“Know Before You Owe” Is Live - But Now What?
The integration of mortgage disclosure rules commonly known as the TILA-RESPA Integrated Disclosure rule (“TRID”) went live on October 3, 2015. While in the lead up to the live-date for “Know Before You Owe” (as the Consumer Financial Protection Bureau (“CFPB”) refers to it) there were numerous conferences, seminars, videos, and publications on the impact the new rule was going to have on real estate transactions, in the weeks that have followed its implementation there has been a relative quietness surrounding the new processes. As the industry waits to see the first TRID-governed transactions fully play out, this silence allows for a moment to highlight briefly some of the best practices for brokers that have been developed after months of rigorous analysis. Read more.
Six legal case studies are covered in this issue. Read more.
Real Estate Disciplines. Among the recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation (IDFPR): 1) A real estate managing broker license was fined $500 for failing to respond to requests by the Department for additional documentation following an office examination. 2) A real estate managing broker license was reprimanded and fined $3,500 for engaging in misrepresentation, unprofessional conduct, and failing to obtain proper agency disclosure agreement in connection with a real estate transaction. Read more.
Real Property Alliance: The Voice of Illinois Property Owners. IAR’s consumer outreach effort, Real Property Alliance, launched in September with an email campaign to 220,000 consumers. The non-profit, educational foundation was formed to make sure Illinois property owners have a voice in how public policy is formed which affects regulation and taxation. IAR is partnering with the National Association of REALTORS®, and the effort is backed by a website, www.realpropertyalliance.org, and a Facebook page. The foundation’s website offers a variety of resources for consumers, including information on how to understand property tax bills, downloadable brochures on home buying and staging and access to housing data provided by IAR.
Weaver… A Great example Why Illinois REALTORS® Focus Local
If you’re not from Peoria you may not have heard of Chuck Weaver. His race for a second term on the Peoria City Council last spring was one of the 58 races Illinois REALTORS® supported using RPAC and Independent Expenditure (IE) funds. Weaver won re-election on April 7 with help from REALTORS®. And in October he was selected to fill the 37th District Illinois Senate term vacated by Darin LaHood who won a special election for the 18th Congressional District after Aaron Schock resigned from the office. This story is a perfect illustration for why Illinois REALTORS® - via RPAC and Independent Expenditures (IEs) – fund races and share the REALTOR® message with candidates at the local level. Local candidate often move on to state and federal office. If we can build allies and stop bad policy affecting real estate at the local level, we are better prepared to defend our issues at the state and federal levels. Learn more www.illinoisrealtor.org/local_impact.
Special Service Areas: What You Should Know Before Buying a Home
With new home construction on the rise in Illinois, prospective home purchasers may need to be aware of a method of financing the infrastructure costs of a new residential subdivision. This method is the Special Service Area (SSA), which is a taxing district. Some newly constructed homes are in an SSA and this means there will be long-term costs for the homeowner. IAR has a free brochure which can be used by members to help inform clients who may be in such a SSA with a new home purchase. “Special Service Areas: What You Should Know Before Buying a Home" outlines the purposes, infrastructure costs, and assessment collection methods associated with these special taxing districts. This publication is useful for consumers interested in buying a new home. Get it here: www.illinoisrealtor.org/rvoice/downloads.
Need help in resolving a dispute with another REALTOR®?
The Ombudsman Program of the Illinois Association of REALTORS® (IAR) was created to serve as an intermediary in disputes that relate to real estate transactions. IAR has found many disputes are easy to resolve and don’t require a formal hearing process. Since a formal hearing process can be lengthy, the Ombudsman Program may be able to offer speedier resolution to some disputes. The service allows IAR to tap the expertise of experienced real estate professionals who are trained in problem solving. These professionals, called ombudsmen, can provide guidance on what steps to take, suggest resources for additional help and in most cases can act as an intermediary in resolving basic problems. While this service is not set up to offer legal advice, it does provide an opportunity for the association to assist in resolving complaints members might have. To request the service of an Ombudsman, visit www.illinoisrealtor.org/ombudsman-request and complete the form.
G.I. Bill Benefits Apply to IAR Live Pre-License Courses
Veterans are eligible to use their G.I. Bill benefits for live real estate education courses offered by the Illinois Association of REALTORS®, its member associations and education partners. G.I. Bill benefits may be used for live Pre-License classes only; online, webinar and home study courses are excluded under the guidelines. Learn more.
Schedule a Visit from the IAR Member Outreach Team. Looking for a topic for your next office meeting or regional meeting? The IAR Member Outreach team is available to cover the latest legislative issues in play - local, state and national - as well as new laws, forms, RVOICE resources and RPAC. Call 1-800-752-3274 or IARaccess@iar.org.
Legal Webinars - "TRID Revisited"
Online Only! D.R. Legal News and is published online only in a downloadable PDF format that is e-mailed to all IAR members who are the Designated REALTOR® (or D.R.) for their real estate office. Be sure to watch and open all e-mail from “IAR Communications” or the "Illinois Association of REALTORS."
The D.R. Legal News is e-mailed six times per year (January, March, May, July, September, November) to the Designated REALTOR® member of the Illinois Association of REALTORS®. For reprint permission, contact email@example.com.
Copyright Illinois Association of REALTORS® 522 South Fifth Street | Springfield, IL 62701 | 217-529-2600
Copyright Illinois Association of REALTORS®. This content cannot be reprinted in parts or in its entirety without expressed written consent to the Illinois Association of REALTORS®.