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NAEBA Calls on Congress for Real Estate Agency Disclosure Mandate

NAEBA Calls on Congress to Establish a Federal Mandate for Real Estate Agency Disclosure

Is NAEBA right? Should Agency Disclosure be a disclosure in mortgage lending reform? Interesting concept. I would rather have the Mortgage Broker/Banker have an agency relationship or disclosure in mortgage lending reform.

" The National Association of Exclusive Buyers Agents (NAEBA) released a letter to Congress on Wednesday urging members to include real estate agency disclosure language in legislation relating to mortgage lending reform, including the Anti-Predatory Lending Act and the ongoing discussion over the formation of a Financial Products Safety Commission "

To read the complete press release, here.

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Posted by Miriam Bernstein,Westchester County Real Estate on 06/19/2009 03:58 PM

Comments (13)

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13 Comments on NAEBA Calls on Congress for Real Estate Agency Disclosure Mandate

JUN

This is very confusing. Talking about mortgage brokers while recommending agency disclosure at the federal level by agents are two different things.

I doubt that this will go anywhere. The need for disclosure is better done at the state level. If the feds get involved, it could turn into something like the new appraisal regs.

It would make for interesting Congressional debate. We could listen to congresspersons blather about something else about which they know nothing

Miriam,

We in the Lending Field, already have an Affiliated Business Disclosure...I will be curious to find out that if everything goes through, if we can just add that information in a template RIGHT into that form! If that is the case, then it really will not affect US on the lending side too much!

Just my two cents!

btw- It may not be in every software program, but we use Calyx Point!

Thanks

Darin

Darin you jumped on this petty quickly. Should real estate agent relationship/agency be part of mortgage lending reform?

Agency Disclosure as part of mortgage lending reform is indeed an interesting and complicated concept.

Agency relationship disclosures are required here in CA already for real estate transactions. Don't know whether and doubt that current CA law requires agency disclosure in RE transactions by mortgage brokers or lenders. Let's see where this debate and proposed US law goes on mortgage lender reform.

The mortgage industry needs an entire overhaul. They should copy the systems that the Realtor organizations have put in place -- documentation, etc.

Regina P. Brown

Miriam- Well, here...we have Realestate Companies that have ownership interests in Mortgage Companies & TITLE companies..In those case, YES< they should be..Otherwise..NO WAY! Waste of time! Why??

Thank you! Interesting!

btw- Regina. I respectfully disagree with you! How much more overhaul can we have?? I think what needs to be overhauled is the people making the decisions that affect our industry!!! We are already regulated up the YING YANG...and now, after July 30th will have to disclose closing costs, fees, and the APR, 3 times during the transaction! One at the beginning, one 7days prior, and one at the closing! HUH?? I am almost ALWAYS right on from beginning to end..yet , I pay the price for other idiots who cannot add!

Isn't it mixing apples and oranges? NAEBA wants the agency disclosure handled by the federal government so they are trying to get it included on a bill that has to do with mortgage lending reform?

Maureen, JUST LIKE adding a school lunch voucher to a military spending bill...Ammendments right?? LOL

I agree that the mortgage industry needs revamping all around.

Patricia Aulson/portsmouth NH

I think this is ridiculous. We have enough disclosures as real estate professionals...why would there be a need for additional disclosures on behalf of the mortgage industry disclosing that the listing agent - yet again - works for the seller? Very odd.

Miriam, I don't see this as being a very viable concern. We have so many other details to worry about right now. Life of a Realtor is simply difficult right now. Although, I will look into this. Thanks,

Debra

While there are many issues in the lending community, I'm not sure this one would actually help much (after a cursory glance).

JUN

Harrison, believe agency disclosure is in every state (could be wrong) the question here is does it belong in mortgage legislation.

Regina, I wouldn't throw stones at any other industry if you are in real estate.

One Source, good point. Real estate brokers/agency owning a mortgage company should require different disclosure and clarity to the consumer.

Maureen I agree. A little mixed up it would seem.

Christianne, it is not a lack of disclosures it is the improper use of the ones we have.

Deb, we need to be aware and alert to everything coming down the pike.

Chris. I think it is a dangerous approach mixing mortgage reform with real estate agency. Don't you think?

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