The Voice for Real Estate 22: Legislative Meetings, HUD-1

More than 8,000 REALTORS® arrive in Washington to help ensure federal legislation and regulations help rather than hurt real estate. The REALTORS® are in town for the 2015 NAR Legislative Meetings. To learn about the issues, The Voice for Real Estate host Stephen Gasque talks with Sen. Shelley Moore Capito (R-W.Va.) and NAR Chief Lobbyist Jerry Giovaniello talks about priorities in NAR's legislative town hall meeting. The video also covers lawmakers getting tough on patent trolls and NAR Senior Counsel Finley Maxson provides advice on preparing for August 1 changes to closing procedures.

Featured segments:

  • 2015 NAR Legislative Meetings - 0:25
  • NAR Town Hall on legislative priorities - 2:20
  • Lawmakers move on patent trolls - 2:56
  • Advice on upcoming changes to closing forms - 4:17

Get more on all the topics covered in this video:

Voice for Real Estate 22: Transcript

Legislative Meetings, HUD-1

Stephen Gasque: 

Thousands of Realtors are traveling to Washington - to help keep Real Estate strong!
In the Senate, a move to curb patent trolls
And NAR Legal Affairs has advice for you on the new closing documents that arrive this
summer
These stories and more on the Voice for Real Estate
Hi, I’m Stephen Gasque of the National Association of Realtors.
More than 8,000 Realtors are coming to Washington this week to help make sure our nation's
tax laws, mortgage finance rules, and business regulations help and don't hurtÑreal estate
markets across the country.
It’s NAR’s 2015 Legislative Meetings & Trade Expo, when Realtors go to Capitol Hill, for
hundreds of meetings with their senators and representatives.
On the agenda:
- preserving tax incentives for residential and commercial real estate
- making sure reforms to Fannie Mae, Freddie Mac, or FHA preserves safe and affordable
mortgage financing
- and ensuring that data privacy, patent trolls, and other hot-button issues are addressed without
adding unnecessary burdens to Realtors’ businesses.
To find out how important these visits are to lawmakers we spoke with Senator Shelley Moore
Capito of West Virginia.
[QUOTE]
Senator Capito says this year is shaping up to be critical for Realtors and homeowners,
because lawmakers are looking very carefully at the impact regulations are having on real
estate markets.
[QUOTE]
At an online town hall meeting last week, Chief Lobbyist Jerry Giovaniello and his team
prepared Realtors for the Capitol Hill visits. You can watch that meeting on realtor.org.
[SWOOSH]
Lawmakers are getting tough with patent trolls, and thatÕs good news for Realtors. Patent trolls
are companies that try to make money by buying patent rights and then suingÑor threatening to
sueÑbusinesses for patent infringement on simple, everyday technologies.
The House is working on legislation that would curb these schemes. And just last week the
Senate Judiciary Committee introduced a bill that would take a number of common-sense steps
to stop them, including requiring trolls to explain what patent is being infringedÑsomething trolls
donÕt even bother to do today.
The Senate action came just days after NAR President Chris Polychron called on lawmakers to
act. In an op-ed for The Hill, that’s the newspaper lawmakers and their staff read every day.
Polychron said trolls have been burdening hard-working business for too long.
It’s one of the top issues REALTORS will be talking with lawmakers about this week.
[SWOOSH]
August first! That's when the HUD-1 settlement statement, the Good Faith Estimate, and the
Truth in Lending forms go away . . . to be replaced by a new closing disclosure and loan
estimate.
To help you get ready, NAR has been hosting webinars and making other educational tools
available. And last week NAR Senior Counsel Finley Maxson outlined a few things to keep in
mind as you prepare for the change.
[QUOTE]
More educational resources will be coming your way over the summer to help you make the
transition to the new forms as smoothly as possible.
[SWOOSH]
And that’ss our show for the week of May 11. Real insights from your nation’s Realtors. You can
get more on everything we talked about today on The Voice for Real Estate page on
Realtor.org. We hope to see you right here in Washington for the 2015 Realtors Legislative
Meetings and Trade Expo the week of May 11th. And until then, thank you for joining us and we
hope you’ll join us again the next time as we bring you the latest news on The Voice for Real
Estate.

Advertisement