The Real Estate Settlement Procedures Act was enacted in 1974 to protect consumers during a real estate settlement or closing by prohibiting certain practices, such as kickbacks and referral fees. RESPA requires that borrowers receive disclosures that spell out costs, outline services, and describe business relationships throughout the settlement process. REALTORS® must ensure that they’re in […]
Top Story of the Week NAR Reaches Settlement Agreement to Resolve Claims Brought by Home Sellers The National Association of Realtors® announced a settlement agreement, pending court approval, to end litigation claims brought by home sellers relating to the MLS cooperative compensation Model Rule. If the court approves this proposed settlement, it is expected to take […]
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. Feedback from Realtors® across the nation highlighted the reluctance of lenders to share the new mandated Closing Disclosure with real estate professionals. Lenders have been refusing to share the CD citing potential […]
Since the October 2015 implementation of the Consumer Financial Protection Bureau’s ‘Know Before You Owe’ mortgage initiative, Realtors® have raised red flags over challenges in gaining access to what’s known as the mortgage “closing disclosure” form, or CD. The CD is delivered to homebuyers in advance of their closing and contains important financial information related to their purchase. […]
During the NAR Board of Directors 2015 meeting on May 16 in Washington, D.C. a number of partnerships, programs and awards were adopted and approved to help NAR better serve REALTORS® as well as buyers and consumers. You can read about the highlights from the meeting below. Nationwide Broker Data Entry System A partnership […]
