Realtors Want More Time to Adapt to TILA/RESPA Changes

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Thanks to a reprieve from the Consumer Financial Protection Bureau, the TILA/RESPA mortgage disclosure changes won’t go into effect until October 3 – but Realtors are still a bit worried. TILA/RESPA stands for the “Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Mortgage Disclosures.” You may see the acronym TRID refer to this as well. The CFPB has written these new rules as part of its mandate under the Dodd-Frank Act, and real estate professionals will need to be prepared to adjust to the new paradigm. But despite the consideration shown by the CFPB in delaying the implementation date for TRID, some in the real estate community continue to express concern about the risk of over-zealousness when it comes to enforcing compliance in the first few months after the change takes effect. So the National Association of Realtors has sent a letter outlining some of those concerns to the CFPB, and today’s guest has some insight into what that letter contains. Bill Gilmartin is the Senior Policy Advisor for Industry Relations and Outreach at the NAR, and he and Ilyce get into the nitty gritty of TILA/RESPA on this episode of Big Money Real Estate. And check out Ilyce’s Intentional Investor Series to learn everything you need to know to become a successful investor in real estate. Looking for more of Ilyce’s real estate and personal finance tips? Read her blog, see her tweets and follow her on Facebook.
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Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.