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Political Advocacy

NAR supports “Know Before You Owe” (KBYO or TRID) that harmonized the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) mortgage disclosures and regulations, adding transparency and reducing burdens for settlement service providers, including real estate professionals.

The KBYO rules and forms took effect on October 3, 2015, streamlining valuable information and promoting money saving comparison-shopping for consumers. However, compliance issues remain, which is why NAR continues to advocate for clarity and direction from the CFPB. On June 7, 2016, NAR wrote to the CFPB requesting specific written guidance for improved KBYO implementation and on July 29, 2016, the Consumer Financial Protection Bureau issued a proposed rule addressing some of NAR’s concerns.

One permeating issue for NAR members relates to challenges with lenders’ and title companies’ reluctance to share the new required Closing Disclosure (CD) with real estate professionals. Highlighting this concern and more, NAR submitted comments on the proposed rule on October 18, 2016. A final rule was issued on July 7, 2017, which recognized lenders’ and title companies’ ability to share the CD with third parties in accordance with existing privacy law and regulation. NAR continues to work with industry advocating for CD sharing to ensure that consumers are able to enjoy the benefits and expertise real estate professionals bring to the sales transaction.

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NAR Issue Summary

NAR Letters to Federal Agencies

NAR Letters to Congress

NAR Testimonies

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