It’s been an exciting year for the Government Affairs committee thus far. We are really fortunate to have such a connection with our congressmen and the results have been very positive and in line with the values shared by local Columbus REALTORS®.
At our first event of the year, we were honored to hold a round table that featured three of our local members of congress -- Representatives Joyce Beatty (D-03), Steve Stivers (R-15) and Pat Tiberi (R-12).
REALTORS® had the opportunity to communicate directly with our representatives and ask questions that affect the industry and private property rights on a local scale.
Issues addressed included mortgage interest deduction, 1031 like kind exchanges and the new TRID/TILA-RESPA Integrated Disclosure.
We even went as far as to ask them who should start at quarterback this year to which all said “Cardale”…
Columbus REALTORS® annual trip to D.C. for the NAR REALTORS® Legislative meetings and trade expo was very productive as well. We again had the opportunity to meet with our members of congress to discuss important issues affecting our industry.
The highlight of this trip was convincing our members of congress to sign a bipartisan letter to the CFPB urging them to delay enforcement of the new TRID/TILA-RESPA regulations.
With the help of Columbus REALTORS®, 290 lawmakers from both the House and Senate signed this letter and we were successful in delaying enforcement of these regulation for 60 days (Oct. 3 instead of Aug. 1).
This is a big win for our industry, and will help lenders, title companies and REALTORS® transition to the new regulations without the threat of penalties from the CFPB.
On a personal note, I found it very gratifying to see our Columbus REALTORS® lobbying efforts really make a difference. It’s a real sense of accomplishment to see verbiage we communicated to our congressmen be used in actual congressional hearings, which in turn lead to decisions that affected us all in a positive way.
I was proud to be a part of this delegation and thank everyone who came to D.C. in support.
Our next event will be the most important of the year. Columbus REALTORS® will be sponsoring a panel of both lenders and title agents to discuss the changes that will go into effect with the new TRID/TILA-RESPA regulations.
I cannot stress enough how important this event will be. The way we do business is going to drastically change and all REALTORS® need to be informed.
Due to the delay in implementation on these rules, the event originally scheduled for July 20 will be postponed until sometime in September. This way we will have the most accurate and updated information to provide on these changes.
Going into the fall, I encourage all REALTORS® to inform their clients of the major changes that will be affecting our industry. From what we are hearing, closings are going to take longer, and information sharing from REALTORS® to lenders and title agents is going to have to be faster than ever before.
Keep in close contact with your lenders and title agents of choice to see what changes they will be making that will affect the way you do business.
Good communication between all of us will make these changes much more efficient, and in the end will benefit our clients.