Charlotte-area Realtors® and commercial brokers joined thousands of their colleagues from around the country last week in Washington, D.C., to ask Congress to support real estate-industry priorities and postpone implementation of a pending rule change that will have a significant impact on home closings nationwide.
The meetings on Capitol Hill were part of the National Association of Realtors® annual Legislative Conference & Trade Expo, a five-day gathering of Realtors® and brokers from across the United States to hear from industry experts, federal officials and member of Congress on issues ranging from tax reform to the proposed expansion of EPA jurisdiction over non-navigable waterways.
At the top of this year’s advocacy agenda was a request for Congress to push for a delay in the August 1st implementation of major changes to the Real Estate Settlement Procedures Act (RESPA). These changes will replace the HUD-1 settlement statement, Good Faith Estimate forms, and Truth in Lending Act disclosure with a new Closing Disclosure and a new, single Loan Estimate. There will be changes to the closing process as well, including a new rule preventing any changes to the loan terms or settlement amounts within three days of closing.
NAR is asking the Consumer Financial Protection Bureau (CFPB) for a trial period with restrained enforcement and liability, which would allow the industry and CFPB to address implementation issues and minimize costly home closing delays for consumers. During their meetings with Congress last week, Realtors® asked their representatives to co-sign a letter to CFPB Director Richard Cordray in support of this request. Congressmen Robert Pittenger and Richard Hudson, among others, agreed to do so.
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