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The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) became law on July 21, 2010. The Dodd-Frank Act: restructured the oversight of financial regulation and included amendments to the Truth in Lending Act (TILA); established the “ability to repay” anti-predatory lending provisions, which resulted in the Qualified Mortgage (QM) rule; originated the Qualified Residential Mortgage (QRM) rule proposal, the final version of which relies on sound and responsible underwriting rather than on an onerous down payment requirement to qualify as a QRM loan.
Since the beginning of the 111th Congress in early 2009, NAR has been working closely with the Members and staffs of the House Financial Services Committee and the Senate Banking Committee to ensure that Wall Street Reform legislation did not adversely affect REALTORS®.
Consumer Financial Protection Bureau (CFPB)
NAR secured an exemption for real estate professionals performing traditional real estate activities from the jurisdiction of the Consumer Financial Protection Bureau except to the extent they are governed by existing laws such as the Real Estate Settlement Procedures Act (RESPA), which is now under the bureau’s purview.
Mortgages
Risk Retention - Qualified Residential Mortgage (QRM) Exemption
1031 Like-Kind Exchange Intermediaries
NAR supported language requiring the SEC to conduct a study on how best to regulate 1031 Like Kind Exchange Intermediaries to end the fraudulent practices that have been taking place.