Washington Report

Advocacy Updates from Washington D.C.

NAR Joins Coalition Effort to Clarify RESPA Guidance

On September 11, NAR joined a coalition of industry groups in writing a letter to the Consumer Financial Protection Bureau (CFPB) requesting withdrawal of the October 8, 2015, Compliance Bulletin on Marketing Services Agreements (MSAs) that has caused ongoing regulatory uncertainty with the Real Estate Settlement Procedures Act (RESPA). The letter requests that the CFPB replace the problematic bulletin with new guidance that follows associated case law, such as the favorable D.C. Circuit Court decision in the PHH case, and long-established best practices, including those outlined in NAR’s “Do’s and Don’ts” on MSAs and co-marketing, to foster improved RESPA compliance.

Read the Coalition Letter

Stay tuned to nar.realtor/respa for the latest updates.