LEGISLATION ISSUESThu, Jul 08Last week, Assistant Secretary for Housing/FHA Commissioner Dave Stevens laid out the guidance on the appropriate circumstances under which brokers and agents can be compensated on a per transaction basis for selling home warranties in a recent update from the Commissioner. NAR and industry partners have been working for more than two years to get HUD to accept legitimacy of these of these arrangements after an earlier intepretive letter raised great concerns for real estate professionals and their partners in the home warranty industry and led to class action lawsuits. While HUD has accepted that agents and brokers can be paid on a per transaction basis and that review of transactions should be done on a case by case basis, concerns remain. One of the biggest concerns is that the mere marketing of these contracts to individuals by real estate agents is not enough in their view to justify compensation. HUD is accepting comments for 30 days and are due by July 26, 2010. NAR and its industry partners will be submitting comments and seeking additional clarifications. Stevens also addressed RESPA rule implementation and the SAFE Act in the memo. Commissioner's Memo |
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