The real estate industry is enjoying such a renaissance that it?s breaking financial barriers that haven?t been disturbed since the tech boom of the late 1990s. For the first time in nearly two decades, the S&P 500 got a new sector this year.

In September, the S&P Dow Jones Indices separated real estate companies from the rest of the financial sector to form an 11th stock group. The new grouping makes it easier for investors to follow the continued growth of one of the hottest segments of the economy.

Real estate hasn?t just been doing well over the past decade; it?s been one of the primary fuel sources in the sustained recovery of the overall economy. With interest rates at near record lows, property owning real estate investment trusts (REITs) that pay steady dividends have been one of the most attractive opportunities available to investors. An estimated $60 billion flowed into the real estate funds in the United States between 2001 and 2015.

Publicly traded REITs significantly grew in numbers over the past 15 years. Going back to 2001, almost 130 of them have gone public in America. Those offerings collectively raised more than $37 billion. Currently, there are approximately 240 REITs listed on Nasdaq or the New York Stock Exchange.

Now that it is separate from the insurers, banks, and other financial sector companies, the real estate industry accounts for about 3 percent of the S&P 500?s market capitalization. This drops the financial grouping down to 13 percent from 16 percent.

According to a member of the index-designation committee responsible for the decision to split, the real estate industry is primed for even more growth due to the latest developments. Real estate used to be buried in financials, Sebastien Lieblich told the Wall Street Journal. Now it?s been elevated to special status, he noted, making it easier for investors to put their money in those stocks.

The Latest Sign of a Strong Market

Before the S&P made the move to elevate real estate, a rival indexing firm already had done the same. Based on the performance of the real estate stocks and the general health of the property market in the United States, MCSI Inc. made the change to remove the real estate sector from financials and place it in its own grouping.

The developments in the stock world are just further proof of the strength of U.S. housing right now. New home construction is booming, the value of existing homes is on the rise, and low interest rates have more and more people thinking this is the time to buy.

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In a rapidly changing and highly regulated industry like lending, there are always going to be plenty of topics up for debate. The SAFE Mortgage Licensing Act happens to be one of the interesting issues getting a lot of attention right now.

The bill is up for discussion in the Senate after easily passing approval in the House. Its wide popularity has many predicting that it will become law sooner rather than later.

If you need to catch up on the finer points of this relatively new legislation, we?ve got you covered.

Why Mortgage Loan Originator (MLO) Licensing Matters

Loan officers used to change jobs less frequently than they do now. Job loyalty and security were both higher, making it quite rare for MLOs to leave one state and go to another in search of new employment. In today?s faster-paced, more connected world, seeing someone cross state lines for a better is commonplace.

The SAFE Mortgage Licensing Act is attempting to catch the law up with the new realities of employment in the lending industry. The bill would provide recently relocated loan officers a 120-day grace period in licensing. It would apply if the professional moved from one state to another or from a bank/credit union to an independent lender.

There?s no debate about the fact that MLO licensing is important. Consumers and the industry alike want to ensure that a loan officer can?t escape justice by slipping over state lines. However, many feel a regulatory update is long overdue.

What About Consumer Protection?

SAFE?s authors attempted to account for the protection of borrowers as much as the convenience of MLOs. The new piece of legislation made headlines with its inclusion of minimum standards related to the licensing and registration of loan officers, but some consumer protection groups are asking if the standards go far enough.

The NMLS (Nationwide Multistate Licensing System) is currently in charge of setting federal guidelines for the pre-licensing and education of mortgage originators. Despite the existence of that agency, there is still a great deal of variety in the licensing requirements from one state to another.

Because of the inability of NMLS to set even and consistent requirements nationwide, it looks like the minimum federal standards promised by SAFE Act do provide at least a step in the right direction for the protection of consumers. The new guidelines are expected to do more to guarantee MLOs possess consistent and comprehensive expertise upon achieving licensing.

For now, SAFE appears to be a positive step for all parties — borrowers, institutions and loan officers themselves.

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Have you submitted your feedback on the proposed changes that the Consumer Financial Protection Bureau released this summer? The comment period is quickly drawing to a close.

With the countdown to the October 18, 2016, deadline well under way, it?s a good time to recap why the comment period is so important, what?s already changed, and what lenders need to know going forward.

TRID Challenges and Comments

The TILA-RESPA Integrated Disclosures rule went into effect on October 3, 2015. Soon after, mortgage and real estate industry professionals began compiling their grievances. Regulations regarding the sharing of closing disclosure forms probably received the most ire.

To their credit, the Consumer Financial Protection Bureau listened to the pleas of professionals across the nation and opened the discussion for proposed rule changes. By July of 2016, a 300-page proposal containing the phrase ?seeks comment? more than 150 times was released. Thus began the comment period allowing anyone to review the rule changes and submit suggestions on where the CFPB went too far or not far enough.

Initial Reaction

Lenders and real estate firms reacted positively to the CFPB?s efforts to clarify confusing language, make selective amendments, and open the forum for discussion. Many saw a couple of key changes as clear victories for the affected industries.

In a Housing Wire article, a cross section of mortgage professionals mostly agreed that the CFPB took a big step in the right direction. They were impressed by the Bureau?s willingness to address issues in the original wording of the rule and their enthusiasm for courting public feedback to fuel future changes.

Changes in Progress

Notably, in their 300-word proposal released in July, the CFPB sided with the National Association regarding closing disclosure (CD) forms. NAR argued that sharing between lender and real estate agent was common practice before TRID and nothing had happened to justify the new restrictions that went into effect on October 3, 2015.

The CD issue appears to be on its way to resolution, but widespread participation in the comment period is one way to ensure that happens.

What Lenders Need to Know

Lenders interested in offering their perspective on dealing with TRID over the past year, or on the recently proposed changes, the comment period only lasts until October 18, 2016.

If you would like to know more about the latest TILA-RESPA Integrated Disclosures proposal or how you can submit your feedback to the CFPB, you should visit the Federal Register website.