Public Affairs Update

Public Affairs Update…………………………………………..….………..August 10, 2016

  • NAR Win: Lenders Told it’s OK to Share Disclosure With Agents

  • Job Report Hits Mark for July

  • Here’s Guidance on New Overtime Rule

  • Are Housing Bubbles a thing of the past?

  • Price Appreciation Expected to continue

  • Pizza & Public Affairs Wednesday, September 7, 2016 Noon to 1:00pm at BARA

  • In Case You Missed It

     

    NAR Win: Lenders Told It's OK to Share Disclosure With Agents

    NAR has been actively monitoring the implementation of the “Know Before You Owe” also known as the TILA-RESPA Integrated Disclosure rule by the Consumer Financial Protection Bureau (CFPB). Feedback from REALTORS® across the nation highlighted the reluctance of lenders to share the new mandated Closing Disclosure (CD) with real estate professionals. 

     

    Lenders have been refusing to share the CD citing potential privacy violations of the Gramm-Leach-Bliley Act (GLBA) or Regulation P.  However, an exception to Regulation P already allows lenders to distribute the CD to third parties, including real estate professionals. 

     

    CFPB affirmed the Regulation P exception by including the following language in the recent TRID proposed rulemaking: 

    “Based on its understanding of the real estate settlement process, the Bureau understands that it is usual, appropriate, and accepted for creditors and settlement agents to provide the combined or separate Closing Disclosure as a confirmation, statement, or other record of the transaction, to consumers, sellers, and their agents, or information on the status or value of the financial service

    or financial product to their customers or their customers’ agents or brokers.”

    [Source: NARChiefLobbyist 08-04-2016] 

     

    Job Report Hits the Mark for July

    Economists and analysts widely praised July’s Employment Situation from the Bureau of Labor Statistics released Friday, not just for the headline number, but also for the majority of the data contained within. READ MORE [Source: DSNews.com 08-08-2016]

     

    For additional information on this important regulatory victory visit:

    REALTOR.ORG

    http://www.realtor.org/articles/cfpb-makes-clear-lenders-ability-to-share-cd

     

    Download the NAR Issue Brief

    http://www.narfocus.com/billdatabase/clientfiles/172/19/2721.pdf

     

    Here's Guidance on New Overtime Rule
    If your business may be affected by the Department of Labor's new overtime rule, check out a new guidance from NAR's Legal Affairs. The new rule revised requirements on the minimum salary threshold for employees to be considered exempt from overtime. [Source: NARenews 08-04-2016]

     

    Are Housing Bubbles a thing of the Past?

    Despite recent chatter about whether certain markets are entering housing bubble territory again, potentially risky cities are far from facing a housing bubble. READ MORE [Source: DSNews.com 08-04-2016]

     

    Price Appreciation Expected to Continue

    The rate at which home prices have appreciated over the last year is not expected to slow down over the next year. READ MORE [Source: DSNews.com 08-03-2016]

     

    Pizza & Public Affairs Wednesday, September 7, 2016 noon to 1:00PM at BARA

    Guest Speaker: Kurt Firnhaber, Deputy Director of Housing, City of Boulder

     

    What he will present:

    Kurt will update us on policies and strategies being developed as part of the City’s Comprehensive Housing initiative. Addressing housing issues in Boulder has been a top priority for City council since late 2015. Strategies are being considered to address: jobs/housing mix; land use map adjustments (rezoning); diversifying housing product types; preservation of existing affordable housing; commercial linkage fees; affordable housing funding options; and review progress of the Middle Income Housing Strategy Working Group. The working group has been meeting throughout the summer and is expected to report their findings and recommendations to City council this fall. Use this link to learn more about the Middle Income Housing Strategy Working Group. If you want to know more about the City’s 2016 housing initiatives go to Housing Boulder.

     

    RSVP and Save the Date. You Don’t Want to Miss This Important Discussion.

     

    Kurt Firnhaber has been the Chief Operations Officer for “Right to Care,” a large health services NGO in South Africa for the past ten years. He has held leadership roles with Habitat for Humanity in both South Africa and here in Boulder, and served as a project manager and construction manager with Boulder’s Affordable Housing Alliance, Boulder Housing Authority, and Wonderland Development Company. Kurt has been the Deputy Director of Housing since April 2016.

     

    In Case You Missed It