- Posted at 12:33, November 12, 2013
- By Russ Bleemer
Two more interesting soundbites have emerged from last week’s National Association of Realtors’ annual conference in San Francisco.
First, Quicken Loans chief executive officer Bill Emerson said that new mortgage rules taking effect in January will hurt availability and deny credit to some first-time homebuyers.
Emerson said that the qualified mortgage rule, and the ability-to-repay rule, require “significant documentation from consumers to justify lenders’ underwriting decisions.” He pointed out that lenders face strict penalties if a loan is made outside of the specific criteria.
House Republicans already have asked for a one-year effectiveness delay from the Consumer Financial Protection Bureau, which promulgated the new rule last January to protect consumers from onerous provisions under the bureau’s Dodd-Frank Act powers to clean up the lending business.
Another panel said that loan approval delays are coming from problems between real estate agents and appraisers. An NAR release cited a realtor who said 80% to 90% of the agents he had “recently queried” cited appraisals as their “top issue” for 2014.
The NAR release can be found here.
Meantime, real estate franchiser Century 21 announced at the conference that it would roll out “a system next year that will allow its agents to easily share Century 21-recommended content across multiple social media platforms.”
The point, CEO Rick Davidson told the conference, was marketing. “It’ll continue to drive a focus on our brand preference,” he said.
Rather than pushing agents to Tweet or post on Facebook, the Century 21 system will hand it to them, literally: It will feature a “social media inbox,” said a press release, which will contain a “library” of brand-approved content, Davidson said.