Fannie Mae, Freddie Mac, and the Department of Housing and Urban Development (HUD) have created new guidelines for Reconsideration of Value (ROV) policies with clearer expectations for lenders, appraisers, and borrowers. Although lenders are required to implement changes for loan applications?either when purchasing a property or refinancing?dated on or after August 29, some have already adopted these updated policies. Here?s what borrowers need to know if they want to request an ROV for an appraisal.
The Broker-Lawyer Committee (BLC) meets quarterly, and it's during these advisory committee meetings that TREC forms are reviewed and where your suggestions about form changes are discussed. If you are wondering why form changes happen, this meeting is the one to watch.
During the July 12 BLC meeting, members will discuss whether to recommend for proposal at the August Commission meeting any changes to the TREC contract forms as a result of the proposed NAR settlement, what the working group suggests, and the public comments they received.
The Sunset Advisory Commission is conducting a special-purpose review of the Texas Real Estate Commission (TREC). By law, the scope of the review is strictly limited to reviewing the legally required disclosures made by a seller of real property and the associated disclosure forms developed by TREC. Sunset staff welcomes public comments related to this topic until July 19.
The next TREC Meeting is August 19 at 10 a.m. in Austin. A new rule about broker succession is up for potential adoption. Also, hear the latest update from the Broker-Lawyer Committee on any changes to the TREC contract forms as a result of the proposed NAR settlement.
License holders may earn up to four hours of Continuing Education (CE) elective credit per two-year renewal cycle by attending any Commission meeting in person. A license holder must sign in and out of the meeting. CE is calculated based on the length of the meeting and attendance for the entirety of the meeting. For example, a two-hour-long TREC Meeting would result in two hours of CE credit. A license holder cannot earn partial credit across multiple meetings.
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