Recent survey data shows that leaving the current rules in place could affect 50 percent or more of the transactions many firms are currently doing. This is a particular problem with transactions valued at less than $225,000. That means that without the legislative fix, many low- and moderate-income borrowers, and especially first-time homebuyers, will not have the same choices in mortgage services as those with higher incomes. They may not even have access to credit at all.
That is the reason this legislation is called the Consumer Mortgage Choice Act. Consumers want more choice and they want the convenience of one-stop shopping. Buying a home is the most complicated transaction most will experience in their lifetime. The many moving parts and laws governing the transaction are confusing and adding multiple unfamiliar parties often only makes it worse. That is why consumers like one-stop shopping. They like that one company is overseeing the major elements and they like the accountability they get through their REALTOR® and real estate broker. H.R. 1077 and S. 949 make sure consumers still have that choice. So talk to your Congressman and Senators when they are home this August and tell them just how important this is to you, your company and the consumers you serve.
This column is brought to you by the NAR Real Estate Services group.
Ken Trepeta is the director of Real Estate Services for the National Association of REALTORS®.
For more information, visit http://www.realtor.org.
