WASHINGTON (November 20, 2013) – The following is a statement by National Association of Realtors® President Steve Brown:
“Realtors® applaud new rules from the Consumer Financial Protection Bureau that will help home buyers receive timely, accurate, and easy-to-understand information about their mortgage loan before closing.
“Real estate is the largest financial investment most people will make in their lifetime and it’s crucial that consumers understand all of the costs and responsibilities of homeownership before signing on the dotted line. The new rules will align and simplify the disclosure requirements from the Truth in Lending Act and the Real Estate Settlement Procedures Act which will streamline the closing process.
“NAR will continue to review the new rules and their implementation and work with CFPB and our consumer and industry partners to ensure that consumers are not disadvantaged by any of the changes.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.