Recently, the Orlando Regional Realtor Association® held their 25th Annual Real Estate Law Symposium. Orlando closing agent, Real Estate Closing Solutions, would like to share two notable presentations that are worth viewing.

  • 2015 Florida Realtors/Florida Bar Contract
  • New Private Mortgage and Seller Financial Rules

There were revisions made to the FRBar contract to accommodate the upcoming 2015 Consumer Financial Protection Bureau (CFPB) requirements. These will go into effect beginning October 3, 2015. Attached is an explanation provided by the Symposium organizers as well as a “red-lined version” of the actual contract changes. RECS believes you will agree and support the changes of incorporating a new strict lender timelines to ensure timely closings going forward.

In addition to this, clarifications for the private mortgage and seller financing rules under the new CFPB regulations were discussed. Many in the industry assume that small and individual lenders who made five or fewer loans per year were exempted from the new Loan Organization rules. This is not the case.

Our Orlando closing agency understands that many of our Realtor® customers utilize private mortgage resources. We want to make sure that you always have the latest updates and information in order to stay at the top of your game and grow your business. If you have any questions or concerns, call us at 407-615-8550.