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$500,000 RESPA Fine Top Story in First The Voice for Real Estate News Program

You might have missed it, but about three years ago enforcement of our country’s mortgage settlement laws switched to the Consumer Financial Protection Bureau (CFPB) from HUD. The switch is more than just a bureaucratic footnote. Several weeks ago, CFPB levied a $500,000 fine against a real estate company for not getting its disclosures exactly right under the Real Estate Settlement Procedures Act (RESPA). That half-million-dollar fine is not a typo, and more attention-grabbing fines might be on the way.

That RESPA fine is the lead story in a new twice-monthly video news program NAR launched this week. The program is called The Voice for Real Estate, and the goal is to give you thumbnail sketches of the top four or five issues NAR is working on. REALTOR® Magazine is the producer and we’re excited about the program, because it gives you a way to stay on top of real estate news without spending time searching for articles or videos. Stephen Gasque, NAR’s director of broadcasting, is the host of the show. You might be acquainted with Gasque’s work already; he’s the producer of Real Estate Today, NAR’s consumer-facing radio show.

In addition to the RESPA fine, the first show features quick sketches of NAR’s efforts on the growing student debt problem, what’s happening on net neutrality and why that issue is of the utmost importance to you (net neutrality is about keeping the Internet open equally to all), and what’s the latest on existing-home sales (they’re up solidly).

In a few months the program will increase to three times a month. You’re encouraged to post the show on your website or blog. Just go to the video on YouTube, cut and paste the URL—it looks like this: http://youtu.be/Xtfhmtuiygo–and you’re all set; the video will be embedded on your site.

Your customers and clients should find the information of interest as well, because the issues the video covers ultimately impact them in their pocketbook and the quality of their buying and selling experience.

Learn about the RESPA fine and the other issues of importance to you and your customers in this first show of The Voice for Real Estate:

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Robert Freedman

Robert Freedman is manager of multimedia communications for the NATIONAL ASSOCIATION OF REALTORS®. He can be reached at rfreedman@realtors.org.

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