I have received a few calls over the last couple of weeks requesting that OKCMAR comment about the recent addition to the Rules and Regulations pertaining to the new HUD statement about RESPA and their summary regarding Home Warranty Companies’ payments to Real Estate Brokers and Agents.
After reading the information, I find it broadly open to interpretation, with specifics that deal with a lot of probability and what if’s.
Needless to say, it would be extremely difficult for the OKCMAR Board to render a suggested course of action with this issue, for a number of reasons.
Firstly, it is a RESPA issue, which means it is a Federal Government issue.
Secondly, HUD’s interpretive rule does offer some examples of services that it regards as potentially compensable.
The HWC Rule was open for public comment through July 26th 2010, and any comment OKCMAR would offer at this point will be disqualified as outside the timeline. However, because RESPA is a federal ruling, your National Association of REALTORS® did submit a comment to the ruling and is working hard on your behalf. This is exactly where your RPAC dollars become so important to the industry. To read NAR's comment on the ruling click here:
http://www.realtor.org/wps/wcm/connect/3eaf0480434e6a36870b87b0e53c74b2/gov_aff_respa_hwc_letter_072210.pdf?MOD=AJPERES&CACHEID=3eaf0480434e6a36870b87b0e53c74b2
Confused yet? I urge you to read the rule at http://edocket.access.gpo.gov/2010/pdf/2010-15355.pdf to come up with your own interpretation.
The best thing to do for us, the REALTOR®, is to consult with your Broker to determine how your Company views this legislation.
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