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Combatting Wire Fraud


Wire Fraud continues to be an ongoing concern, especially after the Kansas federal courts held up a jury verdict, this summer, that determined that a real estate licensee was 85% responsible for the buyer’s losses. The losses occurred when the buyer transferred purchase money to fake account after the licensee allegedly forwarded email containing fake wiring instructions to the buyer.

A   criminal had infiltrated the email exchanges between the parties to the transaction and created fake email accounts that were very similar to the email accounts used by the parties. The criminal had used these accounts to transmit the false wire instructions that were eventually sent to the Buyer. The courts found the broker liable for the losses in the amount of $167,129.00.
NAR Recommended Wire Fraud Advisory Notice
Please have any contractual documents reviewed by your broker and/or attorney.
Re A L News You Can Use
It's A Millennial Market: Are You Prepared to Serve the Largest Home Purchasing Demographic?

Doing as you have always done may mean less business if you specialize in buyer agency. The millennials are turning 30 and you need to be ready. “Millennials will continue to make up the largest segment of buyers next year, accounting for 45% of mortgages, compared to 17% of Boomers, and 37% of Gen Xers. While first-time buyers will struggle next year, older Millennial move-up buyers will have more options in the mid-to upper-tier price point and will make up the majority of Millennials who close in 2019. Looking forward, 2020 is expected to be the peak Millennial home buying year with the largest cohort of millennials turning 30 years old. Millennials are also likely to make up the largest share of home buyers for the next decade as their housing needs adjust over time.” — Danielle Hale, chief economist for Realtor.com
Bottomed Out? Mortgage Brokers Association Predicts The End Of The Housing Market Slowdown

“Uncertainty regarding the government shutdown, slowing global growth, Brexit, a more patient Fed, and a volatile stock market continued to keep rates from increasing,” said Mike Fratantoni, MBA senior vice president and chief economist, in a press statement. “The spring homebuying season is almost upon us, and if rates stay lower, inventory continues to grow, and the job market maintains its strength, we do expect to see a solid spring market. The 11% gain in purchase volume compared to last year is a promising sign.”
YPN CON
Monday Rewind

YPNCON 2019 was a huge success! Thank you to all the sponsors who made this event possible and much gratitude to the conference task force. The line-up of speakers was fantastic!
Birmingham Home Show- Give Your Clients the Gift of a Ticket to the Show
When: February 15-17
Where: Jefferson Convention Complex
For your free tickets contact Jasmine@birminghamrealtors.com
MORE & MORE Buyers Using Digital Lenders-Lowering Banks' Hold on Mortgages

It's not just the catchy commercials, and cartoon-like logos of the digital lending community, that have captured the millennial market, but the technology itself. Digital lenders offer quick turnarounds and while Boomers & The Silent Generation would never dream of giving SSN# and bank account info over the Internet; millennials and Gen Xers don't give it a second thought. The Urban Institute recently released its December Chartbook Report and found nonbank lenders claimed 58% of the market,
Re AL Member Perks
This Week's Happenings
Register for the MLS Inaugural Before Noon Monday, January 21st
Wednesday, January 23, 2019 (9:00 -11:30 AM)
0.00 CE Hours
Servpro Pelham, Pelham, Alabama

Wednesday, January 23, 2019 (1:00- 3:30 PM)
0.00 CE Hours
Servpro Pelham, Pelham, Alabama
Thanks for your support!
Gusty Gulas
2019 BAR President
TECH TIP THE WEEK!

At YPNCON, speaker Harrison Beacher recommended two scheduling apps: Calendly and Acuity. Calendly is basic but completely free as well as incredibly easy to set up. Acuity is not free and requires a bit more work on the front end. However, either app solves the issue of trying to integrate multiple schedules.

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