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Vol. 10 No.4
December 26, 2017
www.csrej.com
How new CFPB leadership may change the mortgage industry And the staff still has their legislated responsibilities to carry out. But one immediate impact of the leadership shift appears to be a change in what some in the industry viewed as the CFPB “regulating through enforcement.” Per a Reuters’ article, interim CFPB director Mick Mulvaney will be “reviewing more than 100 pending enforcement actions, including litigation as well as private settlement talks and investigations.” Upon taking over the Bureau, Mulvaney also suspended all new regulations for 30 days. See CFPB | Page 4
NAR on net neutrality rollback The Federal Communications Commission announced a rollback of net neutrality rules, sparking a swift rebuke from the nation’s 1.3 million REALTORS®. “The internet as we know it today is a fair and open platform that puts everyone on a level playing field,” said National Association of REALTORS® President Elizabeth Mendenhall, a sixth-generation REALTOR® from Columbia, Missouri and CEO of RE/MAX Boone Realty. “FCC’s rollback of the Open Internet Order will mean higher costs and slower service for millions of American consumers and businesses. REALTORS® have strong concerns about what that might mean for the way consumers search for homes online and real estate is transacted.” See Net Neutrality | Page 6
Potential change in GOP tax comes at a cost Changes in the tax code could have pricey implications for homeowners if the GOP Tax Proposal passes. Cuts elsewhere are causing Congress to find other ways to make up the money. One area they are looking to make up the money is taxes associated with real estate. Currently, homeowners are encouraged to stay in their home for two years and are able to avoid paying capitol gains taxes if they move out of their home after two years of residence. However, the change in the tax code would increase from two years to five years. Meaning, that any homeowner who moves from their residence under the five years will have to pay the large tax obligation. This change brings to light multiple issues that are concerning. One being, homeowners will hold onto homes longer resulting in a slower market that will have less inventory. Also, this change may occur without peoples knowledge. A homeowner may go to sell their house after two years thinking they are safe from paying the tax obligation, to later discover they were not and are now stuck with a hefty tax bill.
WCR Holiday Auction
HBA Holiday Party
Jay Gupta's November Housing Stats
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Mobile Issue (Beta)
It’s fair to say that The Consumer Financial Protection Bureau (CFPB) By Jon Paukovich Vice President & under former di- Senior Chief Lending Officer Ent Credit Union rector Richard Cor- — dray brought about major changes to the mortgage industry through both regulatory and enforcement means. With Cordray’s departure, the CFPB’s role and influence will undoubtedly shift again under the Trump administration. To be clear, it’s doubtful a new director will be able to unilaterally reverse many of the practices and rulings of the CFPB. The existing Bureau was shaped by the previous director. It still has the same authority and enforcement tools.
Another consideration is the proposed Tax Deduction changes. Essentially, the House and Senate are looking to pull deductions that are given for property taxes above $10,000 and interest on mortgage that is above $500,000. Curcapital gains rently, many are taxes would unconcerned apply until because Colofive years of rado is fairing residence well on property taxes and mortgage interest so this change would only affect a small group of people. However, there is a concern about what this would mean for the future. The market is growing fast and it would not be surprising to see an average at or above these numbers occurring in the years to come. So while this might not be a concern now it will be in the future. REALTORS® and real estate professionals are encouraged to understand these potential changes and help inform the public and their clients on the subject if the change does occur. It’s important that consumers understand and are aware of the implications of these changes. © Copyright National Association of Realtors. Reprinted with permission.
National News............ Page 4 Local News................ Page 9 On the Move.............. Page 13 Local Expert.............. Page 14 Around the Corner....... Page 15
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