What’s next now that CFPB has levied a $109 million anti-kickback fine for a marketing service agreement? That's a top story in The Voice for Real Estate for the week of Oct. 12, 2015. Other stories: The U.S. Small Business Administration came to NAR to tout faster, more flexible processing for commercial property and other loans for small businesses; how can the appraisal industry attract younger people to the profession? For one thing, don't require a four-year degree as part of state licensing requirements, NAR says. And NAR wants to hear from you if you're seeing recurring problems under new closing rules.
- Best-kept secret for small business loans
- Changes could spur interest in appraisal field
- What next after $109 million anti-kickback fine?
- Seeing recurring closing problems?
Get more on all the topics covered in this video:
Voice for Real Estate 32: Transcript
SBA, Appraisers, Kickbacks
Stephen Gasque Voice Over:
The Small Business Administration wants you to know; federally guaranteed
commercial loans are available with faster processing than ever before
NAR’s trying to get more young people into the appraisal field
And NAR also wants to know if you’re running into problems now that new closing
procedures are in place
These stories and more on The Voice for Real Estate
Hi, I’m Stephen Gasque with the National Association of Realtors
Do you have companies looking to buy a small commercial real estate property? Or
maybe you need a small commercial loan to expand your brokerage? Well, the
administrator of the Small Business Administration, Maria Contreras-Sweet, came to
NAR’s offices in Washington last week to let you know her agency wants to do
business with you—and with its new electronic processing, application decisions
are often much faster now.
Among the agency’s products are its CDC/504 loans, which your small business
clients can use for land and commercial property purchases, and 7(a) loans, which
are general small business loans.
The independent board that sets state licensing standards for our nation’s
appraisers, called the Appraiser Qualification Board, has been looking at ways to get
more young people into the field, and NAR has some ideas on that, and it shared
them with the board last week.
First, college coursework should count toward fulfilling appraisal experience
Second, field work in related fields should be allowed to count as some as on-theground
And third, licensing requirements should not make four-year college degrees
NAR’s Sarah Young has more.
The Appraiser Qualifications Board is holding a public hearing as part of its effort to
get more young people into the field, and we’ll keep you up to date as more work on
licensing requirements is done.
Last week was the start of new closing procedures and forms. And as we’ve talked
about before, both NAR and the Consumer Financial Protection Bureau have
resources to help you make sure your closings aren’t disrupted by the changes.
You’ll want to go to consumerfiance.gov and search under the agency’s “Know
Before You Owe” campaign to get help from the CFPB. At NAR, you can find
everything your association has produced on the changes at nar.realtor/TRID.
TRID stands for TILA-RESPA integrated disclosure, and there you’ll find webinars, a
webcast, videos, and write-ups.
And there will be more in the future, as CFPB and NAR learn what’s working and
what’s not. Make sure you let NAR know if you see recurring problems in your
closings under the new procedures. You can do that by sending an e-mail to William
Gilmartin of NAR Government Affairs at firstname.lastname@example.org.
And that’s our show for the week of October 12. You can get more on everything we
talked about today at The Voice for Real Estate page at nar.realtor. Thank you for
joining us. And be sure to join us again as we bring you the latest news on The Voice
for Real Estate.