Presentation

							The New Purchase Contract
     Starts 2/28/2011
        Why the Changes????
   It’s the Fed’s again
    • RESPA = Good Faith (GFE) (LSR)

    • NMLS National Wide Mortgage License
      System= 1 yr license

    • HVCC Home Value Code of Conduct
    When MUST we use all the New
             Forms?
   E&O Insurance states we “Must use
    all State Approved Forms”
   The Standard of Care = ADRE
   Company Policy-Starting 2/28/2011
    • All New Contracts Written
          What is Changing??
   Most of the major changes are in the
    Financing Section (Page 2)
   The PQR replaces the LSR
   The LSR is NO MORE
   The LSU is the updated LSR
   Multiple Counter Offer
   Multiple Offer/Counter offer
   Counter Offer
   BINSR
   Short Sale Purchase Addendum
Cover Sheet-WHY?
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 2, revisited
The New PQF
The New LSU
New Counter Offer
Multi Counter Offer
Multiple Offer/Counter Offer
Short Sale Addendum
Residential BINSR
        For More Information
   Go to www.aaronline.com
   Watch a 42 minute Video by Michelle
    Lind