Keller Williams Realty Signs Deal with CitiMortgage

FOR IMMEDIATE RELEASE

AUSTIN, TEXAS (January 24, 2011)–Keller Williams Realty, Inc. announced today that it has entered into an agreement with CitiMortgage to create a customized mortgage services program for the company’s offices across the United States. This type of agreement is the first of its kind for Keller Williams Realty and CitiMortgage.

CitiMortgage will now offer Keller Williams Realty clients reduced fees on jumbo loans, and as a part of the SureStart Pre-Approval® program, will not charge a pre-approval fee for Keller Williams agent’s buyers. As a part of CitiMortgage’s commitment to exceptional service, they also offer all Keller Williams borrowers an On Time Closing Guarantee of $1,500.

“Our goal is to ensure that our associates have access to the best resources possible so they can focus on their main priority-their client. We are confident that with five million mortgage customers, CitiMortgage has the experience and expertise to support our Market Centers and associates at the highest level possible," said Anthony Azar, director of strategic business alliances at Keller Williams Realty.

CitiMortgage will also support Keller Williams Realty in its efforts to help associates win more business. In addition, Market Centers will have the opportunity for an in-house mortgage representative, as well as a dedicated support and fulfillment team for Keller Williams associates and their clients.

“CitiMortgage was looking for a national realtor partner and after reviewing Keller Williams business model and culture, we realized this was a perfect fit for both companies," said Fred Bolstad, managing director of National Sales for CitiMortgage. “CitiMortgage can provide the strong training and tools their agents need to succeed. Our service-oriented national lending platform can help their customers realize the dream of home ownership in a more efficient and effective way."

Understanding the Advantages of CEMA: A Buyer's and Seller's Guide

by Cristina Callegari Kanellopoulos

When you are obtaining a mortgage in New York State the buyer of that home typically pays mortgage tax on the whole amount of the mortgage that they obtain. The mortgage tax in New York State is usually the largest amount a buyer pays in closing costs. This tax can easily account for 40% of the closing costs paid when purchasing a home. The mortgage tax rate in the 5 boroughs of New York City is generally between 1.8 to 2.55%! This accounts for thousands of dollars in closing costs that the buyer of a home can avoid.

The Advantage of CEMA to Buyers:
The buyer can avoid this tax in part, or in whole by obtaining an assignment of mortgage from the seller of the property. The savings is dependant upon the amount of the seller's existing lien. This assignment of mortgage must be approved by both the sellers mortgage holder and the buyers new mortgage company.

The Advantage of CEMA to Sellers:
The seller of the home also benefits from the assignment. In most cases the seller will avoid paying the New York State transfer tax they are obligated to pay when selling a home. The New York State transfer tax rate is $4 per $1,000 of selling price. If the seller chooses to assign the mortgage on their home, and the lenders allow this assignment, the seller can save thousands just for signing the authorization.