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Since the beginning of the 111th Congress in early 2009, NAR has been working closely with the Members and staffs of the House Financial Services Committee and the Senate Banking Committee to ensure that Wall Street Reform legislation did not adversely affect Realtors.

Consumer Financial Protection Bureau (CFPB)

NAR secured an exemption for real estate professionals performing traditional real estate activities from the jurisdiction of the Consumer Financial Protection Bureau except to the extent they are governed by existing laws such as the Real Estate Settlement Procedures Act (RESPA) that will now come under the bureau’s purview.

Mortgages

Risk Retention - Qualified Residential Mortgage (QRM) Exemption

Qualified Mortgage Safe Harbor/Ability to Repay

Seller Financing

1031 Like Kind Exchange Intermediaries

NAR supported language requiring the SEC to conduct a study on how best to regulate 1031 Like Kind Exchange Intermediaries to end the fraudulent practices that have been taking place.