NWMLS Legal Bulletin 217

The new rules scheduled for implementation October 1st may very well be a needed update to our industry's long standing way of doing business, but I think the speed with which we are progressing may be too fast.

We have not had full discussion of the ramifications of these proposals and the possible unintended negative consequences. For instance, current federal mortgage rules prohibit seller credits to buyer above a certain percentage, eliminating the possibility of some buyers paying for a broker, and mortgage lenders have not fully crafted rules wrapping buyer paid commission fees into a loan package.

We are hearing from our brokers that these new rules need more discussion, and maybe a vote from members before implementation.

I would like to suggest we postpone the October 1st date for 6 months to allow for more time to have these discussions.