In the second part of our conversation with mortgage consultant and attorney David Friend, follow along as we discuss the potential impact changes in federal regulations could have on the real estate industry. As covered in part 1 of our discussion, the elimination of Chevron deference as a standard principle for interpreting ambiguous regulations could open the floodgates for a slew of litigation over agency rules and regulations. Will some rules be stripped down to the studs like old houses long-overdue for a remodel?? Here, we spend some time homing in on RESPA Section 8 and how specific court cases and outcomes could affect national providers and smaller independent agents. We also consider what this new environment means for small businesses that may not have the resources to engage in costly litigation to influence regulatory opinions, leaving larger players in the driver’s seat in that regard. Friend emphasizes the need for adaptability and flexibility in the face of regulatory changes and draws on his past experience as a regulator as he highlights the importance of understanding the underlying purpose of statutes and regulations.
Chapters:
00:00 Introduction and Overview
03:01 Change is Coming to the Real Estate Industry
08:41 Challenges Faced by Small Businesses in Influencing Regulations
16:19 The Uncertainty of Regulatory Changes
21:54 Rebuilding Operational Mechanics in the Industry
29:05 Understanding the Purpose of Statutes
35:46 Preparing for the Wild West of Regulatory Changes
Get In Touch…
David Friend, owner, David Friend Mortgage Consulting (Guest), davidfriend.vwork@gmail.com
Mary Schuster (Host), mschuster@octoberresearch.com
To find more episodes of “Keys to Real Estate” or learn more about October Research – the nation’s leading independent provider of market intelligence, industry news, expert analysis and regulatory information for professionals in the real estate, title, financial and settlement services industries – visit www.OctoberResearch.com.
Episode sponsored by RamQuest – https://www.RamQuest.com
Episode produced by October Research – https://www.octoberresearch.com