Well, it’s really going to happen. However, as AZ real estate agents, we learned just this week that the dreaded “change” that was about to happen is not happening quite as soon as we were originally told. The change we have been dreading is the loan application process and the new CFPB rules. These new rules will include new documents for Arizona REALTORS to use and changes in the residential loan...

Someone wants to sell their house and they contact an AZ real estate agent to market their property and sell it. AND, this sales agent happens to be a REALTOR, so of course, the listing will be placed into the Multiple Listing Service, which means that the AZ REALTOR is asking for the help of about 40,000 other Arizona REALTORS to find a buyer for this property. Seems simple enough.

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.