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We know that president-elect Donald Trump, as a businessman, probably detests regulations as much as any other business owner. While protective, some go too far and tack on extra costs to consumers. You really need a balance — enough law to protect the consumer and punish morons who prey upon the unsuspecting, but not enough to make the burden unbearable. I have seen this happen first hand in healthcare — in fact, mountains of regulations are one reason why health care costs are so bloated.

Well, according to HousingWire,  Donald Trump’s transition team and their website say the incoming president plans to dump Dodd-Frank completely. This could be very good for the housing market. Or would it? (more…)


LegacyTexas Title teaching Realtors CFPB at The University Park Library last week

“The nine most terrifying words in the English language are: I’m from the government, and I’m here to help” – Ronald Reagan

If your clients are asking why the sales process of their home is so different than the last time they traded residences, tell them this: the single largest implementation challenge to hit the housing industry in decades is finally upon us.

“It’s massive. It involves real-estate agents, title companies, consumers, lenders, everyone,” says David Stevens, President and CEO of the Mortgage Bankers Association.

The challenge is a new federal regulation that created the Consumer Financial Protection Bureau (CFPB). The law is designed to protect consumers and help them better understand the terms of their mortgage.  The reform is a direct result of the mortgage crisis that ensued during the last housing boom, when some borrowers agreed to loan terms they later found they didn’t clearly understand.

The new rules regulate most new home loans (not cash transactions though). They effect all mortgages where the loan applications were taken on or after October 3, 2015.  If the consumer applied for the loan prior to October 3, the old rules apply even if closing occurs later.  There are new forms and consumer identity protections that will change the way Realtors, lenders and title companies do business. (more…)

Brittany Washington is an experienced closer with Community National Title.

Brittany Washington is a senior escrow officer with Community National Title.

On Oct. 3, the Consumer Financial Protection Bureau’s “Know Before You Owe” rules will go into effect. This has made some real estate agents a little nervous. How can they avoid delays? How can they manage their clients expectations?

We wanted to get the low-down on how the new rules will affect closings, so we asked Brittany Washington, an experienced closer at Community National Title. Not only is Washington the beauty and brains behind the brand’s weekly “Title Tip Thursday” feature, but she was able to break down the issues real estate agents may encounter during closing in an easily digestible way.

Jump to find out how you can smooth out your closings after the new CFPB rules go into effect.