A lot of new rules and changes have hit the real estate and mortgage industries in the last few years. Here’s a little background and an update and then we’ll get to what you really need to know.
The intent of a lot of these new regulations – and all the acronyms that go along with them like CFPB and TRID – is to educate and protect consumers. The Dodd Frank Act is responsible for a lot of changes in the way business is done going forward and there are many folks opposed to all or part of the sweeping bill. A congressman from Texas has now introduced what he calls “the Republican plan to replace Dodd-Frank and promote economic growth.” Its name is Financial CHOICE Act— complete with its own acronym that stands for “Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.” It’s not clear if it will get anywhere – there’s no companion bill in the Senate yet or official reaction from the rest of Washington.
It’s almost impossible to keep track of everything politicians are up to with regard to real estate and mortgage regulation. For now, know this: You need to surround yourself with great professionals who are up to date on the rules, timelines and how to make the transaction go as smooth as possible for everyone involved. At GCS Title, we have an amazing team dedicated to doing just that. Meet our great people here: https://www.gcstitle.com/meet-the-team/
Whether you’re a Realtor, a loan officer, a homeowner or potential buyer, we want you to know “we get it” and we’re here to help. Call us any time! ~Charlie