Consumer Protection

Purchasing a home may be the largest financial transaction most people make in their lifetimes. It’s also certainly one of the most stressful. And while selling a home can be lucrative, it too comes with its share of challenges. Our Realtors® are committed to standing by you in any real estate transaction as trusted fiduciary advisors.

You may find this additional information helpful in homebuying, home selling, or evaluating future homeownership.

RESPA

The Real Estate Settlement Procedures Act (RESPA) ensures that consumers throughout the nation are provided with helpful information about the cost of the mortgage settlement and protected from unnecessarily high settlement charges caused by certain abusive practices.

RESPA is about closing costs and settlement procedures. RESPA requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that increase the cost of settlement services. RESPA is a HUD consumer protection statute designed to help homebuyers be better shoppers in the home buying process, and is enforced by HUD.

RESPA is administered and enforced by the Consumer Financial Protection Bureau (CFPB).

If you are a consumer with a question or complaint related to your mortgage or mortgage servicer, please call at (855) 411-2372 (or (855) 729-2372 TTY/TDD), or by fax number (855) 237-2392, or contact the CFPB’s Consumer Response team.

Learn more about RESPA.

Fair Housing

The Fair Housing Act is a federal act in the United States enacted as Title VIII of the Civil Rights Act of 1968. It protects people from discrimination when they are renting, buying, or securing financing for any housing. The prohibitions specifically cover discrimination because of race, color, national origin, religion, sex, disability and the presence of children.

This is embodied as policy in the National Association of Realtors (NAR) Code of Ethics. NAR also authorizes sanctions in response to a finding that a member has violated any fair housing law, including local and state laws that prohibit discrimination based on sexual orientation or gender identity. NAR supports equal opportunity on the basis of sexual orientation and gender identity and the NAR Code of Ethics was amended in 2010 and 2013 to include this updated policy.

Learn more about the Fair Housing Act.

Diversity

As America becomes more diverse, the top goal of immigrants is to own their own home. Realtors who know how to work effectively with diverse populations can help buyers of any cultural background achieve the American dream of homeownership.
NAR’s Equal Opportunity and Cultural Diversity program offers education, grants, partnerships, and events for Realtors to help them connect with and better understand clients from a broad variety of cultures and backgrounds. Its “At Home with Diversity” certification focuses on teaching Realtors how to transact business in culturally competent ways and to better serve a diverse mix of consumers.

LRAOR similarly provides diversity education and tools to help our Realtors be the most effective real estate advocates possible.