WHY USE A TEXAS REALTOR®?

Texas REALTORS® work for you at the legislature

Individually, Texas REALTORS® provide clients with the services they need to successfully buy and sell homes as well as commercial and investment properties. As a group, Texas REALTORS® fight for consumers’ rights, like when championing homeowners-insurance reform legislation and regulation of mortgage brokers and bankers.

Texas REALTORS® worked with lawmakers on these consumer issues during the 78th Texas Legislative Session, in 2003:

• Homeowners insurance. When the session opened in January 2003, high insurance costs and lack of availability were hardships for many Texas families. In fact, Texans’ homeowners insurance rates were already 83% above the national average back in 2001, before the biggest increases. By session’s end June 2, REALTOR®-supported legislation had passed, establishing state oversight of rates, limiting the use of credit scoring, restricting insurance companies’ right to rescind policies, and stopping the stigmatization of properties when an appliance-related water claim is filed.
• Home equity lending. The REALTORS® group persuaded legislators to add key consumer and homestead protections to legislation allowing home equity lines of credit.
• Mortgage bankers. During the 1999 and 2001 legislative sessions, Texas REALTORS® worked with lawmakers to implement and improve a licensing system and regulatory authority over mortgage brokers. Since then, it became apparent that mortgage bankers were not subject to the same scrutiny. In the 2003 session, Texas REALTORS® successfully supported legislation requiring mortgage bankers to register with the Texas Savings and Loan Department, an important step in making mortgage bankers accountable and giving consumers a place to file grievances.

In previous sessions, Texas REALTORS® and lawmakers worked together to ensure buyers were protected when home warranties (residential service contracts) conveyed with a purchase; helped curb abuses by overzealous homeowner associations; and increased the maximum size of urban homesteads from one acre to 10 acres, making it easier for many Texans to obtain home equity loans.