The integration of TILA/RESPA, case summaries, the REALTOR® Code of Ethics Citation Program, social media and team names in advertising, drones and surveillance were among the topics reviewed by the Legal Services team of Betsy Urbance and Jeffrey T. Baker Wednesday at the IAR Spring Conference in Collinsville.
Baker reviewed many of the points covered in Tuesday’s joint TILA/RESPA webinar with the Illinois Bankers’ Association. He noted the changes were intended to eliminate confusing language and forms used in financed real estate transactions.
Baker also said brokers can expect some delays at closings as banks continue to adjust to the new rules. Because banks are just absorbing the changes, software companies are still working on changes to loan forms. The new rules go in effect Aug. 1, but it remains to be seen if the bank software will be ready by then.
Baker said members should expect fewer closings per day as the new rule becomes operational and closing windows in general will likely be longer. Brokers should prepare clients for closings seven to 10 days in advance, he said, to accommodate for the new rule changes.
Urbance moved quickly through a variety of topics, including the importance of REALTORS® following the Code of Ethics and License Law when using social media for any part of their business. Regarding drones, she advised members not to use them unless a waiver is secured from the FAA. There is a risk that liability insurers would not cover damages caused by a drone being flown in contravention of federal laws.