Consumers oftentimes define a REALTOR® as someone who assists in the buying and selling of real estate process. While very true, it’s important to note the integral role a local REALTOR® plays in protecting the real estate industry as a whole.
REALTORS® advocate for government policy initiatives that promote and protect a sound real estate market that fosters vibrant communities in which to live and work. We are continually “on the lookout” for partnership opportunities with every level of government that can lead to a better tomorrow. On the flip side, we watch for those situations that are viewed as having a detrimental effect upon the real estate market.
Of the many issues facing the real estate market, REALTORS®, at the national level, have been focused on the implementation of the new “Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure” (TRID) regulation through the Consumer Financial Protection Bureau (CFPB) and the market disruptions that could develop following its implementation.
This new regulation, originally scheduled to occur on August 1, 2015, affects how most residential real estate transactions will take place. Gone are the GFE, TILA & HUD-1 forms. In their place come the new Loan Estimate, Closing Disclosure and Written List of Providers documents along with new terms, definitions, consumer rights and required disclosure periods. REALTORS® have been preparing for this change for some time by taking advantage of education opportunities and industry forums, meeting with title company professionals, along with working with our U.S. Senators and Congressmen to minimize disruptions to the real estate industry.
The National Association of REALTORS® urged legislators to give real estate professionals additional time to prepare for such a drastic change. Their time and dedication paid off. This week, the CFPB announced a delay in the implementation of the new regulation from August 1st to October 1, 2015.
My counterpart at the national level, President Chris Polychron stated, “The action announced [today] by the CFPB is a welcome step. NAR has long advocated the need to avoid implementing the new regulation during the peak summer selling season. NAR welcomes the CFPB’s proposed extension to October 1, 2015 as well as the earlier 'sensitivity' they offered to companies making a good-faith effort to comply with the new TRID regulation. We will continue to work with CFPB to minimize any possible market disruptions or uncertainty that could develop following the implementation. “REALTORS® appreciate that the CFPB has demonstrated an understanding of the need for additional time to accommodate the interests of the many consumers and providers.”
We echo the same sentiments on a local level. Rest assured the Greater Northwest Indiana Association of REALTORS®’ REALTOR® members will continue to keep a pulse on this issue and future issues that influence our marketplace.
We take pride in being the “Voice for Real Estate in Northwest Indiana.” This deadline extension showcases the collective voices from our industry working together to promote and protect the real estate marketplace now and in the future.
For more information on the local real estate market, to search for a home and to find a local REALTOR® visit gniar.com.