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Short Sale Specialists and the SAFE ACT or the Consumer Protection Bureau

Posted by Michael Schneider on June 30, 2011 at 3:21am in Short Sale Discussions

HUD announced the SAFE Act Final RULE today. 

http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2011/HUDNo.11-133

They seem to defer to the newly created Consumer Protection Bureau on whether short-sale speciliasts should be licensed under the SAFE Act.

Can people comment on what the Bureau is planning or considering regarding the handling of short-sales, licensing or other rules/regulations?

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Replies

  • Wendy Rulnick June 30, 2011 at 9:18am
    From Florida Association Realtor News today, re recently enacted state laws for Florida: " You’re S.A.F.E. to move about the transaction. SB 1316  codifies into the Florida S.A.F.E. Mortgage Licensing Act the same language contained in a federal act that allows Florida real estate licensees to list and sell short sales without having to first obtain additional licensure under Chapter 494."
  • Jim Schneider June 30, 2011 at 5:46am

    The attorney for the Illinois Association of Realtors said this does not apply to us as well when I questioned him about it. It was still a good question to ask, and I'm grateful to the many members of this site for bringing it up.

  • Bryant Tutas June 30, 2011 at 4:54am

    Florida has already opined that this doesn't apply to agents.

  • Jeff Payne June 30, 2011 at 4:16am
    I agree with Smitty, we are a conduit of information that gets passed through us from seller to lender and lender to seller.  I really didnt see anything in that HUD ruling that applied to us as agents, not sure how it applies to third party negotiations either.
  • Smitty June 30, 2011 at 4:04am
    My first thought is I don't engage in the act of loan origination.  I am a porthole.  I am a conduit of information between a lender and my sellers.  I obtain amounts for a short payoff and do not engage in altering the loan.
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