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Members should note that existing listings entered into before April 1, 2006 may continue using old Seller's Disclosure Statements printed prior to January 1, 2006. However, MAR recommends that any new listings entered into between January 1, 2006 and April 1, 2006 begin using the new form. The printing date can commonly be found in the lower left hand margin. Special MAR credit card offer Still paying off your holiday bills? Free your mind from your credit card balances! Transfer your balances to the only card that supports MAR and receive 0% on balance transfers for 9 months*. The Michigan Association of REALTORS® Select Rewards Visa® Platinum card also provides great benefits, including: no annual fee, your choice of benefits and rewards, 1,000 bonus rewards points with your first purchase and a percentage of every purchase goes directly to support MAR. Hurry, this offer ends April 15th, 2006. *Click here for terms and conditions MAR kicks off election year on web MAR is utilizing the web to track the important REALTOR® issues this election year and keep its membership updated. Visit http://www.mirealtors.com/news/06election.html for information regarding possible ballots and candidates. Currently, you can get information on the proposed K-16 spending mandate including REALTOR® talking points. 2006 Legal Update on Web site The 2006 Legal Update is now available for download from the MAR Web site. If you have any questions/concerns about this, please address them to Andrea Bates, MAR's education coordinator, abates@mirealtors.com or 800-454-7842. Access the 2006 MAR update here. Industry watchdogs warn of credit-booster sites By Janis Mara Web sites offering ways for consumers to artificially boost their credit scores should be approached with caution by lenders and consumers, industry watchdogs say. Seasoned Trade Lines of Largo, Fla., charges consumers $1,000 to $3,000 to artificially boost their credit ratings by adding them to established credit cardholders' accounts. The site, which launched in January, promises to "add up to 200 points to your credit score in 90 days," claiming that the average client's score increases 215 points. Jim Croft, founder of the Mortgage Asset Research Institute, and other industry watchdogs said Seasoned Trade Lines is not the only site offering such a service, and that sites that do so are highly suspect. "It's tricking the potential lender and, in the long run, not doing any favors for the potential borrower," said Croft. The Mortgage Asset Research Institute, MARI, is a group endorsed by the Mortgage Bankers Association that tracks mortgage fraud. Mortgage lenders rely on a number of factors to decide whether to make a loan and how much interest they will charge, said Constance Wilson, executive vice president of fraud protection technology provider Interthinx. Wilson does fraud investigation and protection training for state and federal law enforcement, lenders and mortgage banking groups. One of the most important factors is the applicant's credit score, which reflects such things as whether the applicant makes payments on time, Wilson said. Once the person's score has been artificially boosted, they may qualify for a loan higher than they can afford, or display the same unreliable payment behavior that got them in trouble in the first place, ending up in foreclosure and far worse off than before they got the loan, Wilson said. Board approves Broker Summit attendance The Metropolitan Consolidated Association of REALTORS® has approved to send its board of directors to MAR’s Broker Summit taking place April 11 – 12 at the Somerset Inn in Troy. “MCAR recognizes that this is an important event for real estate professionals to attend,” said Walter Baczkowski, Jr., MCAR board member and Broker Summit Task Force member. “With speakers like Ann Bailey and Chip Roach, the content of the event will give everyone who attends something to take back. This is an amazing value that includes a wealth of information, nationally recognized speakers, and networking in one location.” For more information on the Brokers Summit or to register your members, please visit the
MAR Calendar of Events
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720 North Washington Avenue • P.O. Box 40725 • Lansing,
Michigan 48901-7925 Copyright © 2005 Michigan Association of REALTORS® |
