Section B – Video 7

You’ve been upgraded!

The MAPS program has been updated, and is now AMPS – The Assignment of Mortgage Payment System.

There have been some legal changes in the market. It happens all the time. The good news is, we’ve got you covered! Just follow the new “In Case of Deal, Break Glass” module and you’ll be up to date.

In fact we have a team constantly monitoring legal and market changes nationwide to keep contracts up to date. Use your REI Matcher™ membership to access the most current material.

If you’re left brained like me, and want more details about why we’re making these changes, see the left brained explanation below:

The various legal documents and disclosures used with MAPS are not up to date and should no longer be used. The old MAPS documents have not been reviewed for compliance with the most recent legislation and regulations such as the SAFE Act, MARS Act, Truth-In-Lending laws, Dodd-Frank bill, etc.

With the AMPS upgrade, we now recommend the contracts and procedures developed by the Torok Law Firm P.C.. These contracts are available with the AMPS program through the REIMatcher platform, and are updated and maintained by the Torok Law Firm P.C..

The new contracts significant simplify the “contracting” process by integrating all of the disclosures and disclaimers into a single document, maintaining the contracts to current regulations, and providing a unique versions for each of the 50 states.

Please refer to the new training module “In Case of Deal, Break Glass” for information about the contracts as well as step by step instructions on how to paper up a deal when you are ready to go!

-Phill

Video 6 | Table of Contents | AMPS™ Home | Video 8

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