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President Trump Signs Dodd-Frank Rollback 

President Trump recently signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act, rolling back some provisions of the Dodd-Frank Act. While many of the provisions are related to rolling back requirements for small and medium banks, some will have a more direct impact on REALTORS®.

REALTORS® may find the following provisions of interest: 
  • TRID Relief: The Act removes the three-day waiting period required under TILA-RESPA mortgage disclosure when the creditor extends a second offer of credit with a lower APR.
     
  • Mortgage Licensing: Registered/licensed loan originators are given temporary authority to act under the SAFE Mortgage Licensing Act when changing employers.
     
  • Renters’ Protection: The Protecting Tenants at Foreclosure Act (sunset in 2014) is permanently restored.
     
  • PACE Loans: Real property retrofit (Property Assessed Clean Energy) (PACE) loans are now subject to consumer protections.
     
  • Servicemember Foreclosure Protection: Foreclosure relief provisions for servicemembers are made permanent.
     
  • VA Loans: VA lenders are required to demonstrate a material benefit to the borrower when refinancing their mortgage.
     
  • Asbestos Hazards: The Treasury Department is authorized to use loan guarantees and credit enhancements to remediate lead and asbestos in residential properties.
     
  • Appraisal Services: Appraisal services donated by fee appraisers as charitable contributions will be “customary and reasonable” under TILA (Habitat for Humanity).
     
  • Credit Union Lending: Loans secured by 1 to 4 family dwelling, that is not the primary residence of a member, is not a member business loan under the Federal Credit Union Act.

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