A Great Success! I want to take this opportunity to thank each of you that participated in our annual fall conference! Special thanks to Cathy Colvin and her conference task force (Waylon Chavez, Greater Albuquerque; Corby Cummins, Roswell; Zane Fikany, Las Cruces; Jonnalyn Grover, Santa Fe; Lebron Little, Otero County; and Ben Lyons, San Juan County) for the fantastic job they did in planning the conference! I really appreciated the open and honest dialogues by members. I also would like to thank ALL of our RANM staff who work so diligently under the capable leadership of our CEO, Steven Anaya. While we pause to celebrate and honor those who are working hard to make this a great associa- Debbie Rogers, CRS, GRI, tion, there is still much work to be done! e-PRO 2012 RANM President The 3rd Party Vendor PAG, chaired by Louis Edwards of Las Cruces, is studying this issue and will bring forth some recommendations early in the 4th quarter. Our legislative committee, ably chaired by Eddy Gibson of Ruidoso/Lincoln County, for our newest ROTY Patricia Rogers as is working on proposed legislation and laying the groundwork for a successful 60 day she is honored with other State REAL- session in 2013. The RPAC Trustees are busy handing out checks to those political lead- TORS® of the Year during the opening ers who support REALTOR® issues. general session in Orlando. RANM leadership is preparing to attend By following the Pathway to Profes- the NAR Convention in Orlando. Your sionalism, acting upon the Code of Ethics, 2013 President Cathy Colvin and I will as it relates to members of the public and shine the spotlight on New Mexico to our fellow REALTORS®, our path will other states’ leadership highlighting our continue to lead us to a higher road. As RANM Caravans held each summer. Our individuals and as an association, we can own Patricia Pipkin of Santa Fe will be always be better. Let’s finish strong in installed as the Rocky Mountain Region 2012! XI 2013 Vice President which is a great honor for Pat and our state. We will cheer Thanks Conference Sponsors! New Mexico 3 Legal Corner RANM REALTOR® Voice | Third Quarter 2012 What You Missed - RANM Annual Conference Legal Update All PowerPoint Slides from RANM’s 2012 Fall Legal Update are posted in the Legal Resources section nmrealtor.com. The CFPB and BASEL III The Consumer Financial Protection Bureau (CFPB) has been busy; it has issued proposed regulations on the qualified mortgage and qualified residential mortgage, as well as those that will affect loan originators. In addition, the CFPB has released its proposed combined TILA and RESPA Disclosure Forms: the Loan Estimate and the Closing Disclosure. Legal Corner is researched and written by Ashley Strauss-Martin, RANM The Qualified Mortgage (QM) Rule would set standards for lenders to ensure that General Counsel they only make loans to borrowers who have the ability to repay them. The Quali- fied Residential Mortgage (QRM) Rule would set minimal underwriting standards for loans that are packaged into securities and sold to investors. In addition, in Basel, Switzerland, members of the Committee on Banking Supervision are writing standards that may have a significant impact on home buyers here in the United States. For more information on the QM, QRM and the Basel III Standards, see the LEGAL UPDATE NEW FHFA SHORT-SALE and Speaking of Real Estate. GUIDELINES Under the Dodd-Frank Act, the CFPB was charged with combining the required The Federal Housing Financing Agency TILA and RESPA disclosures. The Loan Estimate replaces the current Good Faith has issued new short-sale guidelines Estimate, the “early” TILA disclosure, and incorporates new disclosures required under which require lenders to review and re- Dodd-Frank. The Closing Disclosure replaces the current HUD-1, the revised TILA spond to short sale offers within 30 days. disclosure, and again includes new disclosures required by Dodd-Frank. For more The new guidelines also allow a borrower information on and examples of these new forms, see the LEGAL UPDATE and Loan to qualify for a short sale if she/he is cur- Estimate and Closing Disclosure. rent on her/his mortgage. To view all the new guidelines, as well as to learn how to The CFPB has also proposed regulations that will require loan originators who offer report a violation of the guidelines, see loans with up front fees to also offer the consumer a “comparable alternative loan” with the LEGAL UPDATE. no up front fees. The proposal also addresses record retention and defines key terms. For more information, see the LEGAL UPDATE. NM CASE LAW An important human rights case from FHA CONDOS the New Mexico Court of Appeals involv- As a reminder, the FHA made significant changes to its condo-approval process in ing a New Mexico photographer applies 2009. One such change essentially eliminated the “spot” approval process. Consequent- equally to real estate brokerages in New ly, in order for a consumer to purchase a condo using an FHA loan, the entire condo Mexico. See what the Court concluded at project must be FHA approved. Projects approved prior to the 2009 changes must be LEGAL UPDATE. re-approved. Also, effective this month, FHA has eased condo financing requirements. For more information and to find out which New Mexico condos have been approved, BANKRUPTCY 101 see LEGAL UPDATE.