Residential dirt lawyers may still need to reach out to their real estate agent partners to discuss how the CFPB rules will affect closings after October 3. Some new resources are available to assist in that effort.
I previously blogged about five things real estate agents should know before the new rules become effective. Now there is more useful information in a format that is easy to share.
On September 17, Richard Cordray, Director of the CFPB, met with an officer of the National Association of Realtors® (NAR) to unveil online tools designated to help consumers and real estate professionals navigate the new closing procedures.
The CFPB had previously developed an array of online tools for prospective home buyers, the most important of which is an interactive resource called, “Your home loan tool kit, a step-by-step guide”. This guide allows consumers to perform calculations and obtain information to assist them in understanding their financial prospects for obtaining financing and avoiding pitfalls associated with the process.
The CFPB encourages real estate professionals to consider linking the toolkit on their websites to position themselves as trusted sources of information for consumers. I encourage residential dirt lawyers to do the same to position themselves for their consumer clients.
Last week’s announcement included a new resource called “Guide for real estate professionals”, the goal of which is to “ensure smooth and on-time closings”. I encourage real estate lawyers to use this new guide to connect with their real estate agent partners. Link it on your website. Send the link to you best real estate agent contacts. Offer to meet with them to answer questions. Your goal is to be perceived as a thought leader and problem solver when questions begin to surface after October 3rd.
South Carolina residential real estate lawyers should also keep in mind that their title insurance companies have prepared to assist in the transition. Don’t hesitate to use your title insurance company friends as valued resources. They are ready! Their goal, like yours, is to give their very best customer service as we all navigate these new closing rules together.