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Kentucky REALTOR® News

3% cap bill passes House

Apr 21, 2015
On April 14, 2015, the House of Representatives passed H.R. 685, “The Mortgage Choice Act” by a vote of 286-140 with 45 Democrats joining the Republicans. H.R. 685 is bipartisan legislation introduced by Representatives Bill Huizenga (R-MI), Gregory Meeks (D-NY), Ed Royce (R-CA), David Scott (D-GA), Steve Stivers (R-OH), Mike Doyle (D-PA), David Joyce (R-OH), Betty McCollum (D-MN) and Stephen Fincher (R-TN) which makes two adjustments to the Truth in Lending Act’s definition of “points and fees” to ensure greater consumer choice in mortgage and settlement services under the CFPB’s Ability to Repay/Qualified Mortgage (QM) rule. Companion legislation is being worked on in the Senate by Senator Pat Toomey (R-PA). NAR continues to work with coalition partners to advance this important legislation in the Senate. Read More
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Mortgage rates continue to move lower

Apr 10, 2015
Freddie Mac says a 30-year fixed-rate mortgage fell to 3.66 percent this week, not much more than the all-time low of 3.31 percent in November 2012. A year ago, 30-year rates averaged 4.34 percent.

A 15-year fix now averages 2.93 percent, down from 2.98 percent last week. A one-year adjustable rate mortgage averaged 2.46 percent, up from 2.41 percent. Read More

Will this help the spring buying season? Let us know in the comments...
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Flood insurance rate increases take hold

Apr 06, 2015
The National Flood Insurance Program (NFIP) has released the 2015 rate changes which take effect on April 1. On average overall, rates are rising 10%. This is consistent with the 5-10% increases prior to the 2012 Biggert-Waters Act. There is also a new surcharge to pay for recent NFIP legislative reforms.

Last year, Biggert-Waters was amended for about 20% of policy holders who bought an older property (including second homes) and jumped from a subsidized rate to full cost for flood insurance overnight. The amendments resolve the implementation problems by resetting the rates to pre-Biggert-Waters levels and capping them at 18-25% per year in the future. Read More
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April is Fair Housing Month

Apr 06, 2015
April 2015 marks the 47th anniversary of the 1968 landmark Fair Housing Act. Each year REALTORS® recognize the significance of this event and reconfirm our commitment to upholding fair housing law as well as our commitment to offering equal professional service to all in their search for real property. Access tons of resources (key facts, declaration, poster, articles) to use in April to increase education and awareness for both you and your clients. Read More
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Webinar: Intro to RPR - From Desktop to Smartphone

Mar 30, 2015
REALTORS® across the country are enhancing their business by using Realtors Property Resource®. In this introductory class, you’ll learn how top agents use RPR as their all-in-one data and information source to build their business and impress clients. You'll also learn how to use RPR Mobile on your Android or iPhone to instantly view properties, create, customize, save, and send reports with your added photos, audio, and text notes. This is one hour of free training you don't want to miss! Register Now
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10 ways to get the most out of LinkedIn

Mar 30, 2015
What do you think LinkedIn is for? Is it just for people who are trying to find a new job? Should you only visit it if you want to recruit somebody? Or is it one of the best ways to grow your real estate business? If you chose the third option, you are correct. In fact, HubSpot, reports that LinkedIn is three times more effective at generating business leads than Facebook or Twitter. And since leads result in more sales and more money in your pocket, it is clear that LinkedIn cannot be ignored. Here are 10 ways real estate pros can effectively use LinkedIn to increase their online exposure. Read More
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10 Best-Kept Secrets for Buying a Home

Mar 18, 2015
Get the most out of your money with these handy home-buying tips.

Buying Secret #10: Keep Your Money Where It Is
It’s not wise to make any huge purchases or move your money around three to six months before buying a new home. You don’t want to take any big chances with your credit profile. Lenders need to see that you’re reliable and they want a complete paper trail so that they can get you the best loan possible. If you open new credit cards, amass too much debt or buy a lot of big-ticket items, you’re going to have a hard time getting a loan. Read More
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Check out the NAR Generational Survey

Mar 12, 2015
Despite the economic and financial challenges young adults have braved since the recession, the millennial generation represented the largest share of recent buyers, according to the 2015 National Association of Realtors® Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent home buyers and sellers. Read More
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Kentucky jobless rate at 5.5% in January, 0.2% below U.S. rate

Mar 09, 2015
Kentucky’s seasonally adjusted preliminary January 2015 unemployment rate of 5.5 percent came in below the U.S. rate of 5.7 percent, according to the Office of Employment and Training, an agency of the Kentucky Education and Workforce Development Cabinet. The state rate matched the revised December 2014 rate of 5.5 percent and was 2 percentage points below the 7.5 percent recorded in January 2014.
 
“In addition to this great start to 2015, the annual revisions which align data for the past year were released yesterday and revealed that Kentucky’s unemployment rate has been below the national rate for the last six months,” said economist Manoj Shanker of the OET. “That’s quite an accomplishment. The last time Kentucky’s unemployment rate was below the national average for such an extended period was in 1995.” Read More
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15 apps for your real estate business

Mar 04, 2015
Our phones and the apps we use have become central to our daily productivity. Some apps streamline an existing process, or simplify a task, while others introduce new services we never thought we’d use on our phones. What’s great about each app is the freedom and anytime access it affords us. With 2015 underway, here are 15 fresh and powerful apps that should be on every real estate agent’s phone. Read More
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FAA proposed rule for drone use supported, NAR still says no for now

Mar 04, 2015
On February 15, the Federal Aviation Administration proposed rules for unmanned aircraft systems, also known as drones, stating that they should be legally allowed to fly in the United States for business purposes.

Up to now, the use of commercial remote controlled aircraft are banned, unless a specific, rare exception is obtained from the FAA, which requires that operators follow a lengthy list of rules.

However, the new proposed rules–applicable for drones weighing under 55 pounds–will restrict commercial drone operators to flights during daylight hours, as well as to to heights under 500 feet. Pilots will have to pass a knowledge test first, drones will have to be registered with the FAA, and when flying, pilots will be required to have a visual line of sight with the drone, or be in contact with someone who does. Read More

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Understand the August 1 changes to HUD-1, closing process

Feb 27, 2015
The days of filling out the HUD-1 settlement form and getting a Good Faith Estimate (GFE) from the lender are winding down. On August 1, those two forms are going away. The Truth in Lending Act (TILA) disclosure form is going away, too. Replacing them are two new forms: the Closing Disclosure and the Loan Estimate. You can familiarize yourself with these new forms on the website of the Consumer Financial Protection Bureau (CFPB), which has taken over administration of the Real Estate Settlement Procedures Act (RESPA) from HUD. Just go to CFPB.gov and type in the name of the forms in the search box. Read More

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HB149: Post-license education

Feb 23, 2015

State Representative Tommy Thompson filed the bill on January 8th and it has been amended by HCS. This legislation will require 48 hours of education within two years after a person receives a real estate sales license; and does not affect current licensees. Increased education helps protect the public and better ensure real estate licensees maintain an acceptable level of industry knowledge throughout their career. Here is the current status timeline:   

  • Jan 8 - introduced in House
  • Jan 9 - to Licensing & Occupations (H)
  • Feb 4 - posted in committee
  • Feb 11 - reported favorably, 1st reading, to Consent Calendar with Committee Substitute
  • Feb 12 - 2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Tuesday, February 17, 2015; taken from the Consent Orders of the Day, placed in the Regular Orders of the Day for Friday, February 13, 2015

To view the bill status, click here. To learn more about the bill, click here or watch the video explaining the bill here.

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SB123: Dog bite legislation for property owners

Feb 22, 2015
Currently, under Kentucky state law, property owners are responsible for their tenants dog if the animal attacks or bites someone. As it states, the "owner," when applied to the proprietorship of a dog, includes "every person having a right of property in the dog and every person who keeps or harbors the dog, or has it in his care, or permits it to remain on or about premises owned or occupied by him." This bill would exclude the property owner if the owner is acting as a landlord for a tenant who owns such a dog by amending KRS 258.095 - modifying the definition of persons who would qualify as the owner of a dog for purposes of that chapter. To view the bill status, click here.  To learn more about the bill, click here to watch the video.

2015-02-19

Senate

returned to Agriculture (S)

2015-02-19

Senate

1st reading

2015-02-19

Senate

taken from Agriculture (S)

2015-02-09

Senate

to Agriculture (S)

2015-02-05

Senate

introduced in Senate

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ListHub will stop sending Trulia listings, judge issues temp restraining order

Feb 20, 2015
Following the recent decision to stop sending listings to Zillow, ListHub announced it will also stop supplying listings data that it aggregates from more than 560 multiple listing services to Trulia, having terminated its syndication agreement with the nation’s second most visited real estate search portal in the wake of its acquisition by Zillow. Read More
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