Tandy On Real Estate

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Real Estate

Buyer traffic on the rise

Each month the National Association of REALTORS® surveys 50,000 real estate practitioners on their expectations for home sales, prices and market conditions to create the REALTORS® Confidence Index. On April 21st, the new REALTOR® Confidence Index was released. The index reflects strong buyer traffic and tight supplies as we enter the peak housing market, and that REALTORS® are optimistic about the next six months. 88% of respondents reported higher prices than a year ago this due to the strong buyer traffic and reduced home inventory levels. Given this demand, REALTORS® believe home prices will continue to climb.

Lawrence Yun, Senior Vice President and Chief Economist highlighted the Confidence Index’s findings as follows:

  • First-time homebuyers accounted for 32 percent of sales.
  • Amid sustained job creation, the share of first-time homebuyers has been on a modest rise, up from 29 percent in 2014.
  • With fewer new foreclosures, distressed properties accounted for six percent of sales, purchases for investment purposes made up 15 percent of sales, and cash sales accounted for 23 percent of sales.
  • Amid tight supply, half of properties that sold in March 2017 were on the market for 34 days or less compared to 47 days in March 2016.
  • Lack of homes for sale was the main issue reported by REALTORS®.

Click here to download the full report.

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SOURCES:
https://www.nar.realtor/news-releases/2017/04/pending-home-sale-dip-08-in-march
https://www.nar.realtor/topics/pending-home-sales
https://www.nar.realtor/reports/realtors-confidence-index

 

ALTA urges CFPB to warn consumers about wire fraud schemes

From the American Land Title Association Title News Online.

In a letter to the Consumer Financial Protection Bureau (CFPB), ALTA urged the bureau to issue an alert warning consumers about wire fraud schemes attempting to steal funds for real estate closings.

“Despite efforts by the title industry and others to educate consumers about the risk, homebuyers continue to be targeted,” said Michelle Korsmo, ALTA’s chief executive officer. “With the spring homebuying season underway, it’s vital to continue raising awareness about these schemes. The CFPB should take this opportunity to protect consumers from criminals looking to steal their money.”

The alert should provide tips on how consumers can protect themselves and questions to ask to help determine if real estate professionals have procedures in place to protect their money. ALTA has educated its members over the past few years about these wire fraud schemes, but the best defense is to inform consumers about the danger.

“Unfortunately, these criminals frequently target homebuyers prior to the title company getting involved in the transaction,” Korsmo said. “In many instances, they obtain access to unsecure email accounts used by consumers or real estate professionals. They use this access to find transaction patterns and details to make their fraudulent communications seem legitimate. The criminals will instruct the buyers to send the funds to a different account and the money vanishes in minutes.”

RESOURCE:
http://www.alta.org/news/news.cfm?20170406-ALTA-Urges-CFPB-to-Warn-Consumers-About-Wire-Fraud-Schemes

Corpus Christi real estate activity is alive and well; City continues to turn on seasonal activity

It is that time of year to start planning your summer vacations. The days are longer, Spring Break is over, and now we can look forward to a sunny spring and summer. This planning brings to mind our Texas beaches. On that note, today I would like to highlight Corpus Christi.

The South Texas Economic Development Center Economic Pulse, 2017, Issue 4 on the “Housing Market Downswing?” covers how the Corpus Christi housing market has boomed since the beginning of the decade. According to the article, “recently, the local economy has stalled in the wake of falling oil prices. Still the area’s residential construction remains remarkably active, and home prices stay at historically high levels.”

Here is a snapshot of the article:

  • The housing market has grown without major interruptions since 2000. Even during the burst of the nationwide housing bubble and the subsequent recession of 2007-2009, local home prices merely slowed down.
  • Along with other metro areas in Texas, Corpus Christi was among the top cities in home price appreciation during the decade ending in 2016.
  • The area’s median home price grew nearly 40 percent over the 2006-2016 period, slightly below the 45 percent and 44 percent growth rates for Houston and Dallas, respectively.While the median home price of the Corpus Christi metro area tended to rise at a solid pace in the past decade, the housing conditions varied widely across its local communities.A real estate bubble might have developed and then burst recently in the Rockport-Fulton area—the major community of Aransas County. Construction of a large number of industrial sites around the Port of Corpus Christi seems to have boosted the housing markets of various communities in San Patricio County. Following a long period of swings in different directions, the median home prices of these three counties converged to about $160,000 by the end of 2016.
  • Developers responded to rising home prices by increasing the supply of home units.The column chart below shows the Real Estate Center’s Texas Home Affordability Index (THAI) for Corpus Christi and the state. The index indicates the ability of the typical household, measured by total earnings, to buy a house selling for the median home price. The higher is the index, the more affordable are homes in the area.The chart suggests that homes in both Corpus Christi and Texas are less affordable today than in 2012. Home prices across Texas have caught up with income growth, which has recently slowed down from the 2011-2014 period of economic boom. Still the latest THAI readings remain higher, meaning more affordable, than their respective readings at the previous housing boom ending in 2007.
  • Given its relatively large exposure to the oil and gas industry, Corpus Christi’s overall economic condition is tied to developments in the oil market. For the three years that local personal income per capita recorded a loss, the crude oil price also fell. Year 2016 was the most recent period that local income per capita shrank, after the collapse of the oil market beginning in early 2015.
  • Oil and gas drilling and production in South Texas began to rebound in late 2016, and based on the oil futures market, oil prices are expected to rise steadily at least in the next six months.
  • Should the current market trends continue under normal conditions, home prices would rise modestly through the end of this year.
  • Corpus Christi will likely continue to recover from the recent economic downturn, holding up home demand.

Let’s talk about seasonal activity.

According to the Texas A & M Corpus Christi South Texas Economic Development Center Corpus Christi employment and unemployment reflect remarkable seasonal fluctuations. This to me, is no surprise given the tourist attractiveness of the city. In this article, Jim Lee covers the seasonal variations in unemployment not only from tourism, but also other cyclical activities which greatly effect South Texas, like harvest seasons and how this effects the agricultural sector, as well as government job and hiring patterns and their contribution to seasonal fluctuations. The graph below shows the Corpus Christi MSA unemployment rates, both the original and then in blue the seasonally adjusted rates.

“The level of farm employment indeed shows considerable seasonal variations. For the United States as a whole, the peak months for farm employment are March and September. Another regular seasonally pattern occurs in retail sales, which tend to peak during the holiday season in November and December 2017.” For Corpus, “employment typically peaks in April, and dips the most in January with New Year holidays.”

To explain the dips in the latter summer months, Lee attributes this to local government. He states, “compared to the average for the first half of the year, employment in the local government sector fell about 1,500 positions on average in July and about 1,200 position in August. This regular pattern was attributable to the summer break taken by some of those 2,500 local grade school teachers. The public sector typically recovered most of the jobs lost from those two summer months in the latter part of the year beginning in September.”

The bottom line, Corpus Christi will continue to be a strong housing market. There is inventory, homes continue to be affordable and the city is on the upward swing of recovery from the energy crisis. And, we now have the seasonal activity to look forward to. Bring on the summer.

To receive more Tandy on Real Estate updates direct to your inbox, please subscribe.

SOURCES:
http://stedc.tamucc.edu/files/Econ_Pulse_2017_1.pdf
https://stedc.atavist.com/housing-market-downswing

 

Keeping it safe

Today safety is something we all think about and often worry about. We have alarm systems for our cars, homes, video surveillance, video doorbells and many other safety features to keep our family and our homes safe. For REALTORS® safety is a part of their daily job and a growing concern. Their own personal safety, as well as the safety of their clients and the homes that they have been entrusted to market and sell. REALTORS meet new people every day. They interact with unknown agents, show homes to people they may have never met before, and staff Open Houses and events for the general public. And, this all to help you market your home. Due to this high exposure, REALTORS must take precaution and approach safety first. Check out this video by the National Association of REALTORS® on personal safety protocols and what to expect when working with a REALTOR. This video is a great resource to share with clients and homebuyers to learn about the potential safety protocols you may encounter when working with a REALTOR®.

For more information on safety, visit REALTOR Safety provided by the National Association of REALTORS.

To receive updates from Tandy on Real Estate direct to your inbox, please subscribe here.

RESOURCES:
https://www.nar.realtor/topics/realtor-safety/articles

Cybersecurity: NAR Email Best Practices

As promised, I will be outlining the National Association of REALTORS® Best Practices from their NAR Data Security and Privacy Toolkit.  The National Association of REALTORS Legal Affairs Department outline the following Best Practices on Email.

Unsecure email accounts are open doors to cyber criminals.  Follow these guidelines to help keep that door securely shut and locked tight.

·        Whenever possible, avoid sending sensitive information via email.

·        If you must send sensitive information via email, make sure to use encrypted email.

·        Never trust contact information in unverified emails.

·        If an email looks even slightly suspicious, do not click on any links in it, and do not reply to it.

·        Clean out your email account regularly.  You can always store important emails on your hard drive.

·        Do not use free wi-fi to transact business.

·        Avoid using free email accounts for business.

·        Use strong passwords.

·        Change your password regularly.

These are quick and easy reminders of good email practices. I cannot emphasize enough the importance of secure email. We are in a very transaction heavy business full of NPPI (non-public personal information), and the information that we share should abide by privacy laws including Gramm-Leach-Bliley Act, should not include NPPI, and must be transmitted via secure, encrypted email. Here is a guide from the Federal Trade Commission on how to comply with the Privacy of Consumer Financial Information Rule. And, as a bonus, here is a webcast offered by the American Land Title Association on Best Practices: Protecting Non-public, Personal Information.

To receive updates from Tandy on Real Estate direct to your inbox, please subscribe here.

RESOURCES:
https://www.nar.realtor/sites/default/files/handouts-and-brochures/2015/protecting-from-cyberfraud-handout-2015-11-24.pdf
http://www.realtor.org/law-and-ethics/nars-data-security-and-privacy-toolkit
https://www.ftc.gov/system/files/documents/plain-language/bus67-how-comply-privacy-consumer-financial-information-rule-gramm-leach-bliley-act.pdf

Cybersecurity: Creating strong passwords

Last week I covered two cybersecurity topics Protecting your business and Protecting your cell phone. Today, I wanted to give you a quick tip on how to create strong passwords to help protect your accounts. Strong passwords help to prevent unauthorized users from using your computer, systems and applications. Check out the list of the worst passwords according to Forbes. Hopefully your passwords do not make the list. If they do, the tips below will help you to create a stronger password.

While not fool proof, creating a stronger passwords can help to reduce the chances of becoming a victim of a hacker according to a hacker himself in Advice from a Real Hacker.

  1. Choose a random set of characters that are the maximum that your system will accept. The longer the password, the harder it is to hack.
  2. Use at least 8 characters.
  3. Do not use a dictionary word. Dictionary words are easy to crack.
  4. Do not use your username or name in your password.
  5. Does not use a complete word.
  6. Use at least one of every character type in your password, i.e. uppercase, lowercase, a number and a special character.
  7. Never just use numbers. Don’t use a password made completely of numbers with not uppercase or lower case letter. The 10-digit number key pad do not provide many options for your password, and can be easily broken into.
  8. Use different passwords for different accounts. Using the same password across all of your account is just plain risky. Try varying your passwords, and using a system that works for you.
  9. Create a passphrase for your password where the character limits allow the space.

Remember your strong passwords are only as good as where you store them, so make sure to keep your passwords secure. And, do not leave them by your computer. If you have a hard time remembering all of your passwords, you can always use a trusted password manager. Check out Consumer Reports for more info on password managers, and see PC Magazine for the Best Password Managers of 2017.

Another way to protect yourself is to set-up two-factor authentication.

I hope you find this helpful. To receive updates from Tandy on Real Estate direct to your inbox, please subscribe here.

RESOURCES:
http://www.inman.com/2015/03/19/awa-access-without-authorization-hacking-and-what-it-means-to-real-estate/
https://null-byte.wonderhowto.com/how-to/advice-from-real-hacker-protect-yourself-from-being-hacked-0157218/
https://null-byte.wonderhowto.com/how-to/advice-from-real-hacker-create-stronger-passwords-0156907/
https://support.microsoft.com/en-us/instantanswers/9bd5223b-efbe-aa95-b15a-2fb37bef637d/create-a-strong-password
https://en.wikipedia.org/wiki/Passphrase
https://www.forbes.com/sites/ygrauer/2017/01/23/2016s-worst-passwords-are-just-as-bad-as-2015s-so-please-tell-me-yours-is-not-on-the-list/#2f0da6f33879
http://www.pcmag.com/article2/0,2817,2456400,00.asp
http://www.consumerreports.org/digital-security/everything-you-need-to-know-about-password-managers/
http://www.pcmag.com/article2/0,2817,2407168,00.asp

Cybersecurity: Protecting your cell phone

Where would we be without our smart phones today? You can basically conduct your business via your cell phone. It is amazingly convenient, easy to access and backup, and a powerful efficiency tool. But, it is also not without its security issues.

Today cell phone usage blurs the lines between our personal and business lives. From our contacts, online banking, social media accounts, fitness apps, games to our emails and business applications, our phones house access to our life’s operating system. And, with this they store a mass of sensitive information. The National Association of REALTORS says that, “more sensitive data about you and your work (passwords, credit card numbers, contacts, messages, e-mail) is accessible from your mobile device than any other piece of technology you have. Inman News says that REALTORS are walking around with a bulls eye on their back for hackers.

Here are 6 tips to protect your smart phone from The National Association of REALTORS:

  1. Enable your device’s screen lock and change the PIN regularly.
  2. Experts advise against saving passwords at individual sites, such as Amazon or Chase, because they can become saved deep in your phone’s memory. Instead, use an app designed specifically for saving passwords. Click here to learn about password managers.
  3. Update all your apps regularly. Updates provide needed security patches.
  4. Know and regularly review your phone’s security and permission settings. Have you given Facebook permission to access your e-mail contacts?
  5. Use public Wi-Fi with caution. When you’re on a café’s public Wi-Fi, for example, the café has access to everything you transmit, from text messages to data.
  6. Only download apps from a known app store to avoid apps filled with dangerous pieces of malware that could steal your sensitive data.

And, as a business owner RISMedia advises that you should also have the ability to remote track and wipe smart phones to protect your business.

I hope this is helpful to safeguard your smart phones. To receive updates from Tandy on Real Estate direct to your inbox, please subscribe here.

SOURCES:
https://www.nar.realtor/articles/legal-you-re-the-ideal-target-for-cybercrime
http://www.inman.com/2015/03/19/awa-access-without-authorization-hacking-and-what-it-means-to-real-estate/
http://rismedia.com/2014/08/07/3-cybersecurity-tips-that-can-pay-off-for-your-business/#close
https://en.wikipedia.org/wiki/Password_manager

Cybersecurity: Protecting your business

REALTORS beware – you are the perfect target for cybercrime
According to The National Association of REALTORS (NAR), “big-name breaches make good headlines, but smaller businesses make easy targets for online criminals. This is partly because many small-business owners believe they are “below the radar” for cybercrime and thus fail to implement safety measures to protect themselves from attack.” There are more than 12 cybercrimes per second. Per NAR, “by 2019, cybercrime will cost businesses an estimated $2 trillion annually.” This post is to help you and your clients to avoid being the next victim.

The dangers of the World Wide Web and specifically, wire fraud
This sounds like a scary headline from 2000 when businesses first started going online. But, now in 2017, the dangers are oh so real. At the REALTORS® Legislative Meetings & Trade Expo in Washington, D.C.  in May NAR General Counsel Katie Johnson identified wire fraud as a “sophisticated scam causing consumers to lose millions of dollars each year.” This according to “The Threat of Wire Fraud is Real” by Erica Christoffer and Graham Wood of REALTOR Magazine. When she asked the audience of real estate professionals if they knew of someone who had been a victim of wire fraud, 1/3 of the audience raised their hand. She then detailed the following:

“Hackers are gaining access to e-mail accounts through captured passwords, and they’ll search inboxes for messages related to real estate transactions, Johnson said. Once they find a victim who’s in the process of buying a home, they’ll send a spoof e-mail that looks like it’s from their agent, title representative, or attorney, and it will say there are “new” wiring instructions, which includes a fraudulent account. The home buyer will then unwittingly wire funds directly into the hacker’s account. Once they send it, the money is gone. Millions of dollars are lost on this.”

MortgageFraudBlog.com gives point in case to Johnson’s scam where fraudulent emails were used to conduct wire fraud and bank fraud from escrow deposits in June 2016 involving three companies and hurting 6 victims with the scam.

How to protect your business
Here are some tips to make sure you take the proper precautions online.

  1. Maintain a data security policy. See samples of policies here.
  2. Maintain a document retention and destruction policy. Identify how long to keep documents and how to destroy the information safely. Be sure to work with your legal counsel to create this.
  3. Notify affected parties of a security breach. Remember immediacy and transparency are key in your communications. In the event of a data breach reference the Federal Trade Commission’s Data Breach Response: A Guide for Business.
  4. Use tech to safeguard personally identifiable information. Implement certain technology-based protections, such as maintaining appropriate firewalls and password controls.
  5. Use strong passwords. Here is how to create a strong password.
  6. Establish procedures for wire transfers and communicate with your clients what to expect in the transaction and what communications they will receive from you. Here are some tips from Clareity Consulting on “Reducing the Risk of Real Estate Wire Fraud”.
  7. And, finally, FOLLOW YOUR POLICIES and educate your associates.

The dangers of free wi-fi
According to KnowBe4, “you should always watch what Wi-Fi hotspots you connect to, and use a VPN to help keep your sensitive information out of the hands of hackers.” If you connect to free wi-fi that is unprotected, the provider could have access to what you transmit over their network. For example, at the Republican National Convention, attendees were hacked by a fake wi-fi network. Here’s what happened per Stu Sjouwerman,

“The PR people at Avast decided to have some fun and created a series of fake Wi-Fi networks at various locations around the Republican National Congress in Cleveland. Avast’s team set up several networks, using names such as “Trump free Wifi” or “Google Starbucks,” which were designed to look as though they were set up for convention attendees. Upon connecting, trusting a random and unprotected network they found in a public setting, the users unwittingly gave Avast access to spy on their devices. Over the course of a day, Avast found over a thousand attendees that were completely negligent in their device’s security. Over 60 percent of the users who connected had their identity completely exposed, and slightly less than half of them checked their email or used messenger apps.”

This is scary business, literally. Lesson learned – Remember to always use a secure network with a username and password, and use a VPN when conducting business. Say to yourself now, “No more free wi-fi – it is NOT worth the risk.”

I hope this is helpful as you work to strengthen your cybersecurity practices. I urge you to download Protecting Your Business and Your Clients from Cyberfraud from The National Association of REALTORS to make sure you have your cybersecurity bases covered. This includes Best Business Practices, Best Email Practices, Best Transaction Practices and Best Damage Control Practices. I will cover these Best Practices in future blog posts, so stay tuned.

To receive updates from Tandy on Real Estate direct to your inbox, please subscribe here.

RESOURCES:
https://www.nar.realtor/articles/legal-you-re-the-ideal-target-for-cybercrime
http://www.csoonline.com/article/3019126/security/security-policy-samples-templates-and-tools.html
https://www.nar.realtor/law-and-ethics/protecting-your-business-and-your-clients-from-cyberfraud
https://blog.knowbe4.com/scam-of-the-week-rnc-attendees-get-hacked-through-fake-wi-fi-networks
https://www.ftc.gov/tips-advice/business-center/guidance/data-breach-response-guide-business
http://realtormag.realtor.org/for-brokers/network/article/2016/05/threat-wire-fraud-real
https://clareity.com/wp-content/uploads/2016/08/Reducing-the-Risk-of-Real-Estate-Wire-Fraud.pdf
https://www.rt.com/news/cybercrime-victims-number-grow-427/
https://null-byte.wonderhowto.com/how-to/advice-from-real-hacker-create-stronger-passwords-0156907/
http://www.mortgagefraudblog.com/exclusive-criminal-complaint-concerning-fraudulent-emails-diverting-escrow-deposits/

 

Follow up on CFPB enforcement action

As I noted last week, there are significant ramifications to the Consumer Financial Protection Bureau’s (CFPB) recent enforcement action and fine against a lender, a mortgage servicer and two real estate brokerages.  Foley and Lardner LLP published an analysis highlighting key takeaways from the consent order. Their analysis highlights the far-reaching impact of this order, especially for real estate brokers and agents.

I wanted to highlight the specific issues in the article real estate brokers and agents should be concerned about. You should refer to their report for more details:

·       Tracking captures rates from a referral source may be a red flag or may rise to the level of a prohibited activity.
·       Limiting access to some service providers (title companies or lenders) but not others may also be determined to be a prohibited activity.
·       Lead agreements that involve endorsements and recommendations to use the provider are a target.  Basically, sold leads should be cold leads. A real estate broker in a lead agreement should refrain from introducing consumers to the provider purchasing the leads. They should not endorse or recommend that provider to consumers and they should not use designations such as “preferred” for that provider.
·       Marketing Service Agreements (MSAs), while not prohibited by the CFPB, appear to be riskier than ever before.  If the CFPB believes the MSA is focused on endorsements and encouraging consumers to use the party making payments under the MSA, the whole relationship may be brought into question. And while a lender has a legitimate reason to internally track the results of its efforts to capture more business referrals, it is unwise to discuss capture rates with an MSA partner, at least in the context of trying to boost referrals.
·       The CFPB believes that “steering” and “economic coercion” can become prohibited actives. The example in this case was a listing agent who offered a seller’s discount on the sales price conditioned on using the lender for the mortgage.
·       Co-marketing programs were also vulnerable based on the circumstances surrounding implementation. The CFPB alleged that the lender’s co-marketing arrangements operated as vehicles to make referral payments. Specifically, the CFPB claimed that the lender was subsidizing the real estate agents’ advertisements on third party websites in exchange for referrals that might flow from such advertising or otherwise. Indeed, the CFPB pointed to anecdotal testimony of how some agents would boast to the lender how they were able to convince a particular consumer to use that lender.
·       Office or desk rental agreements (where a lender or other real estate service provider leases from the real estate broker) should be negotiated and prepared solely with reference to the fair market value of comparable rental space in the area. Desk and office rentals should be written to be as simple and clean as possible. While referrals may occur naturally, the rental relationship should not include broker promises to market, endorse, or recommend the provider renting the space. Tracking referrals and measuring capture rates should not be discussed nor used to determine the amount paid as rent.
·       And finally, as the authors state in their report: “Real estate agents beware: these actions break new ground in terms of including you among the subjects of CFPB actions and enforcement relief provisions.” The CFPB broke new ground in the real estate brokers’ consent orders by subjecting not only those companies, but also their hundreds of independent contractor real estate agents, to the Conduct Provisions.  Specifically, the Conduct Provisions section of the KW Mid-Willamette and RE/MAX Gold Coast consent orders each state that “Respondent and its … agents … who have actual knowledge of this Consent Order” shall not partake in certain enumerated actions related to providing referrals “now or at any time in the future.” Importantly, those consent orders also require the brokers to deliver copies of the orders to each of their real estate agents, such that those agents necessarily will have knowledge of the orders and be required to abide by the Conduct Provisions. It remains to be seen whether the scope of this injunction would be upheld if valid, or how this will be enforced on the individual agent level. Perhaps more importantly, the recordkeeping provisions require KW Mid-Willamette and RE/MAX Gold Coast each to create and retain, for a five-year period, a set of business records that includes each real estate agent’s name, telephone number, email, address, job title, dates of business relationship, and, if applicable, the reason for termination. The CFPB will then have access to these records on demand and could potentially use them to go after individual sales agents who had prominent roles in the alleged RESPA violation, if it so chooses.

SOURCE:
https://www.cfslbulletin.com/2017/02/06/the-cfpbs-respa-consent-orders-eight-key-takeaways/ 

CFPB enforcement action hits two real estate brokerages

The Consumer Financial Protection Bureau (CFPB) took action last week against a major mortgage lender, Prospect Mortgage, LLC,  for paying illegal kickbacks for mortgage referrals. In addition, two real estate brokers and a mortgage servicer were held responsible for taking the illegal kickbacks.

Under the terms of the action announced by the CFPB, “Prospect will pay a $3.5 million civil penalty for its illegal conduct, and the real estate brokers and servicer will pay a combined $495,000 in consumer relief, repayment of ill-gotten gains, and penalties.”

According to reports on this and to my knowledge, this is the first legal action against a real estate broker by the CFPB. In a press release issued by the CFPB on Tuesday, January 31st CFPB Director Richard Cordray states, “Today’s action sends a clear message that it is illegal to make or accept payments for mortgage referrals. We will hold both sides of these improper arrangements accountable for breaking the law, which skews the real estate market to the disadvantage of consumers and honest businesses.”

REALTOR Magazine reports, “The action involves marketing service agreements, an area of RESPA enforcement that the National Association of REALTORS® says generates confusion among real estate companies and others in the industry. The association says its analysts on staff will closely examine the facts of these cases and build on existing guidance for real estate professionals for how to best comply with RESPA.”

For more information on RESPA, visit the National Association of REALTORS’ RESPA resource page.

As more information unfolds, I will keep you updated. To receive Tandy on Real Estate news updates direct to your inbox, please subscribe.

SOURCE:
http://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-prospect-mortgage-pay-35-million-fine-illegal-kickback-scheme/
https://www.nar.realtor/articles/cfpb-enforcement-actions-real-estate-brokers-a-mortgage-lender-and-a-mortgage-servicer
http://realtormag.realtor.org/daily-news/2017/02/01/cfpb-hits-brokers-for-marketing-agreements
http://www.robchrisman.com/2017/02/01/feb-1-ae-jobs-cfpb-enforcement-action-realtors-take-note-about-referral-fees-gse-news-jumbo-program-trends/

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