Washington Report

Advocacy Updates from Washington D.C.

On Sunday, Nov. 9, 2014 NAR members heard from RESPA attorney Phil Schulman about the Consumer Financial Protection Bureau's (CFPB) changes to the Real Estate Settlment Procedures Act (RESPA) and the Truth in Lending Act (TILA) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new rule combines the Good Faith Estimate with the Truth in Lending (TIL) disclosure now called the "loan estimate" and the HUD-1 settlement statement with the final TIL, now called the "closing disclosure."  Perhaps the greatest change is that the closing disclosure must be in the hands of the consumer three days before closing.  Schulman also discussed new enforcement efforts under RESPA's anti-kickback provisions.  CFPB is aggressively enforcing RESPA and people should be reminded that they cannot receive anything of value for the referral of settlement services in residential transactions involving a mortgage.  Furthermore, marketing agreements are under extra scrutiny as well.

Phil Schulman's PowerPoint

Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.

Advertisement