AVONDALE, AZ September 24, 2010—
The National Association of Exclusive Buyer Agents supports efforts by the new Consumer Financial Protection Bureau (CFPB) to simplify the mortgage process for consumers. The CFPB is charged with combining and simplifying two disclosure forms, under the Truth in Lending Act of 1968 and the Real Estate Settlement Procedures Act of 1974. One form is required by the Department of Housing and Urban Development and the other by the Federal Reserve, and in some areas the forms overlap. “As advocates for home buyers we encourage reforms that ease the entire home buying process while providing consumers with the necessary information to make informed decisions, “said Benjamin Clark, 2010 President of NAEBA. “NAEBA supports this effort by the Obama Administration to decrease the complexity of the mortgage paperwork process for home buyers.”
One of the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act is to combine and simplify the two disclosure forms. The new CFPB with oversight by special adviser to the White House and to the Treasury, Elizabeth Warren and Treasury Secretary Timothy Geithner have voiced their commitment to implementing the reforms as quickly as possible. On September 21, 2010 Geithner and Warren held the first in a series of forums with consumer advocacy groups, financial literacy counselors and mortgage industry representatives to receive input on ways to simplify the mortgage disclosure forms.
The National Association of Exclusive Buyer Agents (NAEBA) is an organization of companies dedicated to representing only buyers of real estate. NAEBA member brokerages do not list homes for sale and never represent sellers. This restriction to one side of the real estate transaction avoids conflicts and ensures that the interest of the home buyer is protected at all times from house-hunting and negotiation, to inspection, financing and closing. NAEBA is pioneering a nationwide effort to give today’s home-buying consumers the level of service they deserve and are increasingly demanding. NAEBA members firmly believe that home buyers have the same full and equal representation rights as sellers in any real estate transaction. NAEBA, in existence since 1995, is comprised of Exclusive Buyer Agencies most areas of the United States, and in some international markets.