1. Welcome to VAR’s Broker Sales Meeting Kit Series. In these kits, you’ll find the following tools you can use and customize to structure great sales meetings for your agents that include timely legal, risk management, ethics, market stats, and other information that will help your agents become trusted advisors to their clients. In this slide show, you’ll find:  Link to a related VAR short video to kickoff the meeting topic  Short Q&A series to quiz agents and gauge comprehension  Scenario outline to engage discussion and topic application (if applicable)  Resource slide for more information Online resources will be identified with this icon throughout. WELCOME, BROKERS!

2. A VAR Broker Sales Meeting Kit GOOD MORNING MORTGAGE AUGUST 2013

3. Brokers, click the link below to access a related online video. http://www.varealt or.com/SMK-GMM- 8-2013 1 VIDEO COMPONENT http://www.VARealtor.com/SMK-GMM-8-2013

4. Next, we’ll go through a series of three Q&As to see how much you know about the topic. 2 Q&A/QUIZ COMPONENT

5. ?? What are some common mortgage products for buyers? Q:

6. Low down payment products, bond programs, portfolio money A:

7. ?? What’s the difference between mortgage rates and service? Q:

8. Valu e Cost and product comparisons should include more than just rates; they should include fees for servicing the loan as well. It’s important to make sure clients are doing an apples-to-apples comparison. A:

9. Your Virginia Association of REALTORS ® has created for consumers a helpful checklist you can print and use to begin gathering much of the paperwork that is typically required by most lenders to process a loan application. Documentation requirements will vary based on lender and loan type. Work with your local lender on your financing options. VAR RESOURCE http://www.VARealtor.com/MortgageChecklist

10. ?? What are some key ways Realtors ® can work with lenders to keep a mortgage timeline on track? Q:

11. Communication. Early communication with a mortgage lender on exactly what documentation is needed to get the ball rolling for your client, plus interim communication to ensure additional document requirements are met in a timely fashion. A:

12. Bookmark www.VARealtor.c om for all these great resources and much, much more. AGENT TAKEAWAY: MORTGAG E WEBINAR August 2013 More Good Morning Mortgage here: VARealtor.com/GoodMorningMortgage QUESTIONANSWER When does an EMD have to be deposited?The deposit must occur within five business banking days following ratification unless otherwise agreed to in writing by the parties. When dealing with a short sale, the seller and buyer want to delay depositing the EMD until the lender approves the deal. Is that OK? Yes. Remember parties can agree to a deposit date other than the standard five business banking days following ratification. What is an agent forgets to give escrow agent the EMD within five business banking days (i.e., funds are not deposited until the 6 th day)? This violation must be reported to the Real Estate Board within three business days. In fact, any escrow violation must be reported. VAR RESOURCE SPOTLIGHT: Short Sale Addendum to Residential Contract of Purchase VARealtor.com/StandardForms More resources: VARealtor.com/LegalResources VARealtor.com/HotlineDeposits VARealtor.com/EthicsCenter