REALTORSĀ® should prepare themselves now for the new disclosure requirements being implemented by the Consumer Financial Protection Bureau (CFPB) later this summer, and communication between all parties in the real estate transaction is essential in ensuring a smooth transition, according to speakers at a regulatory issues forum at theĀ 2015 REALTORSĀ® Legislative Meetings & Trade Expo earlier this month in Washington, D.C.
CFPB Director Richard Cordray and industry experts discussed how mortgage lenders, REALTORSĀ® and consumers can best prepare for the CFPBās Real Estate Settlement and Procedures Act and Truth in Lending Act, or RESPA-TILA, integrated disclosure requirements going into effect on August 1.
NAR PresidentĀ Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., kicked off the forum addressing a packed room of REALTORSĀ® about the importance of understanding and following the regulatory change. āThe regulatory issues we’re facing are extremely complicated, and because they play such a big role in the real estate transaction, it’s important that we embrace them and move forward,ā he said.
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