Nation: Trump Could Be Good for Real Estate

Inman News reported that Trump is interested in boosting homeownership, which bodes well for our industry. In particular, Trump has focused on deregulating the financial market in order to revive it. Furthermore, the GOP platform approved this summer includes changes to the Consumer Financial Protection Bureau and the possible repeal of the Dodd-Frank Act, bothContinue reading “Nation: Trump Could Be Good for Real Estate”

Nation: NAR Comments on TRID Rulemaking

On October 18, 2016, NAR sent a letter to the Consumer Financial Protection Bureau (CFPB) commenting on its recent proposed rule amending the Know Before You Owe (KBYO) regulation, or “TRID.” While KBYO has resulted in more transparency for consumers and better accountability of financial institutions, ongoing compliance issues remain, costing time and money forContinue reading “Nation: NAR Comments on TRID Rulemaking”

Nation: CFPB Clarifies TRID

NAR has been actively monitoring the implementation of the “Know Before You Owe” also known as the TILA-RESPA Integrated Disclosure rule by the Consumer Financial Protection Bureau (CFPB). Feedback from REALTORS across the nation highlighted the reluctance of lenders to share the new mandated Closing Disclosure (CD) with real estate professionals. Lenders have been refusingContinue reading “Nation: CFPB Clarifies TRID”

No Grace Period for TRID

Will On June 3 the Consumer Financial Protection Bureau (CFPB) announced that it would be “sensitive” to companies that make a good-faith effort to comply with the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) regulation that goes into effect on August 1, 2015.   This is a welcome developmentContinue reading “No Grace Period for TRID”

Get Ready For RESPA Changes

On November 20, 2013, the Consumer Financial Protection Bureau (CFPB) issued its final rule to integrate the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations. The final rule integrates existing disclosures with new requirements from the Dodd-Frank Act to improve consumer understanding of the mortgage process, aid inContinue reading “Get Ready For RESPA Changes”

Improvements to Credit Reporting

Recently Equifax, Experian, and TransUnion reached an agreement with New York state to overhaul their reporting and error resolution practices. Many of these changes will be implemented on a national basis roughly over the next 3 years. Specifically, the firms will be required to use trained employees to review and resolve consumer disputes. Another majorContinue reading “Improvements to Credit Reporting”

Feds Impose Big Fine for Inadequate Affiliated Business Disclosure

On May 28, 2014, the Consumer Financial Protection Bureau (CFPB) announced a consent agreement and $500,000 fine to a real estate firm for inadequate disclosure language in an affiliated business disclosure. Under the Real Estate Settlement Procedures Act (RESPA) affiliate entities must disclose relationships to consumers at or prior to the time of referral andContinue reading “Feds Impose Big Fine for Inadequate Affiliated Business Disclosure”

House Passes 3 Percent Fix

NAR Government Affairs has been closely monitoring the implementation of rules by the Consumer Financial Protection Bureau (CFPB).  As part of the implementation of the Qualified Mortgage (QM) regulations, CFPB included in the 3 percent cap on fees and points, amounts paid to affiliate title companies and insurance escrows when there is an affiliate involvedContinue reading “House Passes 3 Percent Fix”

NAR Comments on Qualified Mortgage Provision

On June 3, 2013, NAR submitted comments to the Consumer Financial Protection Bureau (CFPB) on further proposed revisions to the Ability-to-Repay or Qualified Mortgage (QM) rule. These changes provide more flexibility for lenders to qualify borrowers under the QM safe harbor standard which provides certain protections from liability in connection with the ability to repayContinue reading “NAR Comments on Qualified Mortgage Provision”

Feds Release Qualified Mortgage Rule

NAR has been actively involved in shaping the debate and structure of the Qualified Mortgage (QM) Rule issued by the Consumer Financial Protection Bureau (CFPB) created by the Dodd-Frank Reform Act. NAR achieved a significant victory in obtaining a safe harbor in the QM rule for loans underwritten to the automated standards of Fannie Mae/FreddieContinue reading “Feds Release Qualified Mortgage Rule”