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By Susanne Dwyer

Fifteen months after the historic Obergefell v. Hodges Supreme Court ruling on marriage equality, 20 percent of LGBT real estate agents said the court decision has affected their clients’ decision to buy or sell a home, while 28 percent said current anti-LGBT legislation has affected their clients’ choice of communities in which to buy, according to a poll by the National Association of Gay & Lesbian Real Estate Professionals (NAGLREP). The results of the annual poll of NAGLREP members were released this week at the 2016 National LGBT Real Estate Conference in Fort Lauderdale.

One third of the association’s members participated in the survey that is used to take a pulse of LGBT business gained through the association’s directory and to track trends that may influence the market.

“The incidence of gay marriage is on the rise and the rate of self-identification is up to 7 percent,” says Jeff Berger, NAGLREP founder & CEO. “These variables along with the increase in anti-LGBT state legislation contribute to a marketplace in dynamic evolution.”

Other highlights from the survey include:

• 66% of members are gay, 18% are lesbian, 11% are gay-friendly, 3.5% are bisexual and 0.5% are transgender

• 77% are real estate agents; 16% are brokers, 3% are mortgage professionals, 4% other

• 78% of respondents do residential transactions; 22% do commercial and residential transactions

• 71% self-identify as LGBT or gay-friendly and promote themselves as such

• 90% of members, with membership tenure of one year or more, close 1-3 transactions per year; 8% close 4-6 transactions and 2% close 7-10 transactions per year through the directory at naglrep.com

• 38% of members who answered the poll report they make over $150,000 per year; 22% make between $100,000 and $149,999; while 26% report they earn between $50,000 and $99,000.

• 51% of respondents say their typical clients are move-up buyers; 31% work with first-time homebuyers; 7% work with clients that are downsizing, 8% work with vacation home buyers and 2% work with investors.

• 79% of respondents agree that their alliance with a national LGBT real estate association gives them added credibility with their LGBT clients

• 80% look more favorably on corporate brands that support NAGLREP.

For more information, visit http://www.naglrep.com.

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From:: Finance and Economy

By Susanne Dwyer

In a 110-page decision, the Court of Appeals for the District of Columbia (the court) largely agreed with PHH and overruled the decisions of the Consumer Financial Protection Bureau (CFPB). The court ruled that the structure of the CFPB was unconstitutional, that so-called “captive reinsurance” was permissible, that section 8(c) does in fact contain safe harbors and exemptions, that PHH’s due process was violated, and that there is a statute of limitations for administrative actions under RESPA. The court did impose limits and the case was remanded for further action consistent with the decision. CFPB can appeal the decision and that is expected.

The court ruled that the single director who can only be removed for cause is unconstitutional. The court did not rule the entire CFPB was unconstitutional as some had hoped, but it did discuss the structure extensively. Instead the court said that the director serves at the pleasure of the president and is subject to the president’s direction the same as cabinet and other executive branch officials. This is important because it means that if one has concerns that the CFPB is acting improperly, one can importune to the president to become involved in the issue and the president cannot claim that he or she does not have the authority.

The court ruled that captive reinsurance is permissible under RESPA. However, the court said that charges must not exceed reasonable market value. This is the primary reason the case is being remanded for further adjudication. If PHH did in fact charge unreasonable rates, they could still face some penalty.

The court ruled that the CFPB violated PHH’s due process by applying its interpretation of RESPA retroactively and incorrectly. PHH had been operating under a HUD interpretation that CFPB departed from. Perhaps most importantly, the court ruled that section 8(c) does in fact provide exemptions and safe harbors. This is critical not just to the case at hand but in many other instances where 8(c) has been used to structure arrangements. CFPB has attempted a major departure from decades of accepted practices and the court rejected it and ratified longstanding interpretation.

The court ruled that CFPB is subject to the 3-year statute of limitations under RESPA. CFPB claimed that no statute of limitations applied to its administrative actions. This is important because CFPB could theoretically go back decades and now it is much more limited.

As I said, this case could be appealed and many think that likely. At present however, it is a major victory for PHH, industry, and those of us, such as RESPRO® and its members, who have worked diligently to ensure that RESPA is both respected and accurately interpreted.

For more information, visit http://www.respro.org.

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From:: Finance and Economy

The FOMC released its minutes from September’s meeting, which show that some members voiced concern over prolonged low interest rates. After seeing the minutes, experts predict that the Fed will raise rates at the December meeting. …read more

From:: Real Estate Wire

Taking a break from the seemingly never-ending bad news on its massive fake account scandal, Wells Fargo is about to release its third-quarter earnings early Friday morning. The bank will have to once again open its doors to the scrutiny of investors as it works to rebuild its tainted reputation. …read more

From:: Real Estate Wire

A new study by LawnStarter shows which metros in the U.S. have the highest percentage of mortgaged homes. Data from the U.S. Census Bureau is used to rank the top 14. California is duly represented, but the metro with the highest percentage of mortgaged homes is somewhat surprising. …read more

From:: Real Estate Wire

Fannie Mae announced a new sale of non-performing loans made up of five pools with an unpaid principal balance totals $1.39 billion. Here are more details on the loans for sale, and when bids are due. …read more

From:: Real Estate Wire