AEA’s Government Affairs Committee, under the guidance of its Washington DC Representative, works diligently in the national legislative and regulatory arenas, monitoring, updating the membership, and providing comment and testimony on behalf of the settlement industry. Highlights over the past several decades include:
Active in IRS issues since mid 1980’s including
- 1099 reporting
- IRS Federal Advisory Committee
- Tax Certification form
HUD involvement
- Testimony in 1993 for 1992 Major RESPA Regulation changes
- Aggregate Accounting Adjustment
- HUD Settlement Costs Booklet review & comment - 1997
- Provided input in assessing HUD’s study on extent of which errors made in completing the HUD-1 skew allowable closing cost calculations – 2000
- Comment on HUD Proposed Regulations – 2002
- July, 2005 – Participated in HUD’s first RESPA Roundtable in Washington, DC
US Department of Commerce – part of delegation to China – 2001
US Treasury – comment on regulations – US Patriot Act
- First draft uniform closing instructions – 1997
Access to AEA’s Washington DC Representative, the settlement professional’s advocate at the national level, as well as the ability to be included in fact patterns for federal issues affecting the settlement desk, are several benefits of membership in the American Escrow Association.
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