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October 2015
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IN THIS EDITION - Top Stories
  • NAR Legal on CFPB MSA Bulletin
  • House Approves TRID Safe Harbor
  • TRID Rules Take Effect; CFPB Reassures
  • CFPB Resources to Help with TRID Implementation
  • Judge Stops Water Rule Nationwide
  • Legislation Introduced to Make Targeted Reforms to Federal Housing Programs
  • SBA & NAR Put Commercial Lending in Focus
  • Get Latest Updates on "Know Before You Owe" at Regulatory Issues Forum at Annual
  • Marketing News
  • NAR News

NAR Legal on CFPB MSA Bulletin
On October 8, 2015 the CFPB issued its Compliance Bulletin 2015-05 addressing RESPA Compliance and Marketing Services. The Bulletin offers little additional guidance from the CFPB'S previous enforcement actions, and is as notable for what it does not say as for what it does.  It describes arrangements that violate Section 8(a) of RESPA because compensation for referrals is paid to or from a settlement service provider under the guise of payment for marketing services where the compensation is closely and directly dependent on referrals made. The CFPB also contends that "independently established market-rate compensation for marketing services, alone, does not suffice to ensure the legality of an MSA," [which is the position taken in the recent CFPB enforcement action against PHH].  Notably, the CFPB does not hold explicitly that MSAs may not be established and conducted lawfully under RESPA, nor does it broadly condemn such agreements, as some in the industry urge. Simply put, the Bulletin merely offers the unremarkable perspective that given the uncertainties about the contours of lawful MSAs, concerns remain about whether MSAs can be used in ways that would "evade" the requirements of RESPA, and simply recommends that parties carefully consider the legal and compliance risks, and weigh those against the benefits, arising from MSAs. (Read more)
House Approves TRID Safe Harbor
On October 7, 2015, the House voted 303 to 121 to approve H.R. 3192, the Homebuyers Assistance Act. Introduced by Representative Hill (R-AR) and Sherman (D-CA), the bill would provide a safe harbor for lenders who act in good faith to comply with the new "Know Before You Owe"/TRID mortgage disclosure requirements. The bill had previously passed the Financial Services Committee on a bipartisan vote of 45-13. The Senate has yet to take up the measure.  The White House has indicted that the President will veto the measure should it come to his desk for signature. (Read more)
TRID Rules Take Effect; CFPB Reassures
The new TILA-RESPA Integrated Disclosure (TRID) rules for mortgage closings took effect for new loan applications on October 3.  The Director of the Consumer Financial Protection Bureau, on behalf of the six federal financial regulatory agencies, provided written assurances that the early enforcement of the new rules will take into account the good faith efforts of supervised entities.  The letter coincides with Director Cordray's testimony on September 29 before the House Financial Services Committee that early enforcement efforts would be corrective and not punitive for a period of several months. This letter is the result of NAR's joining with numerous industry partners to request this written assurance so that lending institutions can proceed with closings under the new rule in a timely manner. (Read more)
CFPB Resources to Help with TRID Implementation
The Consumer Financial Protection Bureau (CFPB) has a series of online resources available to help real estate professionals understand the new TILA-RESPA Integrated Disclosure (TRID) rule and how to explain those changes to their clients. As part of the CFPB's "Know Before You Owe" campaign, the "Real Estate Professional�€™s Guide" explains the new changes to the home buying process and offers tools that real estate professionals can provide their clients about the campaign, including the consumer friendly document "Your Home Loan Toolkit". NAR worked with CFPB to allow brokers and agents to co-brand the "Your Home Loan Toolkit" and received clarification on how affiliate title companies and mortgage lenders can co-brand, produce, and deliver the toolkit to agents without violating RESPA.  NAR continues to work with the CFPB on TRID or "Know Before You Owe" implementation.
Judge Stops Water Rule Nationwide
On October 9, 2015, a judge from the 6th Circuit Court of Appeals halted implementation nationwide of the EPA's Clean Water Plan, also known as the Waters of the U.S. regulation.  This regulation would sweep in many more waters of the U.S., resulting in more onerous permitting requirements and more property rights violations. This regulatory stay, while important, is temporary.  NAR has opposed this rule from its inception and will continue to push for a legislative solution to determine which waters are considered to be under federal jurisdiction and which are not.
Legislation Introduced to Make Targeted Reforms to Federal Housing Programs
On October 7, 2015, Financial Services Committee Housing and Insurance Chairman U.S. Rep. Blaine Luetkemeyer (R-MO) introduced H.R. 3700, the "Housing Opportunities through Modernization Act".  This legislation would make targeted reforms to various housing programs at the Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture Rural Housing Service (RHS). Specifically, Rep. Luetkemeyer's bill would:
  • Ease restrictions on the purchase of condominiums with FHA mortgage insurance.
  • Streamline the requirements for the Section 8 housing program and increase options for residents.
  • Provide the Rural Housing Service (RHS) Section 502 Guaranteed loan program with direct endorsement authority.
SBA & NAR Put Commercial Lending in Focus
On October 9, 2015, Small Business Administrator Maria Contreras-Sweet joined NAR Chief Economist Lawrence Yun at an event highlighting small business issues and commercial real estate. During his remarks, Yun stated that commercial real estate plays a big role in supporting the national economy, contributing to job growth and the revitalization of communities. He noted that the SBA is important to facilitating liquidity in the marketplace, connecting small businesses with lenders and offering assistance when the general credit market freezes or disaster strikes. According to NAR research, SBA loans provided one in 10 Realtors� with commercial real estate funding in 2014. Twelve percent of Realtors� utilized the SBA for resources other than loans. Administrator Contreras-Sweet underscored the SBA's commitment to electronic filings as part of an overall effort to cut down on processing times for applications. She also took the opportunity to highlight SBA's LINC program, an online platform that connects small businesses with SBA lenders. Other experts from SBA also joined Yun for a discussion on SBA loan programs. Linda Reilly, chief of SBA's 504 Loan Program, discussed how her office assists small businesses in purchasing fixed assets. Likewise, Bob Carpenter of the SBA's 7(a) Program branch discussed his office's work providing loans directly to small businesses.
Get Latest Updates on "Know Before You Owe" (TRID) at Regulatory Issues Forum at Annual
On Friday, November 13, 2015, attend the Regulatory Issues Forum in San Diego to get the latest updates on "Know Before You Owe" (TRID) and the impact it is having on timely and efficient residential mortgage closings. Panelists for this forum include:
  • Maria Lau, Sales Division Manager, Waco Title (Waco, TX)
  • Anthony Lamacchia, Owner/Broker, Lamacchia Realty (Waltham, MA)
  • Patricia McClung, Assistant Director of Mortgage Markets, CFPB (Washington DC)
  • Phil Schulman, RESPA Attorney, K&L Gates (Washington, DC)
The Regulatory Issues Forum will be held on Friday, November 13, 2015, from 11:00am to 12:30pm in Ballroom 20A at the San Diego Convention Center.

MARKETING NEWS
Get Exceptional Care, Anywhere
New member benefit! Introducing Members TeleHealth, a REALTOR Benefits� Program partner. They have a network of 2,300 U.S. state licensed and board-certified physicians and therapists who can see you instantly via telephone, smartphone or tablet app, web chat or email. No more waiting and you never have to leave your home. See a doctor now, on demand, anywhere. Learn more

103 Safety Tips for REALTORS� by REALTORS�
Every brokerage should have a professional safety protocol in place for their business and their members. "The Little Red Book: Safety Rules to Live By for REALTORS�" is the ideal guide for creating and updating your safety strategy. It contains more than 100 safety tips, each submitted by your fellow REALTORS�. Order yours before Oct. 31 and get 10% off when you use code LBBSP at checkout.
 
Get a REALTOR�-themed Website for Your Brokerage
If you're looking to spruce up your website, Placester can help! They have several designs to choose from, including the new NAR-themed website design that features REALTOR� trademarks and value statement. What a great way to leverage the power of the REALTOR� brand! And, through the REALTOR Benefits� Program, mobile-ready agent and broker websites begin at only $5/month. Learn more

Help Provide Disaster Relief While Saving Money
You have a unique opportunity to help others, and save on homeowners and auto insurance thanks to Liberty Mutual, a REALTOR Benefits� Program Partner. Simply get a free quote on Liberty Mutual home, auto or renters insurance before November 30, 2015. For each individual, completed quote, Liberty Mutual will donate $5 to NAR's REALTORS� Relief Foundation. Learn more

Code of Ethics CE Credit Online Course Option Now Available
NAR is pleased to offer a new online Code of Ethics course, with CE credit in select states, for $29.95 (volume discounts available). The deadline for the current training cycle is December 31, 2016, and the new "CE" course is one great way for REALTORS� to meet this requirement and earn CE credit at the same time. Learn more

Save Now on Car Rentals with Avis
Avis offers great discounts year round to NAR members as a proud REALTOR Benefits� Program partner. Through Nov. 30, save $30 on your next weekly car rental! See offer for details and the necessary coupon code. Learn more

NAR NEWS
Top Broker Education at the REALTORS� Conference & Expo
If you attend one broker education event this year, make it the REALTORS� Conference & Expo, Nov. 13-16 in San Diego. 100 education sessions are led by industry experts and nationally recognized speakers, who are willing to share their success secrets, so you can apply them in your market. Broker sessions include: "Building a Sustainable Brokerage Business," "Mastering Your Recruiting Interview," "Insight: The Top Ten Issues Affecting Real Estate" and more!  Register today .

2014 REALTORS� Conference Session Recordings
Do you have a subscription to 2014 REALTORS� Conference & Expo session recordings? If so, your subscription will expire on November 1, 2015. Revisit broker-specific recordings, ranging from coaching tips to team dynamics to economic development strategies, before it's too late!

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