It’s Coming…. It’s Coming!!!!
If you are planning on practicing real estate after August 1st, 2015, your world is going to change!
As part of the Dodd-Frank Act, the Consumer Financial Protection Bureau, better known as the CFPB, will begin enforcing new rules that are taking effect regarding the closing of a real estate transaction. They will also be stepping up enforcement of existing rules that have been on the books for a long time.
You will be hearing new terms such as Closing Disclosure, Loan Estimate, or consummation! All of these terms, and much more are critical to understand now, before the changes take effect.
Here is a link to a few FAQ’s regarding the changes coming: August 1st Close of Escrow Changes FAQ
You may have noticed that there are many classes being offered around the Valley, including several by West USA Realty, regarding the changes. We encourage you to take full advantage of all the education opportunities on the matter that you can. The changes ARE GOING TO IMPACT YOU AND YOUR CLIENTS!
So don’t bury your head in the sand and wait for the changes to happen. Get ahead of the curve, get educated and be prepared to shine when the changes happen!
Coaching is an integral part of any real estate agent’s business. West USA’s coaching program offers some of the best opportunities to be mentored. To learn more, call us today at 602-942-4200 and ask to speak with the director of our coaching division.
By Duane Fouts, Managing Broker