OREF Users: zipForm® Integration Now Available on RMLSweb

OREF Users: zipForm® Integration Now Available on RMLSweb

by | Apr 28, 2016

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RMLS™ subscribers who use OREF forms, great news—a new feature has been released on RMLSweb that helps make transactions easier. Technicians have rolled out mlsPush/SSO by zipLogix, enabling users to move seamlessly from RMLSweb into zipForm®.

While viewing an Agent Full report, clicking the OREF button will begin a new transaction within zipForm® and auto-populate some listing information into the cover sheet. Users wishing to manage all OREF transactions on their account should click the OREF/zipLogix link under the Toolkit menu or in the list of links on the RMLSweb desktop.

RMLSweb users will need to log in to zipForm® the first time they use this service, but future access will utilize single sign-on technology, meaning less hassle.

Those who prefer to keep using zipLogic’s mlsConnect for forms will be able to do so.

Read more about this project or access tutorials on the OREF website.

OREF: Be Aware of Disclosure Requirement That May Cause Closing Delays

by | Aug 4, 2009

Our friends over at Oregon Real Estate Forms (OREF) have issued the following update about the disclosure of Annual Percentage Rate:

OREF’s legal counsel, Phil Querin, advises all brokers in the state of Oregon to be aware of federal disclosure requirement that may cause a delay in closing.

Under new rules enacted by the Federal Reserve Board Truth in Lending Act, effective July 30, 2009 it is required that if the final Annual Percentage Rate (APR) changes by .125% or more as disclosed in the Good Faith Estimate there is a mandatory additional three business day waiting period before the transaction can close.

It is suggested that brokers get their buyers and sellers to agree in advance to a written extension as a contingency if the final APR causes the 3-day extension beyond the scheduled Closing Deadline such as:

“In the event that Buyer’s final Annual Percentage Rate (“APR”) differs from the APR initially disclosed to the Buyer in the Good Faith Estimate by .125% or more, the Closing Deadline defined in the Real Estate Sale Agreement shall automatically be extended for three (3) additional business days in accordance with Regulation Z of the Truth in Lending Act, as amended on July 30, 2008.”

If brokers encounter such a situation for a transaction already in process, they can extend the Closing Deadline by using an addendum form (OREF-002).

Caveat: This is not legal advice. All brokers should confer with their principal brokers and also recommend that their clients consult their own legal counsel if they have any questions.