Real estate agents don’t have to follow federal rule affecting short sales

Home > News > Banking and Finance > Real estate agents don’t have to follow federal rule affecting short sales

NC industry officials confused about MARS change

By Tara Ramsey, staff writer
Published: August 9, 2011
Time posted: 8:05 am
Tags: Center for Responsible Lending, Charlotte Regional Realtor Association, Elizabeth Barnhardt, Jonathan Osman, Keller Williams Realty, National Association of Realtors, North Carolina Appraisal Board, North Carolina Commissioner of Banks, North Carolina Real Estate Commission, Sara Weed, Tom Miller

When the Federal Trade Commission created the Mortgage Assistance Relief Services rules in December, it caused a stink in the real estate community. MARS was formed in response to mortgage scams, specifically those involving loan modifications. Real estate agents, in particular, did not like some of MARS’ requirements, such as ones requiring that they make certain disclosures. ...

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