The Risk Management Committee (RMC) will be making a recommendation at the January 21, 2011 Executive Committee meeting for the approval of eight new/revised 2011 forms and request that the release of the all the forms be pushed back to February 28, 2011. The February 28th release date will provide adequate time for our members to familiarize themselves with the changes to forms, including the Residential Purchase Contract (Contract) and new Pre-Qualification (Pre-Qual) and Loan Status Update (LSU) forms. The primary substantive changes to the Contract are concentrated in the financing section.
I will present a webinar that will review the changes to the Contract and give an overview of the new Pre-Qual and LSU forms. In addition to the webinar, AAR will post accompanying educational information, such as sample forms highlighting the exact changes to the Contract, an article and answers to “Frequently Asked Questions.”
Provided that the RMC recommendations are approved, it is AAR’s intention to have the educational materials available on our website no later than Tuesday, January 25, 2011. We will encourage all educators and brokerages to download and view the webinar as a group to help facilitate the learning process.