S1E16 | David Friend – Is a Regulatory Remodel in Our Future? - Part 2

In the second part of our conversation with mortgage consultant and attorney David Friend, follow along as we discuss the potential impact changes in federal regulations could have on the real estate industry. As covered in part 1 of our discussion, the elimination of Chevron deference as a standard principle for interpreting ambiguous regulations could open the floodgates for a slew of litigation over agency rules and regulations. Will some rules be stripped down to the studs like old houses long-overdue for a remodel?? Here, we spend some time homing in on RESPA Section 8 and how specific court cases and outcomes could affect national providers and smaller independent agents. We also consider what this new environment means for small businesses that may not have the resources to engage in costly litigation to influence regulatory opinions, leaving larger players in the driver’s seat in that regard. Friend emphasizes the need for adaptability and flexibility in the face of regulatory changes and draws on his past experience as a regulator as he highlights the importance of understanding the underlying purpose of statutes and regulations.