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WASHINGTON (April 16, 2015) — The National Association of Realtors®’ top-level domain .REALTOR will be available to local and state Realtor® associations as well as brokerages in the U.S. and Canada starting May 7.
NAR was one of the first associations approved to offer a top-level domain and among the first in the real estate industry to commit to this new technology. Since the .REALTOR top-level domain became available to NAR members in October 2014, more than 95,000 domains have been claimed.
Now boards, associations and brokerages will have the opportunity to register for the domain, which lets consumers instantly know that they are working within the Realtor® community, the most trusted source for real estate information and with agents who subscribe to NAR’s strict Code of Ethics. As the Internet begins to evolve and divide into industry-specific categories, NAR believes it’s important for the Realtor® community to lead the industry and create an exclusive namespace for itself that consumers instantly recognize.
“Early adoption of new technology is a vital part of how Realtors® conduct business, and NAR is committed to staying on the forefront of the latest online tools,” said NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark. “We hope associations and brokerages can take advantage of the .REALTOR domain to create an online space where home buyers, sellers and investors, as well as Realtors®, can go to find the most trustworthy, reliable real estate services and resources.”
NAR has also entered into an exclusive marketing partnership with the Canadian Real Estate Association, the exclusive licensors of the Realtor® mark in Canada. CREA associations and boards will also be able to use the domain to provide consumers in Canada with the same advantages.
NAR made an early commitment to adopt this technology and began applying for the .REALTOR top-level domain eight years ago through the Internet Corporation for Assigned Names and Numbers, the organization that coordinates domains and Internet Protocol addresses around the world. Throughout the entire process, NAR worked closely with Second Generation subsidiary Real Estate Domains, LLC, an investment firm and registry operator for the top-level domain .JOBS.
For more information on claiming the .REALTOR domain, which is available to associations and brokerages starting May 7 at 10 a.m. CDT, visit www.about.REALTOR.
The Canadian Real Estate Association is one of Canada’s largest single-industry trade associations, representing more than 111,000 Realtors® working through some 90 real estate boards and associations.
Second Generation Ltd ("Second Gen"), headquartered in Cleveland, Ohio, is an Embrescia family investment firm that actively works with talented management teams to develop businesses that have potential for significant growth and long-term value. For over three decades, Second Gen and its affiliates have owned and operated FCC licensed radio and television properties super serving markets throughout the United States as well as investing in manufacturing, real estate and medical innovations. Among its diverse investments, Second Gen is the owner of the .JOBS top-level domain on the Internet sponsored by the Society for Human Resource Management.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
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Read more: .REALTOR Top-Level Domains Will Soon be Available to Realtor® Associations and Brokerages
WASHINGTON (April 15, 2015) – The following is a statement by National Association of Realtors® President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., in support of legislation to ease regulatory burdens on mortgage lending:
“The Mortgage Choice Act, which passed the U.S. House of Representatives last night with a bipartisan vote of 286-140, improves consumer access to mortgage credit with the full protection of the Ability-to-Repay and Qualified Mortgage rules that went into effect last year to safeguard borrowers from risky lending practices.
“As they are currently written, the consumer protection rules unfairly prevent consumers from obtaining QM loans through certain mortgage brokers and affiliated lenders whose joint venture services are collectively counted against a 3 percent cap on mortgage fees and points, although individual services from large retail financial institutions are each capped separately.
“The Mortgage Choice Act redefines the cap so that affiliated and non-affiliated service providers are treated the same way under the rule while still protecting borrowers from unsafe loan products.
“Realtors® will continue to advocate for this legislation to clarify the QM rules as it moves to the U.S. Senate.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
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Read more: Realtors® Applaud House Passage of Mortgage Choice Act
WASHINGTON (April 14, 2015) – The following is a statement by National Association of Realtors® President Chris Polychron in response to leadership changes at the U.S. Department of Housing and Urban Development Office of Community Planning and Development:
“NAR looks forward to working with Harriet Tregoning in her new position as HUD’s principal deputy assistant secretary for community planning and development. Tregoning’s extensive experience at the local, state and national levels helping communities and regions build diverse, prosperous and resilient economies makes her an ideal appointee to guide the office’s comprehensive vision for housing and community development.
“We commend Secretary Julián Castro on his selection.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the presidential and commercial real estate industries.
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Read more: Realtors® Show Support for New HUD Appointee Harriet Tregoning
NAR President Chris Polychron with HUD Secretary Julián Castro.
WASHINGTON (April 1, 2015) – A diverse group of housing industry stakeholders participated in a credit access symposium today to discuss how alternative credit scoring models could expand access to mortgage credit for responsible borrowers who may have thin credit histories or extenuating circumstances like medical debts.
The event, co-hosted by the National Association of Realtors®, the Asian Real Estate Association of America and the National Association of Hispanic Real Estate Professionals, included two roundtable discussions and a keynote address from Secretary of Housing and Urban Development Julián Castro.
“Realtors® support safe, responsible access to mortgage credit for borrowers who can show they are ready and able to own a home and keep up with monthly payments. Unfortunately, overly restrictive lending, except to buyers with near-pristine credit scores, prevents many otherwise qualified buyers from entering the housing market,” said NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark.
NAR first called on federal regulators and the credit and lending communities in 2011 to reassess the entire credit structure and look for ways to increase the availability of credit to qualified borrowers who are good credit risks.
Work by the Harvard University Joint Center for Housing Studies indicates that borrowers with lower incomes as well as minorities face higher rejection rates on their mortgage applications. NAR analysis of mortgage data from 2007 to 2013 indicates that the share of rejected loans due to credit scores was significantly higher for African Americans and American Indians.
“If lenders and the government-sponsored enterprises were to adopt alternative credit scoring methods, such as FICO 9 and VantageScore 3.0, they could expand access to mortgage credit without dramatically increasing risk in the housing market,” said Polychron.
The newer credit scoring models put less emphasis on the impact of unpaid medical bills, and the effect of missed payments on debts that have subsequently been paid off is eliminated. FICO 9 and VantageScore 3.0 incorporate public utility and rental housing payments, information that helps lenders to evaluate younger persons and minorities who might not have a history of credit use. FICO estimates that its new model could improve scores by 25 to 100 basis points.
“The biggest limitation to borrowing is tight credit standards,” said NAHREP Past President Jerry Ascencio. “These conditions are exacerbated by outdated credit scoring models that don't take into account the unique spending and savings patterns of Hispanic borrowers. Alternative credit scoring models need to consider these patterns so creditworthy borrowers are not turned away from the American Dream of homeownership.”
Jim Park, AREAA past chair, noted that there was a clear consensus from all of the symposium’s participants that the government-sponsored enterprises should update their scoring models and also create added market competition in the credit evaluation system.
“These critical efforts will expand credit to more minority and immigrant consumers and reverse the unfortunate trend of homeownership decline in America,” he said.
Donnell Spivey, president of the National Association of Real Estate Brokers and who also attended the event, commented that, “Higher credit scores for mortgages have forced many of our buyers into renting. While good for the rental market, these trends are making it more difficult for Americans to own homes. If a person can pay high rent then they can also pay a mortgage. But, paying high rent hinders them from saving money for a down payment on a home.”
He added that other issues related to costly mortgages must be addressed, particularly onerous Federal Housing Administration requirements. “NAREB doesn’t believe that it is fair or reasonable for FHA mortgages to require homeowners to have mortgage insurance for the life of their loan. FHA mortgages are used more by people of color; this policy disproportionately impacts black homeowners,” said Spivey.
At the event, Secretary Castro underscored the agency’s commitment to widening the circle of opportunity for responsible families by making homeownership more affordable and accessible.
“FHA’s work alone will not solve all the industry’s challenges, which is why I appreciate this focus today on out-of-the-box thinking,” he said. “I know that new credit scoring models are being developed so that non-traditional factors can be considered when determining creditworthiness.”
Castro said FHA is exploring the use of new credit scoring models. “We’ll look at every option that brings housing opportunities within reach of more Americans,” he said.
NAR will continue to work with Secretary Castro and housing industry stakeholders to identify solutions to the mortgage credit crunch so that individuals who are ready to own a home are not unnecessarily shut out of the market.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
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