RSS feed for Items tagged 'Washington Report'

3% Cap Bill Introduced in the Senate

On Tuesday May 14, 2013 Senator Joe Manchin (D-WV) and Senator Mike Johanns (R-NE) introduced S. 949 "The Consumer Mortgage Choice Act" in the United States Senate. The legislation addresses discrimination in the calculation of fees and points under the 3% cap on fees and points in the Qualified Mortgage rules.

The legislation is a companion to H.R. 1077, introduced by Representative Bill Huizenga (R-MI) and David Scott (D-GA) in the House of Representatives this March. The legislation is critical, particularly to real estate firms with affiliates and small and mid size... Read More

Marketplace Fairness Act Coalition Letter

On March 18, 2013, NAR, in coalition with other industry groups, sent a letter to the Senate in support of a proposed amendment to the fiscal year 2014 Senate Budget Resolution which would implement S. 336, the Marketplace Fairness Act. This bipartisan bill, introduced by Senators Enzi (R-WY), Alexander (R-TN), Heitkamp (D-ND) and Durbin (D-IL), would assist states in collecting uncollected state sales and use taxes due on internet and other remote purchases. This will also level the playing field for traditional “brick-and-mortar” businesses which have faced an... Read More

Bipartisan Lead Paint Letter

Fifty-one bipartisan members of the U.S. House of Representatives sent a letter to Acting Administrator of the EPA Robert Perciasepe addressing the EPA’s recent proposed rule on lead paint in commercial buildings. In May 2010, the EPA issued the proposed rule titled “Lead: Renovation, Repair, and Painting (LRRP) Program for Public and Commercial Buildings.” The letter raises questions about the proposed rule, specifically whether or not the EPA has developed a rule to identify “dangerous levels of lead” in public and commercial buildings, what the... Read More

NAR President Testifies at Tax Reform Hearing

NAR President Gary Thomas testified at a hearing of the House Ways and Means Committee entitled “Tax Reform and Residential Real Estate.”

The purpose of the hearing was to consider how federal tax provisions, such as the mortgage interest deduction (MID) and the deduction for real property taxes, affect the housing sector and homeownership.

Gary Thomas’ oral testimony drove home three major points:

Realtors support maintaining the current law tax incentives for homeownership with no changes;
The major... Read More

Bill Could Extend Rural Housing Loan Access

Senators Johnson (D-SD) and Roberts (R-KS) introduced S. 766 to grandfather existing communities eligible for rural housing programs.

Under current law the Rural Housing Service (RHS) is required to evaluate all communities for eligibility following the 2010 census. This re-evaluation could make more than 900 communities ineligible for RHS programs. The definition of rural has not been updated since 1974. Communities and populations have changed in that time. Relying on a decades old definition is unrealistic and won’t meet the needs of rural... Read More

Senate Immigration Reform Bill Introduced

Immigration reform remains a top priority of the Administration and many in Congress. On April 16, 2013, a bipartisan group of 8 Senators introduced a comprehensive immigration reform bill, S. 744, The Border Security, Economic Opportunity, and Immigration Modernization Act. The Senate Judiciary Committee has begun a series of hearings on the measure. Although not certain, passage of a comprehensive reform package looks more promising than it has in many years.

While the bill is truly a comprehensive reform measure encompassing a broad array of issues, including border... Read More

HUD to Close Field Offices

The Department of Housing and Urban Development (HUD) plans to close sixteen field offices in Camden, NJ; Syracuse, NY; Orlando, FL; Tampa, FL; Springfield, IL; Cincinnati, OH; Flint, MI; Grand Rapids, MI; Shreveport, LA; Dallas, TX; Lubbock, TX; Tucson, AZ; Fresno, CA; Sacramento, CA; San Diego, CA; and Spokane, WA. HUD feels that it can close these small field offices without significantly impacting the delivery of services. HUD has used advances in technology to centralize the workload and reduce the need for staffing in these locations. The changes are expected to... Read More

Senators Urge EPA to Drop Waters Guidance

Thirty Republican senators are pressing the Obama administration to scrap its controversial guidance for clarifying convoluted oversight of wetlands and other water resources as U.S. EPA prepares to take up a rulemaking on the issue.

The Clean Water Act guidance, which would increase the number of waters, streams and wetlands under the jurisdiction of the 1972 law, has been stalled at the White House Office of Management and Budget for more than a year. The administration has indicated that it is currently weighing whether to issue interim guidance as it proceeds with the rulemaking... Read More

NAR President Testifies on FHA

NAR President Gary Thomas testified this week before the House Financial Services Subcommittee on Housing and Insurance about the importance of the FHA mortgage insurance program.

This was the fourth in a series of hearings being held by the Committee since FHA's 2013 actuarial report showed a negative net value of $13.48 billion. FHA has made significant changes to improve their financial standing, including raising premiums and lender enforcement.

NAR believes Congress can provide additional tools to FHA including program flexibility, increased risk... Read More

FHA Budget Requests Treasury Draw

The President's FY14 budget request was released last week. In it, FHA stated that it may need to draw $943 million from the Treasury in order to hold 30-years worth of reserves.

FHA currently has approximately $32 billion in cash available to pay claims, but is required by law to hold reserves sufficient to pay all estimated claims over 30 years. NAR remains confident that FHA has already taken many of the necessary steps to help stabilize the fund and rising home prices and continued market improvements should also help improve its future financial condition.... Read More

NAR Submits Comments on Impact of Student Loan Debt

On Apr. 8, 2013, NAR submitted comments on the impact that growing student debt will have on the ability of consumers to access mortgage credit, particularly first time homebuyers. NAR President Gary Thomas wrote that the changing regulatory landscape of mortgage finance will contribute to an already tight lending environment by imposing standards that are even more strict, largely from three related mortgage regulations:

Americans burdened with growing monthly debt payments will have restricted access to mortgage credit under the QM rule.
Consumers unable to... Read More

NAR Submits Letter on Lead Paint Proposal

NAR and its partners in the “Commercial Properties Coalition” recently submitted a comment letter to the EPA regarding consideration of a program regulating lead paint hazards arising from renovation and remodeling activities in public and commercial buildings. The letter was signed by 22 trade organizations whose members are involved in almost every facet of commercial and multifamily property development, ownership, management, contracting, and building product supply — including the major national real estate organizations — along with the U.S. Chamber of... Read More

Information Released on Flood Program Changes

On March 29, FEMA released information on changes to the policies and rates of the National Flood Insurance Program. Highlights of the changes, required under the Biggert-Waters Flood Insurance Reform Bill that passed in 2012, include revised premium rates, a new Reserve Fund assessment, updated rates for non-primary residences, exclusion of certain properties from receiving subsidized premium rates and no extensions of subsidy to new policies or lapsed policies.

NAR has been meeting with FEMA to express our concerns regarding the impact these new rates and premiums will have on... Read More

Indian Home Loan Guarantees Restarted

After a brief suspension of activity caused by HUD running out of funding for the program, the Section 184 Indian Home Loan Guarantee program was restarted on March 27, 2013. The program resumption was made possible by an appropriation of $12 million for the program made available in the stopgap funding measure that is funding the federal government until the September 30 end of the current fiscal year. In its announcement HUD said it would begin accepting new applications immediately and will begin issuing loan approvals “no later than April 15.”

FHA and Rural Housing... Read More

NAR Hosts E-Signature Summit

On March 21, NAR played host to a gathering of representatives of government, REALTORS®, major lenders and e-signature service providers to discuss the slow and spotty acceptance of electronic signature technology in daily real estate business. The E-SIGN Act of 2000, a federal law, established the legal equivalency of electronic signatures in commerce. Many federal agencies have moved to implement policies that utilize e-signatures, notably FHA in 2010. Nevertheless experience in real estate transactions remains inconsistent and even non-existent in many areas.

The three hour... Read More

USDA Releases Census Data Guidance

On March 27, 2013, the U. S. Department of Agriculture Office of Rural Development issued Administrative Notice (AN) 4711 regarding the use of 2010 Census data in the administration of direct loan, loan guarantee and grant programs across Rural Development programs. NAR successfully championed language in the FY 2013 Appropriations Act, which was signed by the President on March 26, 2013, to defer transition to the 2010 census information for Rural Housing Service (RHS) programs until the expiration of the Act on September 30, 2013.

The FY 2013 Appropriations Act did not extend the... Read More

Congress Grants Extension for Rural Communities

Last week Congress passed the Continuing Resolution, which funds the government for remainder of the fiscal year. Within that bill was an extension of the exiting rural housing definition, which will ensure that more than 900 communities continue to have access to rural housing programs. The United States Department of Agriculture (USDA) is required under federal law to revise the list of communities eligible for rural housing loans following each decennial census. However, following every census since 1980, Congress has grandfathered in existing communities. NAR... Read More

HUD Advises FHA Users of Possible Processing Delays

In an official letter to lenders, HUD Assistant Secretary and FHA Commissioner Carol Galante has advised of possible FHA mortgage processing delays due to the sequestration of 2013 funding which began March 1.

The delays would result from likely furloughs of federal workers resulting from roughly five percent cuts in agency budgets. It is estimated that FHA workers could be furloughed for several days between now and the end of the federal fiscal year on September 30. The... Read More

NAR Urges IRS to Recognize REALTORS® as Independent Contractors

On Friday, March 15, 2013, NAR submitted comments to the Internal Revenue Service in connection with proposed regulations published on January 2, 2013, interpreting the Shared Responsibility for Employers Regarding Health Coverage requirements of the Patient Protection and Affordable Care Act.

Among other things, the proposed regulations set out a definition of “employee” for purposes of determining when an employer is an “Applicable Large Employer” and is thus subject to certain requirements under the Act, including providing health insurance coverage... Read More

Fees and Points Bill Introduced

On Tuesday, March 12, 2013, Representatives Bill Huizenga (R-MI) and David Scott (D-GA) reintroduced the Consumer Mortgage Choice Act, H.R.1077. The legislation addresses the definition of fees and points in a mortgage transaction under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The definition is critical to determine whether a mortgage is a Qualified Mortgage (QM) which requires that fees and point not exceed 3%.

Currently the definition would make perhaps hundreds of thousands or more borrowers ineligible for a QM because the fees and points... Read More

H-2B Visa Program Hearing Held

On March 14, 2013, the Workforce Protections Subcommittee of the Education and Workforce Committee held a hearing on “Examining the Role of Lower-Skilled Guest Worker Programs in Today’s Economy,” which discussed H-2B visas. This visa program meets demands for lower-skilled jobs not filled by Americans by providing temporary visas for non-agricultural workers.

By providing workers for positions such as landscapers and lifeguards, who help communities operate and make them attractive to buyers, the program helps to support property values in resort and... Read More

NAR Urges Congress to Increase Multifamily Lending

As is required by law, the FHA recently alerted Congress that they have utilized 75% of their commitment authority for multifamily insured loans. Each year Congress sets a limit to how much insurance can be in force for different FHA programs. This limit is called the commitment authority. This is not appropriated money, just how much FHA can insure. FHA multifamily loans have become a critical part of the market, as private lenders have not yet returned to housing finance. In coalition with other industry groups, NAR urged Congress to raise the commitment... Read More

Coalition Submits Letter Requesting Sensible QRM Definition

On March 4, 2013, NAR, along with 50 other members of the Coalition For Sensible Housing Policy, submitted a letter to federal regulators asking that the standards used in the recently released Qualified Mortgage rule (QM) be used to define the Qualified Residential Mortgage (QRM). The Coalition believes that the QM definition provides strong underwriting, documentation and product standards that demonstrably lower the risk of defaults consistent with the statutory requirements for the QRM. The Coalition wrote that the QRM definition should not be more restrictive than QM, and... Read More

House Introduces Patent Abuse Legislation

On February 27, Reps. Peter A. DeFazio (D-Ore.) and Jason E. Chaffetz (R-Utah) introduced HR 845 Known as the SHEILD Act. This legislation is intended to reduce litigation by “patent trolls” by making them liable for alleged infringers' court costs and attorneys' fees if their patents are found invalid or not infringed.

As technology users, NAR and several of its members recently faced onerous patent infringement litigation over questionable patents dealing with location based search capabilities. These suits were brought by entities that could be considered... Read More

NAR President Testifies on FHA

NAR President Gary Thomas last week testified before the Senate Banking Committee on the importance of FHA in housing markets. In the testimony, Thomas explained that if FHA had not been providing insurance in the last 5 years, housing prices would have fallen another 25%.

Although FHA is fallen short on its required reserves, FHA has made significant changes to increase revenue and mitigate risks. Thomas cautioned about making arbitrary changes to FHA, such as further increasing costs to consumers or limiting the use of the program to certain types of buyers, only for... Read More

March 1 Arrives With No Sequester Solution; FHA and RHS Home Loans Could Be Slowed

The March 1 date for implementing across the board federal budget cuts arrived with no action to delay or forestall the cuts. The automatic reductions will affect most government programs and could result in periodic furloughs of government employees.

FHA acknowledges that “furlough days could impact endorsement/claim timeframes” for FHA loans. The underlying insurance funds, funded by premiums, will not be affected by the sequester and “. . . FHA loans will be supported.”

Any furloughs at the Department of Agriculture could... Read More

NAR Sends a Letter to Congress on Rural Housing Definition

NAR, with other industry groups, sent a letter to the Congressional leaders regarding the definition of "rural" for rural housing. The United States Department of Agriculture (USDA) is required under federal law to revise the list of communities eligible for rural housing loans based on the 2010 census data.

By that date, USDA will revert to using a definition not updated since 1974 which requires communities to: 1) be outside of a metropolitan statistical area (MSA), 2) be “rural in character”, 2) have a serious lack of mortgage credit, and 3) have... Read More

Bipartisan Housing Center Releases its Blueprint for America's Future Housing Finance System

On Monday, Feb. 25th, 2013, the Bipartisan Policy Center (BPC) Housing Commission released a report titled, "Housing America's Future: New Directions for National Policy". This product was the culmination of 16-months of research and study that was spearheaded co-chairs former U.S. Senator Christopher Bond, former Secretary of HUD Henry Cisneros, former U.S. Senator Mel Martinez, and former U.S. Senator George Mitchell.

The 17-member Commission was comprised of a group of housing experts that spanned the entire housing finance sector - from consumer groups to... Read More

NAR Urges CFPB to Fix Qualified Mortgage Cap on Fees and Points

On Friday, February 22, 2013, NAR submitted comments on the Ability to Repay/Qualified Mortgage (QM) concurrent proposal seeking guidance on the calculation of fees and points and other matters such as rural mortgage access and non-profit lending. NAR urged the CFPB to fix the cap on fees and points with regard to counting of originator compensation, GSE loan level price adjustments, and title insurance charges. NAR also urged the CFPB to address issues that would make it harder for rural lenders as well as non-profits such as Habitat for Humanity to serve the communities they... Read More

The Myth of the $30,000 National Flood Insurance Policy

Recently, the news media reported that national flood insurance rates could increase to $30,000 a year. According to FEMA, this estimate was taken out of context and not created by the office that sets rates. It was the worst-case hypothetical cost to insure ocean-front property built 6 feet below the tidal surge after the next Storm of the Century. The hope was to convince coastal communities to elevate future construction resulting from Superstorm Sandy. While it is true the law has changed and in general, flood insurance rates may go up, “$30,000” was... Read More

Interior Finalizes Plan for Species-Protection Backlog

The Fish and Wildlife Service has finalized its plan for tackling the backlog of species that warrant protection under the Endangered Species Act.

The agency has set rough target dates for potential listing decisions and critical habitat designations for hundreds of species, from the lesser prairie chicken and Sonoran Desert tortoise to the Pacific walrus.

The work plan lists which fiscal year the agency expects to review each species' status and, if protection is warranted, when it would take the next steps, such as final listing and critical habitat designation.

FHA Testifies Before House Committee

FHA Commissioner Carol Galante testified before the House Financial Services Committee last week. Her testimony focused on the critical role that FHA has been taking in the housing recovery. She also acknowledged FHA's financial woes, and explained the variety of things FHA has been doing to stabilize the Fund. In November, an independent actuarial projected the economic value of the FHA fund to be negative $16.3 billion. FHA is not bankrupt, and has more than $30 billion to pay claims on losses, but Congress requires them to hold a full 30 years-worth of reserves, and FHA does... Read More

Flood Insurance Update

On Jan. 1, 2013, the National Flood Insurance Program (NFIP) began phasing out the rate subsidies for the vast majority of older properties. The 2012 Biggert-Waters law (which extended the NFIP for 5 years) requires that subsidized rates increase in steps of 25% per year until the affected owners are paying the full cost for flood insurance. Passage of this law was essential to ensure that all properties, including second/vacation homes, would continue to have access to comprehensive coverage under the NFIP.

Some older property owners will spend more on flood insurance.... Read More

House Committee Begins Review of FHA

The House Financial Services Committee held the first in a series of hearings on the State of the FHA single-family mortgage insurance program. In November, an independent actuarial projected the economic value of the FHA fund to be negative $16.3 billion. FHA is not bankrupt, and has more than $30 billion to pay claims on losses, but Congress requires them to hold a full 30 years-worth of reserves, and FHA does not have that.

The first hearing focused on economists and academics, most of whom proposed dramatic changes to the FHA program - including increasing... Read More

NAR Supports Senators' Efforts to Help Homeowners Refinance Into Lower Interest Rates

On Thursday, Feb. 7th, The Responsible Homeowner Refinancing Act of 2013 was introduced by Senators Robert Menendez (D-NJ) and Barbara Boxer (D-CA) in an effort to remove the barriers preventing many Fannie Mae and Freddie Mac borrowers from refinancing their loans to the lowest rate possible. If passed, the legislation would direct the GSEs to require the same streamlined underwriting and associated representations and warranties under the Home Affordable Refinancing Program (HARP) to new servicers who now face stricter underwriting guidelines and fear greater risk from put-backs and loan... Read More

CFPB Finalizes Loan Originator Rules

On Jan. 20, 2013, The Consumer Financial Protection Bureau (CFPB) published a final rule on Loan Originator Compensation as part of implementation of the Dodd-Frank Act. The rule was designed to prevent abuses related to steering borrowers to loans with terms that are less advantageous than they could qualify for and specifically addresses seller financed transactions. In comments to the CFPB, NAR had requested broader exemptions for seller financing than what the statue and proposed rule had outlined. Though the CFPB’s final rule follows much of the statute, in... Read More

HUD Announces Changes to FHA

On Jan. 30, 2013, the Federal Housing Administration’s (FHA) Commissioner Carol Galante announced a series of changes to be issued this week that manage risk and further strengthen the heath of FHA’s Mutual Mortgage Insurance Fund (MMI Fund):

The Standard Fixed-Rate Home Equity Conversion Mortgage (HECM) and Saver Fixed R.ate HECM pricing options will be consolidated. This change will be effective for FHA case numbers assigned on or after April 1... Read More

NAR Launches Privacy Education Page

Your clients share a great deal of sensitive personal information with you—it is important to your business to properly protect that data and NAR has created resources to help.

Members can now access all of the resources NAR has developed on privacy and data security in one convenient location on Realtor.org. Here you will find step by step guides to help you inventory, secure and properly dispose of sensitive customer data. You will also find NAR’s Privacy and Data Security Toolkit which contains model privacy, data security and data... Read More

Justices Hear Oral Arguments in Property Rights Case

On Jan. 15, the U.S. Supreme Court heard oral arguments in Koontz v. St. Johns River Water Management District. This case addresses a Florida landowner's claim that he is owed compensation by a land-use agency after it declined to issue permits for a wetlands area he wanted to develop because he wouldn't agree to certain conditions. The case raises major questions about the right of government to impose conditions in return for permit approval. It hinges in part on whether Supreme Court precedents limiting the ability of government entities to place conditions on landowners... Read More

Final Rule on Appraisals for Higher Priced Mortgage Loans (HPML)

The Federal Reserve Board, along with five other federal regulatory agencies, issued a final rule to impose appraisal requirements for loans secured by a borrower’s home and bearing interest rates higher than the average prime offer rate (APOR) for comparable properties and mortgages. Certain HPML loans are exempt from this rule including: qualified mortgages, reverse mortgages, loans secured by new manufactured homes and by mobile homes, boats or trailers, new construction loans and bridge loans. The final rule is effective on Jan. 18, 2014.

All other... Read More

SBA Holds Roundtable on Process for Identifying Critical Habitat

On Aug. 24. 2012, the Fish and Wildlife Service and the National Marine Fisheries Service published a proposed rule to enact changes to the process for designating critical habitats for endangered species.

“Revisions to the Regulations for Impact Analysis of Critical Habitat,” calls for the agencies to publish their economic analysis simultaneously with any proposed rule designating critical habitat. In addition, FWS proposes several significant revisions to the process it uses to conduct economic impact analyses.

On Jan. 9, 2013, the SBA Office of Advocacy hosted... Read More

CFPB Releases Qualified Mortgage Rule

January 11, 2012: On Thursday, Jan. 10, 2013, NAR achieved a significant victory in obtaining a safe harbor in the QM rule for loans underwritten to the automated standards of the GSEs, FHA, VA, and RHS and within their respective loan limits for up to seven years and with regard to the GSEs, seven years or whenever they leave conservatorship. FHA, VA, and RHS may establish their own QM standard under Dodd-Frank and they will have seven years to do so if they so choose. Also, loans that do not have risky features and do not have a total debt to income of greater than 43 percent... Read More

Congress Approves Loan for Superstorm Sandy Flooding

On Jan. 4, 2013, Congress approved nearly a $10 Billion increase in the National Flood Insurance Program's (NFIP) borrowing authority for Superstorm Sandy (HR 41). This is a temporary measure necessary to ensure the continued payment of claims for NFIP legislative reform package passed last year to keep the program on a fiscally sensible path over the next five years.

Real Estate Provisions in the "Fiscal Cliff" Bill

On Jan. 1 both the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff.” The bill has been signed into law by the President. The measure permanently extends current income tax and capital gains rates for all taxpayers with taxable income up to $400,000 for individuals and $450,000 for couples.

The bill also extended several real estate related tax provisions, most notably, a one year extension to the end of 2013 of the Mortgage Debt Forgiveness Act that exempts loan amounts forgiven by lenders in short sales and foreclosures from being included... Read More

NAR Comments on FHA Interpretive Rule on Minimum Cash Investment Under the National Housing Act

On Dec. 28, 2012, NAR submitted comments to FHA on the interpretive rule regarding prohibited sources of minimum cash investment under the National Housing Act. NAR appreciates the clarification that funds provided directly by Federal, State, or local governments, in connection with their respective homeownership programs, can be used for the required 3.5% cash investment for single family mortgages insured by FHA. NAR requested similar clarification with regards to downpayment assistance for Employer Assisted Housing Programs (EAH), which can also offer valuable resources for... Read More

HUD Announces More Changes to FHA

In a letter to Senator Corker (R-TN) dated Dec.18, 2012, FHA announced additional changes to "rebuild the reserves of the Mutual Mortgage Insurance Fund." Last month, an independent actuarial audit of FHA showed the economic value of the Fund is negative $13.48 billion. This means that FHA needs an additional $13.48 billion to carry a full 30-years' worth of reserves on its mortgage insurance portfolio. The changes outlined in the letter include:

Raising DTI for borrowers with low credit scores. FHA will require borrowers with credit... Read More

NAR Comments on Gfee Increases

On Sept. 20, 2012, The Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs) proposed adjustments to the Guarantee fees charged by Fannie Mae and Freddie Mac for individual states where the GSEs estimated longer timelines and higher costs for completing foreclosures. These additional upfront fees amount to 15-30 basis points.

NAR expressed concerns that the approach is inconsistent with other federal foreclosure prevention efforts specifically at a time when mortgage servicers are improving performance and requests that the agency... Read More

NAR Submits Comments on FHFA Securitization Platform

Earlier this year, the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs) released a white paper on the creation of a common secondary market securitization platform to begin the process of GSE Reform. This infrastructure is being developed as part of FHFA’s strategic plan and includes the creation of a model pooling and servicing agreement that will dictate the responsibility of mortgage loan originators.

NAR submitted comments on Dec. 3, 2012 supporting a self-sufficient infrastructure whereby safe, sound, transparent,... Read More

FEMA To Release Streamlined Letter of Map Change Process

On Dec. 17, 2012, FEMA is launching the Online Letter of Map Change (LOMC) - a new way to submit a request to change a property’s flood zone designation. The new Online LOMC application allows anyone to electronically submit required documents and property information when they are requesting FEMA remove their property from a Special Flood Hazard Area (SFHA).

Starting December 17th, applicants can use this new website to request a Letter of Map Amendment (LOMA) instead of using the MT-EZ paper form. A LOMA is a letter from FEMA stating that an existing structure or parcel of... Read More

CFPB Follows NAR Advice on Consumer Testing of RESPA/TILA Forms

On Thursday, Dec. 13, 2012, The Consumer Financial Protection Bureau (CFPB) announced its proposed policy to allow companies to test new consumer disclosures on a case-by-case basis. As part of its Project Catalyst initiative, the Bureau’s goal is to encourage banks, credit unions, and other financial services companies to propose and conduct trial disclosure programs by offering them waivers in exchange for the valuable feedback they provide. NAR in its meetings and through its comments strongly advocated further testing and refinement of proposed RESPA/... Read More

Senate Banking Committee Holds Hearing on FHA Audit

Last week, the Senate Banking Committee held a hearing entitled, "Oversight of FHA: Examining HUD's Response to Fiscal Challenges". The hearing examined the recent actuarial report which projected FHA to have a negative capital reserve ratio of 1.44%. By law, FHA is required to keep 2% capital reserves. They currently need an addition $13.47 billion in order to make these reserves. FHA has announced several changes to try and raise revenue. Several Senators expressed frustration with FHA's processes - saying they should have done more,... Read More

NAR Urges Passage of the Small Business Lending Enhancement Act of 2012 and the Responsible Homeowner Refinancing Act of 2012

On December 6, NAR, in coalition with the National Association of Home Builders, sent a letter to the United States Senate urging swift passage of S. 2231, the “Small Business Lending Enhancement Act of 2012,” sponsored by Senator Udall (D-CO) and S. 3522, the “Responsible Homeowner Refinancing Act of 2012,” introduced by Senators Menendez (D-NJ) and Boxer (D-CA). S. 2231 increases the cap on member business lending (MBL) from 12.25% to 27.5% of total assets for well-capitalized credit unions, and will create a new source of capital to refinance commercial... Read More

House of Representatives Holds a Joint Hearing on Basel III Capital Standards

On Nov. 29, 2012, the House Subcommittee on Financial Institutions and Consumer Credit and the House Subcommittee on Insurance, Housing and Community Opportunity held a joint subcommittee hearing on “Examining the Impact of the Proposed Rules to Implement Basel III Capital Standards.” NAR supports strong capital requirements for the global banking system, but has concerns that the proposed Basel III capital rules will have a detrimental effect on the accessibility and affordability... Read More

NAR Supports the Commercial Building Modernization Act

On December 3, NAR in coalition with other industry partners, sent a letter to the Senate Committee on Finance and the Senate Committee on Energy & Natural Resources in support of S. 3591, the Commercial Building Modernization Act (CBMA). This act, introduced by Senators Snowe (R-ME), Bingaman (D-NM), Feinstein (D-CA) and Cardin (D-MD), extends and enhances the tax deduction for energy efficient commercial and multifamily buildings at Section 179D of the Internal Revenue Code. Specifically, the CBMA improves Section 179D’s effectiveness in promoting energy efficiency... Read More

FTC Warns On Deceptive Mortgage Ads

The Federal Trade Commission (FTC) has issued warning letters to 20 companies, including real estate agents, home builders and lead generators, about possible violations of the Mortgage Acts and Practices Advertising (MAP) Rule. The letters do not trigger actual enforcement action but rather warn the recipients to insure that their advertising is in compliance with the law and the Rule.

The Rule, which took effect in August of 2011, bans material misrepresentations in advertising or any other commercial communications about consumer mortgages. The FTC has also created... Read More

FHA Temporary Waiver of Regulation on Property Flipping

On Nov. 29, 2012, FHA announced that it is extending the availability of the temporary waiver of its regulation 24 CFR 203.37a(b)(2) that prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition.   This waiver, which was first issued in January 2010, has been extended for an additional two years to Dec. 31, 2014. FHA hopes this waiver will encourage investors to renovate foreclosed and abandoned homes to increase the availability of affordable homes and stabilize communities that... Read More

FHA FY 12 Audit Published

On Friday, Nov. 16, FHA released their Annual Report to Congress and the Actuarial Review of the 2012 Financial Status of the FHA Mutual Mortgage Insurance Fund. The Review shows that the reserve ratio has fallen to negative 1.44 percent. This reserve is required to be at or above 2 percent. However, FHA is not bankrupt. FHA's current cash reserves total $25.57 billion. However, FHA does not currently have 30 years’ worth of reserves, as is required by statute. The cause for the decline rests in three major areas:

higher than... Read More

NAR Comments on CFPB RESPA/TILA Proposal

On Monday, Nov. 5, 2012, NAR submitted comments to the Consumer Financial Protection Bureau (CFPB) on the 1100 page RESPA/TILA harmonization regulatory proposal. NAR reiterated that the CFPB should not fundamentally change the closing/settlement process and instead should focus on perfecting the combined Truth in Lending disclosure and Good Faith Estimate. NAR also suggested minor changes to the settlement statement to better disclose costs associated with appraisals. NAR warned that wholesale changes would impose significant costs on consumers and settlement service... Read More

Comment Period Extended on Joint ESA Proposal

The U.S. Fish and Wildlife Service and the National Marine Fisheries Service (NOAA Fisheries) have reopened the public comment period on a joint proposal to simplify the process of identifying habitat essential to the survival and recovery of species protected by the Endangered Species Act (ESA).

The joint proposal would amend the ESA’s implementing regulations to require release of preliminary estimates of the economic impacts of any proposal to specify particular habitat areas at the same time as the habitat proposals themselves are released for public review and comment.... Read More

NAR Comments on CFPB's Five Year Plan

On Wednesday, Oct. 24, 2012, NAR submitted comments to the Consumer Financial Protection Bureau (CFPB) on the CFPB's strategic plan for the next five years. NAR urged the CFPB to proceed cautiously as it promulgates and implements numerous regulations affecting housing and housing finance.

NAR urged the CFPB to consider the impacts to consumers and industry of each regulation, reminding them that burdensome and costly regulations could reduce consumer access to credit or make it much more expensive. Finally, NAR urged the CFPB to sequence the release... Read More

NAR Submits Basel III Comments

On Oct. 22, 2012, NAR filed individual and joint comments on proposed banking capital standards and risk weighting proposals as part of the Basel III rulemaking by the Federal Reserve, OCC, and FDIC. Basel III refers to an international agreement that updates capital and liquidity requirements for banks. The regulations are being put into place to improve the stability of the global banking system, but will likely have a significant effect on the availability and cost of... Read More

CFPB Announces Acceptance of Consumer Complaints on Credit Reporting

On Oct. 22, 2012, The Consumer Financial Protection Bureau (CFPB) announced that it would begin accepting consumer complaints about credit reporting agencies and individual credit report problems. The CFPB indicated that it would assist consumer with complaints on issues such as:

Incorrect information on a credit report,

A consumer reporting agency’s investigation,

Improper use of a credit report,

Being unable to get a copy of a credit score or file, and

Problems with credit monitoring or identify protection... Read More

VA Reaches 20 Million Loans

Last week, the Department of Veterans Affairs celebrated their 20 millionth loan under the loan guaranty program. The VA loan guaranty, which began in 1944 under the GI bill, provides veterans with a zero-downpayment loan. VA loans have one of the lowest default rates, and provide affordable financing to our nation's military families.

The recipient of the 20 millionth loan was Elizabeth Carpenter and her son Joey. Elizabeth's husband, Captain Matthew Carpenter was a West Point Graduate and a veteran of the Iraq war. He died of cancer in... Read More

NAR Participates in National Association of Home Builders 5th Appraisal Summit

George S. Wonica, a broker/appraiser/manager for Wonica Realtors & Appraisers in Staten Island, participated in the National Association of Home Builders (NAHB) Residential Real Estate Appraisal Summit on Oct. 24, 2012. He is a member of the Staten Island Board of Realtors and the New York Association of Realtors, as well as a member of the NAR® Real Property Valuation Committee and Land Use Committee.

Mr. Wonica contributed to the discussion on appraisals, specifically highlighting appraiser geographic competency as a concern of many realtors and appraisers... Read More

NAR Submits Comments on CFPB's Proposed Seller Financing Rules

On Oct. 15, 2012, NAR President Moe Veissi submitted comments to the Consumer Financial Protection Bureau (CFPB) on its Loan Originator proposed rule. NAR's comments reflect continued requests that the CFPB align rules pertaining to seller financing including standardization of definitions in the Qualified Mortgage (QM) rule, and an additional exemption for individuals providing seller financing who are exempt from licensing under the SAFE Act (which lets state decide who should be... Read More

National Research Council Releases Study on Disaster Resiliency

The National Research Council (NRC), a branch of the National Academies of Science, recently released its report Disaster Resiliency: A National Imperative. Among the recommendations in its report, the NRC suggests investment in risk reduction through insurance and other financial instruments that enhance resilience by encouraging mitigation of properties and infrastructure.

More specifically, the report recommends multi-year insurance policies tied to the property with premiums reflecting risk. Risk-based pricing can serve as an incentive that clearly communicates to those in... Read More

Fannie Mae Updates Online Offers System, Offer Process

In response to requests from listing brokers and the real estate professional community, Fannie Mae has made several enhancements to its REO offer process to make it easier to do business with them. These latest enhancements will allow:

Buyer's agents to complete the required HomePath offer documentation online. When placing offers, many real estate professionals use online forms libraries, available through their MLS or association, to access forms such as the state or local sales contract. Fannie Mae is working with these forms... Read More

Funding Flowing for Rural Housing Loans

Since Congress did not pass a FY2013 budget, and instead the government is working under a Continuing Resolution, funding for some programs has been slow. The Rural Housing Service (RHS) has been experiencing a number of slow downs and delays in closing due to funding. But RHS has now announced that funding for FY13 is now available, so all loans should move forward.

This is a different issue than the rural housing definition change. NAR continues to work to ensure that rural communities don't lose these valuable programs.    We encourage all... Read More

Treasury Department Holding Short Sale Workshop in Orlando

On Nov. 2, 2012, The Treasury Department, in collaboration with the National Association of REALTORS®, will hold Making Home Affordable “Help for Homeowners” outreach events in Orlando, Fla. These events will include sessions for real estate agents wanting to learn more about the Treasury Department’s Home Affordable Foreclosure Alternatives (HAFA) program by providing a live opportunity for seasoned real estate professionals and expert housing counselors to learn even more about short sales as a foreclosure prevention strategy.

Hear directly from Bank of... Read More

NAR Submits Comments on CFPB's Proposed Mortgage Servicing Rules

On Oct. 8, 2012, NAR President Moe Veissi submitted comments to the Consumer Financial Protection Bureau (CFPB) on proposed rules for national servicing standards to make improvements to mortgage servicing. NAR generally supported the proposed improvements to mortgage servicing, particularly those proposals addressing early intervention and single point of contact for delinquent borrowers.

The CFPB formally proposed the rules governing mortgage servicing after receiving feedback from NAR and other groups in April. NAR's comments commend the efforts of the CFPB... Read More

California Utilities Announce Innovative Financing For Energy Efficiency Retrofits

Recently, several California investor-owned utilities announced the development of an On-Bill Repayment (OBR) program using third-party capital to finance energy efficiency retrofits in commercial properties. Property owners would be able to access low-cost capital to finance upgrades and repay the investment through their utility bill. The OBR program will contain three essential design elements:

The obligation will ‘run with the meter’ upon change in ownership or occupancy including via foreclosure. This both improves the credit quality of the obligation... Read More

Reprieve for Rural Communities

More than 900 communities nationwide will not lose access to rural housing programs this fall, as expected.

On Sept. 25, the Office of Rural Development of the Department of Agriculture published an Administrative Notice delaying implementation of 2010 Census data for use in their programs through March 27, 2013. The programs of the Rural Housing Service (RHS) provide access to safe, affordable mortgage financing for lower-income rural families.

Without Congressional intervention, RHS was on the brink of reverting to a definition of “rural” that has not been... Read More

NAR Urges Federal Reserve to Improve Access to Mortgage Credit

On Monday, Sept. 17, 2012, NAR President Moe Veissi wrote to Federal Reserve Chairman Ben Bernanke regarding tight access to mortgage credit.

The letter was in response to the Fed's announcement of another round of quantitative easing commonly referred to as "QE3." The Fed announced that it would begin buying up to $40 billion a month in mortgage backed securities to reduce mortgage interest rates. President Veissi acknowledged the Fed's effort to target the housing economy. However, as the Fed Chairman himself has... Read More

Taking Mortgages Through Eminent Domain: Not the Solution to the Housing Crisis

NAR attended a recent symposium in Washington, D.C., sponsored by the Mortgage Bankers Association that highlighted the many concerns and questions regarding a new proposal being considered by several local governments across the country to seize mortgages by using their eminent domain authority. In particular, the proposal is moving forward in San Bernadino, Calif.

Alfred Pollard, general counsel for the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, expressed reservations about the proposal and said that using eminent domain to seize mortgages, as... Read More

FHFA Sends Notice of G-fee Increases for 5 States

On Sept. 20, 2012, the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs)) sent a notice to the Federal Register announcing a revised approach to guarantee fee (g-fees) charges.

Under the new approach, higher g-fees would be charged in states that FHFA has determined have exceptionally high foreclosure costs.

In the notice, FHFA identified five states that would be immediately affected: Illinois, Florida, Connecticut, New Jersey, and New York. Additionally, FHFA stated that the approach could be modified to take into... Read More

Fannie Mae Expands Investor Financing Options

Fannie Mae recently announced expansion of it's Homepath Mortgage product that provides home buyers and investors financing for the purchase of Fannie Mae-owned properties.

The new product will allow eligible individual and LLC borrowers to finance up to 20 properties using the Homepath Mortgage. NAR has long called for expansion of financing opportunities for investors as a way to increase the absorbtion of REO properties. Fannie Mae will offer flexible lending terms and will not require appraisals of the properties.

Visit ... Read More

House Passes FHA Bill

Last week the House passed H.R. 4264, the "FHA Emergency Fiscal Solvency Act of 2012" by a vote of 402-7. In February, FHA revealed that they were projecting a fiscal loss for this year. Through raising premiums and a financial settlement with mortgage lenders, FHA was able to avoid needing taxpayer dollars to keep the fund solvent.

HR 4264, introduced by Rep. Biggert (R-IL), strengthens FHA's financial solvency by barring unscrupulous lenders from participating in the program; allows FHA to collect losses from lenders who made material errors in... Read More

FHA Issues Modest Changes to Condo Rules

On Thursday, Sept. 13, 2012, the Federal Housing Administration (FHA) issued a mortgagee letter announcing modest improvements to the treatment of condos under the FHA program.

FHA expanded the ability to use FHA mortgages in mixed-use projects and loosened some of the requirements for investor owners and delinquent HOA dues, among other changes. The measure is viewed as a small step in the right direction but far from achieving closer parity with the treatment of single family homes. Condos are an important entry point to homeownership for millions of Americans.

... Read More

NAR Testifies on Terrorism Insurance Coverage

On Sept. 11, 2012, Linda St. Peter, Operations Manager for Prudential Connecticut Realty in Wallingford, Conn., testified on behalf of NAR at the House Financial Services Subcommittee on Insurance, Housing, and Community Opportunity hearing on “TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program.” In her testimony, Ms. St. Peter urged Congress to extend the Terrorism Risk Insurance Act (TRIA) beyond its current December 2014 authorization to ensure that adequate insurance coverage is available for our nation’s businesses.

Following the Sept... Read More

EB-5 Visa Bill Headed to the President

Last week the House passed S. 3245, sponsored by Senators Leahy (D-VT) and Grassley (R-IA), which re-authorizes the EB-5 regional center program. This NAR-supported bill had previously passed the Senate.

Regional Centers help identify American business needs in the community and help direct investor funds to those projects. In return for investing and creating American jobs, these investors earn visas to live in the United States.

Regional Centers began as a pilot program in 1992, but have been extended several times. Current authority is set to expire on Sept. 30... Read More

NAR Urges Enhancements to VA Home Loan Guaranty Program

Last week the House Financial Services Insurance and Housing Subcommittee held a hearing entitled "Housing for Heroes: Examining How Federal Programs Can Better Serve Veterans." While the hearing focused on homeless programs for veterans, NAR took this opportunity to highlight the importance of the VA Home Loan Guaranty program and several enhancements that could make the program even more valuable to our American servicemen and women.

In a letter to the Subcommittee that was made part of the hearing record, NAR urged changes to the loan program that will allow... Read More

EPA Delays Proposed Lead Paint Rulemaking for Three Years

EPA has further delayed its plans to propose and then finalize a Lead Renovation Repair and Painting (LRRP) rule for potential lead-based paint hazards in commercial and public buildings.

NAR's efforts thus far, through letters to EPA and oversight from the Hill, have resulted in a significant delay in EPA’s issuance of new regulations -- particularly because NAR has stressed the point that the agency lacks data on the nature and extent of lead-based paint hazards unique to commercial buildings. EPA had been under a deadline to issue a proposed LRRP rule for exterior... Read More

NAR Signs Onto Lease Accounting Coalition Letter

On Sept. 10, 2012, NAR and a coalition of business organizations wrote to the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), urging them to fundamentally rethink their lease accounting project. Among other things, the letter raised serious concerns about the objective of the lease accounting project and whether investors will receive any additional decision-useful information under the new proposed standard.

Under the boards’ most recent lease proposal, businesses would be required to capitalize over $1.1 trillion in... Read More

Members of Congress Concerned About Rural Housing

Last week 100 bipartisan Members of Congress wrote to House Leadership urging them to extend rural housing programs. On Oct. 1, more than 900 rural communities will find themselves ineligible for federal rural housing programs due to 2010 census data. The Rural Housing Service is still relying on a definition of rural that was created in 1974.

Programs like the 502 single family loan guarantee program provide lower-income families in rural areas unique access to mortgage credit. These loans are funded by private lenders, and simply insured by the RHS. This program is... Read More

CFPB Names Real Estate Professional Gary Acosta to Consumer Advisory Board

On Sept. 12, 2012, the Consumer Financial Protection Bureau (CFPB) revealed its 25 member Consumer Advisory Board, which will provide advice to CFPB leadership on a broad range of consumer financial issues and emerging market trends. Among its diverse members is Gary Acosta, the co-founder of the National Association of Hispanic Real Estate Professionals (NAHREP).

NAR is pleased the CFPB chose a real estate professional as a member of the board. Real estate professionals are perfectly positioned to provide meaningful advice to the CPFB on the effects of its policies on... Read More

Analysis: Federal Regulations Have Significant Negative Economic Impact

According to a macro-economic analysis commissioned by the Manufacturers Alliance for Productivity and Innovation (MAPI), federal regulations have a significant and adverse impact on the American economy. The study examined the qualitative and quantitative impact of major federal regulations on the U.S. economy in general and the manufacturing sector in particular.

The study focused on five types of regulation that have the most significant impact on the manufacturing sector: financial, labor, energy, environmental, and transportation. The study analyzed over 30 years of all... Read More

FTC Issues Guidance for Mobile Apps on Privacy and Truth-in-Advertising Laws

On Sept. 5, 2012, the Federal Trade Commission (FTC) released non-binding guidance for mobile app developers intended to help them navigate privacy and truth-in-advertising principles as they develop and market apps. The guidance provides an overview of existing laws and FTC policy, and includes a number of “general guidelines” that mobile app developers should consider:

Tell the Truth About What Your App Can Do.

Disclose Key Information Clearly and Conspicuously.

Build Privacy Considerations in From the Start.

Offer... Read More

NAR Reviews Reforms Proposed to Critical Habitat Designations

The U.S. Fish and Wildlife Service (FWS) and the National Marine Fisheries Service (NMFS) have proposed changes to the role and timing of economic impact analyses during the process of designating critical habitat for an endangered species. According to the notice, these changes will improve transparency and accountability during this process.

One of the key elements of protecting endangered species is protecting the habitats where these species live. However, designating vast swaths of land as critical habitat may have unintended economic impacts on adjacent... Read More

NAR Comments on RESPA/TILA Proposal to Change APR

On Friday, Aug. 31, 2012, NAR submitted comments to the Consumer Financial Protection Bureau (CFPB) on a small part of the 1,100 page RESPA/TILA harmonization regulatory proposal seeking to change the annual percentage rate or APR calculation. While most of the comments for the regulatory proposal are due in November, this section is due Sept. 7.

NAR advised the CFPB to abandon efforts to create an "all in" APR and focus their efforts on improving the new combined RESPA/TILA loan estimate that replaces the good faith estimate and the truth in lending... Read More

FHFA Announces New Short Sale Guidance

On August 21, 2012, the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac), announced that Fannie Mae and Freddie Mac would be issuing new guidelines to enhance and streamline the short sale process.

Servicers of Fannie and Freddie loans will be allowed to approve short sales for borrowers with severe financial hardship with limited documentation, provide borrowers who are current on their loan the option for a short sale if they face a financial hardship such as divorce, long distance employment transfer, or a severe disability, and provide... Read More

CFPB Issues Proposed Rule on Mortgage Servicing

On Aug. 10, 2012, the Consumer Finance Protection Bureau (CFPB) issued a proposed rule covering a number of mortgage servicing topics.

The proposed rule covers several servicing areas including monthly disclosures to borrowers about their mortgage status, warnings on interest rates increases, and requirements on providing borrowers with information and options to avoid foreclosure in early delinquency stages.

On July 9, NAR submitted comment to the CFPB on its outline of proposals for future mortgage servicing rulemaking. NAR supported the CFPB’s proposals... Read More

Government Extends Period to Request Review of Foreclosure Handling to Dec. 31, 2012

Borrowers who faced foreclosure in 2009 or 2010 may be eligible for a free independent review of their foreclosures and they now have until Dec. 31, 2012, to make a request for that review.

The reviews which were ordered by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve in April of 2011 cover foreclosures handled by most major loan servicers. They are intended to determine whether borrowers suffered financial injury due to improper handling of the foreclosure action and, if so, how much compensation should be paid.

OCC has mailed 4 million... Read More

New Rules Proposed for Higher-Risk Mortgages

The Federal Reserve Board has joined with five other federal regulatory agencies in proposing a new rule to impose appraisal requirements for loans secured by a borrower’s home and bearing interest rates higher than the average prime offer rate (APOR) for comparable properties and mortgages.

Higher-risk loans will now require creditors to use a licensed or certified appraiser who prepares a complete report on physical inspection of the property. Applicants for a loan must be furnished a free copy of any appraisal. In an effort to prevent fraudulent property... Read More

Coalition Urges Passage of Foreign Investment Bill

NAR championed a coalition letter to House Leadership and the House Judiciary Committee urging support for Senate legislation reauthorizing the EB-5 regional center program.

In July, the Senate passed S. 3245, sponsored by Senators Leahy (D-VT) and Grassley (R-IA), which reauthorizes the EB-5 regional center program. Regional Centers help identify American business needs in the community and help direct investor funds to those projects. In return for investing and creating American jobs, these investors earn visas to live in the United States.

Regional... Read More

CFPB Issues HOEPA Rule Proposal for High Cost Loans

On Aug. 15, 2012, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a proposal to implement new Home Ownership and Equity Protection Act (HOEPA) rules that expand the coverage of this statute and tightens the limits of what is considered a high cost loan.

The mandate for these changes the Dodd-Frank Wall Street Reform and Consumer Protection Act. This is one of many important rules since most lenders avoid the potential legal liabilities associated with HOEPA loans. In the last year for which there is data, fewer than 6000 HOEPA... Read More

Some Local Governments Looking to Eminent Domain to Solve Mortgage Crises

Municipalities across the country have seized on a novel approach to help resolve the current underwater mortgage crisis: using their power of eminent domain to seize mortgage loans from private investors through condemnation.

For example, San Bernadino County, Calif., is considering using private capital to take current and underwater mortgages for air market value, write down the principal and then refinance them into a Federal Housing Administration loan. The well-established power of eminent domain has traditionally been applied more narrowly to claim property for new... Read More

Guaranteed Loan Program for Rural Areas Issues Loan Processing Advisory

The U.S. Department of Agriculture’s Single Family Housing Guaranteed Loan Program has issued an advisory for lenders that will also be of interest to Realtors with buyers and sellers over the next several weeks.

The advisory recommends that you be alert as to the processing times for loan guarantees, times that can vary widely by state. The advisory includes a link to state contacts who can provide the current average processing time for loan... Read More

FHFA Raises Concerns Over Eminent Domain Proposal

On Aug. 8, FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs), sent a notice to the Federal Register announcing the acceptance of public comments on the restructure of performing loans through the use of eminent domain.

Under a proposal in San Bernardino County, Calif., the local government would purchase performing mortgages that are underwater out of private label securities at a discounted value from the investors, in order to modify the loan terms. FHFA expressed concerns about the use of eminent domain for this purpose and indicated that the GSEs and the... Read More

Extension of Mortgage Cancellation Relief Goes Forward

The Senate Finance Committee has crafted and sent to the full Senate a package that would extend the mortgage relief provision for an additional year, through Dec. 31, 2013.

The Senate was unable to act on the bill before adjourning for its August break and the party conventions. The Senate reconvenes on Sept. 10. Chairman Baucus (D-MT) had expressed a wish to finish this package before the election in order to provide certainty about the extension (or not) of more than 50 provisions. Nonetheless, it is not known if the package would also be considered in the House before the... Read More

Senate Passes Foreign Investment Bill

Last week the Senate passed S. 3245, sponsored by Senators Leahy (D-VT) and Grassley (R-IA), reauthorizing the EB-5 Regional Center program for three years. EB-5 regional centers allow foreign investors to channel investment funds into American businesses and developments.

Regional Centers, approved by the U.S. Citizenship and Immigration Service, identify businesses and development opportunities that meet the community's needs. In return for investing and creating American jobs, these investors earn visas to live in the United States. Regional Centers... Read More

Coalition Urges Extension of Rural Housing Programs

On Sept. 30, more than 900 communities who currently are eligible for housing programs under the Rural Housing Service in the Department of Agriculture become ineligible. On Oct. 1, the definition of rural will revert to the original 1974 definition which is very restrictive and has not been updated to account for changing demographics.

The Senate has included a provision to grandfather all existing communities through the next census in their version of the Farm Bill. The House has yet to debate the Farm bill on the floor, and to date there is no provision in the House... Read More

Senate Committee Conducts Hearing on Section 8 Reform

Last week the Senate Banking Committee convened a hearing on "Streamlining and Strengthening HUD’s Rental Housing Assistance Programs." The hearing focused on reform to the Section 8 voucher program, which provides low income families with rental housing assistance. NAR supports the legislation that passed the House Financial Services Committee in the Spring.

This bill seeks to reduce taxpayer costs within the Department of... Read More

New Summary Explains the 3.8% Tax

NAR has prepared a new guide, Top 10 Things You Should Know about the 3.8% Tax.

The tax is NOT a transfer tax on real estate sales and similar transactions. Not long after the tax was enacted, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian than the actual provisions.

The new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal... Read More

VA Loan Limits Reinstated, VA ARMs Made Permanent

As of the week of Aug. 6, President Obama is expected to soon sign a bill that will reinstate the higher VA loan limits and will make the VA ARM programs permanent. Both the House and Senate passed the "Honoring America's Veterans and Caring for Camp Lejeune Families Act of 2012".

Among other things, this bill will restore the higher loan limits for VA guaranteed loans through 2014 (these limits had expired at the end of last year). In addition, the bill will make the current ARM programs under VA permanent.

Adjustable Rate Mortgages (ARMs) are... Read More

U.S. House Passes RESPA Home Warranty Clarification Act of 2011

On Wednesday, Aug. 1, 2012, the U.S. House of Representatives passed "The RESPA Home Warranty Clarification Act of 2011" (H.R. 2446) by voice vote. The bipartisan legislation sponsored by Representatives Judy Biggert (R-IL) and William "Lacy" Clay (D-MO) is designed to counter an erroneous Department of Housing and Urban Development interpretive rule that reversed decades of common understanding of RESPA.

Real estate professional and home warranty companies routinely partner to provide home warranties to consumers. For nearly two decades, the industry was led to... Read More

Top 10 Things You Need to Know About the 3.8% Tax

Learn the most important takeaways for REALTORS® when it comes to the 3.8% tax that's part of health care reform:

When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a joint tax return), you will not be subject to this tax.

The 3.8% tax will never be collected as a transfer tax on real estate of any type, so you’ll never pay this tax at the time that you purchase a home or other investment property.

You’ll never pay this tax at... Read More

NAR Submits Comments on FHFA’s Proposed Affordable Housing Goals

On July 26, 2012, NAR President Moe Veissi submitted comments to the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac, the GSEs) on the proposed GSE affordable housing goals for 2012-2014.

In the comments, NAR recommends that FHFA reconsider the extent to which it is necessary to reduce the goals from the 2010-2011 levels. Specifically, NAR believes the housing market recovery is stronger than data FHFA relies upon, and recommends that FHFA reconsider the proposal to lower the single family housing goals and reassess the other goals as well. NAR... Read More

NAR Submits Comments on Proposed Basel III Rules

On July 26, 2012, a coalition of organizations, including NAR, submitted comments to regulators regarding the proposed Basel III capital rules. The letter asks regulators to extend the comment period from 90 to 150 days and requests them to study Basel III's potential impact on real estate. Comments on the proposed rules are currently due by Sept. 7, 2012.

On June 12, 2012, the Federal Reserve, OCC and FDIC proposed regulations implementing the Basel III capital accords. Basel III is an international agreement that updates capital and liquidity requirements for banks... Read More

FHA Announces Distressed Sale Asset Program

The week of July 16, 2012, the Federal Housing Administration (FHA) announced the expansion of the Distressed Asset Sale Program (DASP).

This program is not quite the same bulk sale program being offered by the Federal Housing Finance Agency (... Read More

NAR Submits Comments on Mortgage Servicing Proposals

On July 9, 2012, NAR President Moe Veissi submitted comment to the Consumer Financial Protection Bureau (CFPB) on its outline of proposals for future mortgage servicing rulemaking.

NAR supported the CFPB’s proposals for requiring early intervention by servicers to help delinquent borrowers, the development of a single point of contact for borrowers requesting a loan modification or short sale, and firm deadlines for accurate payoff balance information. Additionally, NAR requested that the CFPB reconsider a proposal that would require servicers to contact delinquent borrowers... Read More

EPA Pushes Back Deadline for Lead Paint Proposed Rulemaking

Under a settlement agreement between the EPA and various public interest groups, the EPA is required to develop regulations that establish lead safe work practices for renovation, repair and painting (RRP) activities for commercial and public buildings.

Under the original agreement, a proposed RRP rule for the exterior of commercial and public buildings was due on Dec. 15, 2011. This date has been pushed back twice so far, most recently to Sept. 15, 2012. A final rule is due on July 15, 2013, although the delays in issuing the proposed rule will no doubt delay... Read More

Consumer Financial Protection Bureau Issues 1,100 Page RESPA/TILA Proposal

On Monday, July 9, 2012, The Consumer Financial Protection Bureau (CFPB) issued the long awaited RESPA/TILA harmonization proposal. The proposal, at 1,100 pages is far more ambitious than simplifying and combining the Good Faith Estimate (GFE) and Truth in Lending (TIL) disclosures given to consumers upon application for a mortgage as NAR advocated.

The proposal contains many significant changes to the settlement process including combining the HUD-1 Settlement Statement and the final TIL into a single document to be provided by an undetermined party three days before closing. While... Read More

House Committee Discusses Rural Housing Provision

Due to the 2010 census, many communities are losing eligibility for rural housing programs because their populations have grown. Congress set the definition of "rural" in 1974, and it has not been updated.

Last week the House Agriculture Committee considered the 2012 Farm Bill. A similar bill passed the Senate last month, and included a provision to grandfather existing communities elibigle for rural housing programs. Rep. Fortenberry (R-NE) offered an amendment in the House markup to grandfather existing rural housing communities.

However the amendment had... Read More

NAR Comments on QM Definition and Legal Standards

On Monday, July 9, 2012, NAR joined the Consumer Mortgage Banking Project (CMBP) in responding to the Consumer Financial Protection Bureau (CFPB) request for additional information and data in developing the Qualified Mortgage (QM) test.

If a lender meets the test and makes a QM, they will receive yet to be determined legal protections if a borrrower challenges whether they met the ability to repay requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. NAR and CMBP provided extensive analysis with regard to Debt to Income ratios and their value or lack... Read More

NAR Participates in DOE Home Energy Score Conference

NAR participated in a recent Department of Energy Conference on the roll-out and implementation of a voluntary home energy score program. The Home Energy Score allows a homeowner to evaluate how energy efficient their home is and cost effective ways to save energy.

While NAR supports voluntary, incentive-based programs that encourage owners to make their homes more energy efficient, members do have concerns regarding the accuracy and stigmatizing effect of energy scores and labels, and ensuring that a voluntary program does not become mandatory, especially at time of purchase.... Read More

FHFA Selects Bidders for Fannie Mae REO Pilot Program

On July 3, the Federal Housing Finance Agency (FHFA) announced that it had made selections of bidders in the first pilot program under its REO to Rental initiative.

The pilot made offerings totaling 2,500 Fannie Mae owned homes in eight locations for investors to bid on with the understanding that homes would be maintained for rental for a period of time. Final announcement of the winning bids will be made when transactions are ready to close, expected in the next several weeks.

NAR continues to... Read More

Congress Reauthorizes Flood Insurance for 5 Years

On June 29, 2012, the Senate and House passed the Flood Insurance Reform Act as a part of H.R. 4348, the Surface Transportation Conference Report. President Obama will sign the measure into law in a few days. This is the culmination of a successful multi-year REALTOR campaign and a final push at NAR's Midyear Legislative Meetings & Trade Expo in May 2012.

It would not have been possible without the leadership of Reps. Biggert, Waters, Bachus and Frank, as well as Sens. Johnson, Shelby, Tester and Vitter.

Since 2008, Congress had been extending the National Flood... Read More

3.8% Tax Will Go Into Effect in 2013

Now that the Supreme Court has upheld the health care legislation, all of its major provisions remain in effect, including the new tax that was designed to affect upper income taxpayers. The 3.8% tax is imposed ONLY on those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return). The tax applies to investment income, defined as interest, dividends, capital gains and net rents. These items are all included in an individual's AGI. A formula will determine what portion, if any, of these types of investment income would be... Read More

Supreme Court Upholds the Constitutionality of the Health Reform Law

On Thursday, June 28th, the Supreme Court issued its decision on the constitutionality of the Affordable Care Act (ACA). In a 5-4 decision, the Court upheld the constitutionality of the health reform law. While the Court ruled that the health reform act’s individual mandate provision requiring all Americans to have health coverage could not be supported under the Constitution’s Commerce Clause, the majority held that the tax imposed on those who don’t buy insurance is constitutional under the taxing powers granted Congress.

The Court also upheld... Read More

Supreme Court Dismisses First American RESPA Appeal

Overshadowed by the Supreme Court’s June 28 decision on the Affordable Care Act, the Court also reversed course and dismissed the appeal of First American Corporation in First American Financial Services v. Edwards challenging whether a claim alleging RESPA violations can be brought in the absence of actual financial injury to a plaintiff.

Although the Court had previously agreed to address the issue, in an unsigned opinion the Court dismissed the appeal and let stand a Ninth Circuit and lower court determination that a plaintiff has standing to seek a recovery... Read More

NAR Testifies Before House Subcommittee on Appraisal Issues

On June 28, 2012, Frank Gregoire testified before the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity on behalf of the National Association of REALTORS^® (NAR).

Mr. Gregoire is an appraiser member of NAR and two-time Chair of the Appraisal Committee. The hearing was focused on appraisal oversight and the regulatory impact on consumers and businesses. NAR testified on concerns with the appraisal profession, particularly the role being... Read More

The House Oversight and Government Reform Committee Passes the GSA Act of 2012

On Wednesday, June 27, the House Oversight and Government Reform Committee passed legislation that eases proposed limitations on government employee attendance at conferences, including those held by trade associations like NAR.

H.R. 4631, the “GSA Act of 2012,” sponsored by Representative Joe Walsh (R-IL), contains new language which addresses many of the concerns NAR voiced in letters sent to the House and Senate over restrictions approved this spring by the House and Senate.

In the GSA Act of 2012, the definition of “conference” is... Read More

Federal Surface Transportation Program Reauthorized

On June 29, 2012, the U.S. Senate and House of Representatives both approved H.R. 4348, the Surface Transportation Conference Report. The bill, passed by votes of 373-52 in the House and 74-19 in the Senate, authorizes federal surface transportation spending programs through Sept. 30, 2014.

Although the new authorization achieves some NAR policy priorities by preserving overall funding levels for roads and transit, streamlining environmental review processes, and providing some long-term certainty, it contains several provisions that decrease local control and ability to fund local... Read More

NAR Meets With CFPB

On June 19, 2012, NAR President Moe Veissi met with Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB) to discuss a wide range of topics including the Qualified Mortgage (QM) and RESPA/TILA rulemakings, as well as upcoming rulemakings covering servicing standards and loan officer compensation.

Veissi noted that NAR supports a QM definition that establishes strong consumer protections and incorporates important ability-to-repay standards but asked that the CFPB ensure that the rule doesn’t unduly reduce mortgage credit availability or increase... Read More

NAR Testifies Before House Financial Services Subcommittee on RESPA/TILA Harmonization

On Wednesday, June 20, 2012, NAR 2012 President Moe Veissi testified before the House Financial Services Subcommittee on Insurance, Housing, and Community Opportunity on the forthcoming Consumer Financial Protection Bureau (CFPB) rulemaking on RESPA/TILA harmonization.

Veissi urged the CFPB to focus on the initial disclosures, the Good Faith Estimate and the Truth in Lending disclosure and to avoid wholesale changes to the settlement process. Veissi described the potential for disruption as well as increased cost to consumers of making major changes in an attempt to... Read More

Senate Passes Rural Housing Amendment

As part of the Farm Bill (S.3240), the Senate passed an amendment by Senators Nelson (D-NE) and Johanns (R-NE) that will grandfather communities currently eligible for rural housing programs, and increase the population threshold for those communities to 35,000.

Due to the 2010 census, many communities are losing eligibility for rural housing programs because their populations have grown. Congress set the definition of "rural" in 1974, and it has not been updated. The amendment will grandfather existing communities through the next census.

The House is expected to... Read More

Lawmakers Raise Concerns on PCCRA and QRM

On June 19, 2012, twelve members of Congress, led by Sens. Hagan (D-NC) and Crapo (R-ID), issued a letter expressing concern to six banking agencies regarding their proposed risk retention regulations.

One of the proposed rules would require securitizers to set aside the profits from sales of securities in a “premium capture cash reserve account” (PCCRA). Specifically, the lawmakers raised concerns that this provision would greatly reduce the securitization market for many asset classes, thereby reducing a vital source of capital for the commercial real... Read More

Fannie Mae Issues Guidance on Private Transfer Fee Covenants

Fannie Mae issued Selling Guide Announcement SEL-2012-05. The Guide states that effective July 16, 2012, Fannie Mae will not purchase or securitize mortgages on properties encumbered by private transfer fee (PTF) covenants that were created on or after February 8, 2011. Lenders must establish policies and procedures to ensure that the loans it delivers to Fannie Mae, whether or not the loans were originated by the lender, are not secured by properties... Read More

NAR Submits Comments on FHFA Strategic Plan

On June 13, 2012, NAR President Moe Veissi submitted comments to the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs)) on its Strategic Plan for Fiscal Years 2013-2017 that incorporates the strategic plan for the conservatorships of Fannie Mae and Freddie Mac FHFA sent to Congress in February 2012.

NAR outlined several suggestions in response to FHFA’s strategic goals:

Regulatory policies and supervisory guidance intended to improve the GSEs’ risk management and operating standards should also ensure the... Read More

Update on Basel III and Final Rule for Basel 2.5

On June 7, 2012, the Federal Reserve Board of Governors unanimously approved the release of three Notices of Proposed Rulemaking (NPRs) for Basel III and the final rule for Basel 2.5.

Under the proposal, the approach for calculating risk weighted assets would also change the treatment of residential mortgages, making it more risk-sensitive. Under the NFP, residential mortgages are divided into two categories and the risk weights would depend heavily on LTV and would range from 35%-200%.

The new proposed capital rule does not recognize PMI for determining the capital... Read More

Dept. of Interior Declines to List Dunes Lizard as Endangered in N.M. and Texas

As a result of unprecedented commitments by private landowners to voluntary conservation agreements now in place in New Mexico and Texas that provide for the long-term conservation of the dunes sagebrush lizard, the U.S. Fish and Wildlife Service has determined that the species does not need to be listed under the Endangered Species Act.

“This is a great example of how states and landowners can take early, landscape-level action to protect wildlife habitat before a species is listed under the Endangered Species Act,” said Secretary of the Interior Ken Salazar. “The... Read More

NAR Supports U.S. REIT Act

On June 11, 2012, a coalition of real estate organizations, including NAR, wrote to Reps. Tiberi (R-OH) and Neal (D-MA) thanking them for introducing H.R. 5746, the Update and Streamline REIT Act (U.S. REIT Act).

This legislation would make a number of narrowly targeted, but important, changes to the tax rules applicable to Real Estate Investment Trusts (REITs).

These changes will enable them to operate effectively, keep up with market changes, and remain consistent with the decades-old Congressional goal of making professionally managed, income-producing real... Read More

Members of Congress Send Letter to FHA on Condos

Sixty-nine Members of the House of Representatives wrote to the FHA last week, asking them to loosen restrictions on the sale of condominiums.

Lead by Representatives Fitzpatrick (R-PA) and Cleaver (D-MO), the letter focused on four major concerns with the current condo rules:

Treatment of delinquent dues

Property certification requirements

Owner-occupancy requirements

Treatment of commercial space.

The letter urges FHA to reform these requirements which place burdens on seller, buyers, and condominium... Read More

Congress Extends Flood Insurance for 60 days

On May 30, 2012, the House of Representatives passed a 60-day extension of the National Flood Insurance Program (NFIP). This temporary extension enables the Senate to act on the NAR supported 5-year reauthorization and reform bill this June. The short-term extension bill was being held up by Senator Tom Coburn (R-OK) who threatened to let the NFIP shutdown, yet again, unless his demands were met regarding federal tax dollars subsidizing vacation homes.

To meet these demands, the Senate agreed to a provision that creates a 4-year phase-out of rate subsidies on non-primary residences... Read More

NAR Supports Pilot Program to Incentivize Counseling

NAR sent a letter to Rep. Karen Bass (D-CA) supporting the "Homeownership Preservation Education Act of 2012".

This legislation would direct FHA to create a pilot program that would provide first-time homebuyers with an opportunity to reduce their insurance premiums by participating in homeownership counseling. The pilot program would be limited to one-year and FHA would be required to report to Congress on the program's progress.

The legislation has been referred to the House Financial Services Committee.

... Read More

NAR Calls on VA to Implement 203(k) Renovation Pilot Program

The National Association of REALTORS® (NAR) President Moe Veissi sent a letter to the US Department of Veterans Affairs (VA) Secretary Eric Shinski asking the agency to offer a Veterans Renovation Pilot Program similar to the Federal Housing Administration’s (FHA) 203(k) Program. The pilot would be run through VA’s Loan Guaranty Program. Like FHA’s 203(k) Program, the pilot will promote homeownership and will be an important tool for community and neighborhood revitalization and stabilization.

Under the Veterans Renovation Pilot Program, veterans would use... Read More

CFPB Issues Loan Officer Compensation and Fees and Points Proposal (and real estate commissions)

On May 23, 2012, The Consumer Financial Protection Bureau CFPB held a small business review panel to evaluate proposed changes to the Federal Reserve’s Loan Officer Compensation Rule as well as offer alternatives as to how borrowers can be charged fees and points.

During an exchange with a mortgage broker it what suggested that perhaps even real estate brokerage commissions could be included in the mix of discussion regarding establishing a flat fee option for borrowers particularly when the real estate broker was affiliated with the lender.

NAR raised... Read More

CFPB Delays Qualified Mortgage to Get More Data

On Thursday May 31, 2012, the Consumer Financial Protection Bureau (CFPB) announced that it would be seeking additional information on loan performance with regard to Debt to Income (DTI) ratios and a few other factors.

This is widely believed to be part of an effort to further develop a (DTI) test as part of the Qualified Mortgage (QM) test. If a lender meets the test and makes a QM, they will receive yet to be determined legal protections if a borrrower challenges whether they met the ability to repay requirements of the Dodd-Frank Wall Street Reform and Consumer... Read More

Congress Raises Concern About Lease Accounting Proposal

On May 17, 2012, Reps. Sherman (D-CA) and Campbell (R-CA) sent a bipartisan letter signed by 58 other lawmakers to the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), urging the accounting standard setters to conduct a comprehensive economic analysis of its recent lease accounting proposal before making a final rule.

Under the proposal, U.S. companies that lease commercial space would be required to capitalize the costs of that lease — similar to as if they purchased the property — instead of recognizing the true costs of... Read More

NAR Urges Congress to Make VA Adjustable Rate Mortgages (ARMs) Permanent

May 14,2012

NAR, in coalition with the Mortgage Bankers and Home Builders, sent a letter to Congress urging them to make the VA ARM programs permanent. The authority for ARM loans expires on September 30, 2012. The House VA Committee passed legislation, HR 4482, sponsored by Rep Jeff Miller (R-FL) to make these loans permanent. That bill now moves to the House floor.

NAR Asks Congress to Protect Rural Housing

May 14, 2012

NAR, in coalition with the Mortgage Bankers and Home Builders, wrote to Congress this week and asked them to save rural communities from losing rural housing programs.

Due to the 2010 census, many communities are losing eligibility for rural housing programs because their populations have grown. Congress set the definition of "rural" in 1974, and it has not been updated. The letter urged Congress to grandfather existing communities, and to also update the existing definition to account for population growth.

The Senate Agriculture Appropriations... Read More

CFPB Announces Plans to Propose Mortgage Compensation Rules

May 14, 2012

On May 9, 2012, the Consumer Financial Protection Bureau (CFPB) released an outline of proposals under consideration for rules governing compensation for mortgage loan originators.

The proposed rule will address compensation origination fees, discount points, and the screening and qualifications of mortgage loan originators. The CFPB also stated that it will harmonize definitions from several other rules that effect the ability of sellers to offer financing to individual purchasing properties that the seller owns.

A group of small business experts will... Read More

NAR Signs Onto Lease Coalition Letter

May 7, 2012

On Thursday, April 26, 2012, a coalition of real estate and other business organizations (including NAR) wrote to the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) reaffirming their calls for an economic impact study, extensive field testing, and full re-exposure of the entire lease accounting proposal — with the goal of creating a standard that will meet the tests of the marketplace and fulfill the needs of all stakeholders.

Under the boards’ proposal, U.S. companies that lease commercial space would... Read More

NAR, IREM Send Coalition Letter to FHA on Private Transfer Fees

May 7, 2012

This week the National Association of REALTORS® (NAR) and the Institute of Real Estate Management (IREM) sent an industry coalition letter to Acting Federal Housing Administration (FHA) Commissioner, Carol Galante, asking the agency to adopt a private transfer fee rule in harmony with the final rule recently adopted by the Federal Housing... Read More

U.S. Reviews Which Waters Are in Its Jurisdiction

May 7, 2012

The Obama administration is currently reviewing a controversial guidance document that it says will clarify what waters of the U.S. are under federal jurisdiction. The EPA says the proposal would restore federal protection to a small number of streams and wetlands that lost protection following two recent Supreme Court decisions. The administration says the proposal would also provide clarity to businesses and landowners subject to federal regulation.

NAR, along with many other regulated stakeholders, has contended that the proposal represents a far more vast and... Read More

NAR Signs Letter Urging Changes to Government Travel Rules

May 7, 2012

NAR has signed on to a letter by ASAE, The Center for Association Leadership, which urges Congress to make changes to legislation approved in late April that places severe restrictions on government employee attendance at meetings and conferences, including those held by trade associations. Approved as amendments to the Digital Accountability and Transparency Act (DATA) in the House and the Senate’s 21st Century Postal Service Act, the amendments were added to the bills in the wake of the General Services Administration scandal (regarding a 2010 GSA conference in... Read More

House Passes Cybersecurity Legislation

April 30, 2012

On April 26th, the House passed the Cyber Intelligence Sharing and Protection Act (CISPA.) The legislation would allow the government to relay cyber threat information to a company to prevent cyber attacks. In the private sector, corporations could alert the government and provide data that could stop an attack intended to disrupt the country's water supply or take down the banking system.

The Obama administration has threatened a veto of the House bill, preferring a Senate measure that would give the Homeland Security Department the primary role in... Read More

House Committee Passes Bill to Make ARMs Permanent

April 30, 2012

Last week, the House Committee on Veterans' Affairs passed H.R. 4482, introduced by Chairman Jeff Miller (R-FL) to make VA ARM and hyrid ARM products permanent. Adjustable Rate Mortgages (ARMs) are especially useful loan products for active duty military. Since military families tend to move often, an ARM or hybrid ARM can be a very reasonable choice. The VA does not allow lenders to charge veterans a prepayment penalty, and so the risk is low for the homebuyer if they move or chose to refinance. Authority for the ARMs was set to expire on... Read More

FHFA Announces New Short Sale Directive

April 23, 2012

On April 17, 2012, the Federal Housing Finance Agency (FHFA) announced a new directive as part of FHFA’s continued servicing alignment initiative that directs Fannie Mae and Freddie Mac to align their guidelines for servicing delinquent mortgages they own or guarantee. The new directive requires that servicers of Fannie and Freddie loans:

Review and respond to borrower requests for short sales within 30 days after receipt of a short sale offer and a complete borrower request.

If the review is still under way after 30 days,... Read More

NAR and Industry Call for Expanded Rule-making Process on RESPA/TILA

April 23, 2012

On Friday, April 13, 2012 NAR and 11 other industry trade associations submitted a letter to the Director of the Consumer Financial Protection Bureau asking for an expanded rule-making process so that industry can properly evaluate the proposed RESPA/TILA harmonization. The industry wants to ensure that this rule is done right and does not harm consumers or the industries that serve them.

As forecast, the RESPA/TILA harmonization will be a major regulatory undertaking and many of the earlier RESPA reforms are being reviewed including the scope and rules... Read More

Industry and Consumer Groups Call for Broad Qualified Mortgage

April 23, 2012

NAR spearheaded a 33 member coalition in sending a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray calling for a broadly defined Qualified Mortgage (QM) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Several meetings with CFPB led NAR and others to believe that CFPB is considering a narrow QM more in line with the much maligned Qualified Residential Mortgage (QRM) proposal.

The QRM proposal included very tight standards including very low debt to income ratios, strict credit standards, and a 20 percent... Read More

Bank of America Implements Short Sales Change

April 11, 2012

On April 14, 2012, Bank of America will implement new procedures for completing short sale transactions through the Equator platform. With the continued development of its online transaction portal to communicate with borrowers and authorized 3rd party advisors, Bank of America has taken steps to reduce the amount of time to complete short sales by performing underwriting and valuation tasks while agents collect required documentation. Agents and brokers performing short sales through Bank of America's Equator system will notice important changes that will affect... Read More

Federal Appeals Judge Scraps EPA Veto, Agrees with NAR on Mountaintop Coal Mine

April 9, 2012

U.S. EPA overstepped its authority when it vetoed a Clean Water Act permit issued for a sprawling mountaintop-removal coal mining project in West Virginia, a federal judge ruled today. At issue is EPA's veto last year of the "dredge and fill" permit issued by the Army Corps of Engineers in 2007 for Arch Coal Inc.'s Spruce No. 1 mine in Logan County. It was the 13th time that EPA had used its veto power under Section 404 of the 1972 Clean Water Act, but it was the first permit blocked retroactively. The agency argued it needed to act to protect... Read More

Federal Reserve Issues Policy Statement on Rental of REOs

April 9, 2012

On Thursday, April 5, 2012, the Federal Reserve Board (Fed) issued a policy statement clarifying policies regarding the rental of REO properties acquired by banks through foreclosure. In the statement, the Fed explained that its general policy is for banks to act in good faith to dispose of properties at the earliest practicable date, but that the renting of REO properties within statutory and regulatory limits is consistent with this policy in light of the extraordinary market conditions.

Additionally, the Fed notes that existing federal and state laws and... Read More

Federal Appeals Judge Scraps EPA Veto, Agrees with NAR on Mountaintop Coal Mine

April 9, 2012

U.S. EPA overstepped its authority when it vetoed a Clean Water Act permit issued for a sprawling mountaintop-removal coal mining project in West Virginia, a federal judge ruled today. At issue is EPA's veto last year of the "dredge and fill" permit issued by the Army Corps of Engineers in 2007 for Arch Coal Inc.'s Spruce No. 1 mine in Logan County. It was the 13th time that EPA had used its veto power under Section 404 of the 1972 Clean Water Act, but it was the first permit blocked retroactively. The agency argued it needed to act to protect... Read More

NAR Recommends Enhancements to Proposed Seller Concessions Rule

April 2, 2012

This week, National Association of REALTORS® (NAR) President, Moe Veissi, sent a letter (PDF) to Federal Housing Administration (FHA) Acting Commissioner, Carol Galante, on a proposed rule amending permitted seller concessions.

NAR generally supports the proposed rule but makes several recommendations to mitigate unintended consequences that may negatively impact communities with higher than... Read More

House Committee Passes FHA Bill

April 2, 2012

The House Financial Services Committee passed H.R. 4264, the “FHA Emergency Fiscal Solvency Act of 2012 (PDF), introduced by Rep. Judy Biggert (R-IL). NAR supported the measure which strengthens FHA's financial solvency by barring unscrupulous lenders from participating in the program; allowing FHA to collect losses from lenders who made material errors in underwriting or committed fraud; and strengthens financial oversight and disclosure. The bill will also give FHA... Read More

NAR Comments on FHFA PACE Proposal

April 2, 2012

NAR recently commented on an Advanced Notice of Proposed Rulemaking (ANPR) issued by the Federal Housing Finance Agency (FHFA) on Property Assessed Clean Energy (PACE) programs. PACE programs allow local governments to provide homeowners with the financial resources to make energy improvements to their home. Homeowners then pay back the money through an assessment on their property tax bill.

NAR supports voluntary, incentive-based programs that encourage owners to make their homes more energy efficient. However, this must be balanced with the safety and... Read More

Lawmakers Raise Concerns on PCCRA

April 2, 2012

On March 26, 2012, Reps. Bachus (R-AL) and Garrett (R-NJ) issued a letter expressing concern to six banking agencies regarding their risk retention proposal, which contained a requirement that securitizers set aside the profits from sales of securities in a “premium capture cash reserve accounts” (PCCRAs). Specifically, the two lawmakers raised concerns that this provision would greatly reduce the securitization market for many asset classes, thereby reducing a vital source of capital for the commercial real estate industry. Given this potential negative... Read More

NAR Comments on Consumer Privacy Framework

April 2, 2012

On March 26, NAR submitted comments to the National Telecommunications and Information Administration (NTIA) on the Administration’s recently release Consumer Privacy Framework. In the comments NAR stressed that it is critical that an anticipated multi-stakeholder process consider all relevant voices on this most important issue—including the small business/independent contractor whose business model is increasingly dependent on internet technologies to innovate and thrive.

NAR has adopted a number of principles related to protecting the privacy and... Read More

New Legislation Would Extend Mortgage Cancellation Relief

April 2, 2012

Three bills have been introduced by members of the tax-writing committees that would extend the 2007 mortgage cancellation relief that is currently scheduled to expire at the end of 2012. Senators Stabenow (D-MI) and Heller (R-NV) have introduced S 2250 along with several bipartisan cosponsors. Almost all members of the House Ways and Means Committee have cosponsored either H.R. 4336 (Reed -- R-NY) or H.R. 4202 (Rangel - D-NY). While these bills are unlikely to move as stand-alone legislation, having these extensions introduced as separate legislation underscores their... Read More

Property Management Firm Pays $15,000 Fine Following Data Breach

April 2, 2012

On March 21st the Massachusetts Attorney General announced that a property management firm was fined $15,000 after the theft of a company laptop containing the personal information of over 600 Massachusetts residents.

According to the Massachusetts Attorney General, an employee of the property management company had a laptop containing unencrypted personal information stolen from her car during the night. This incident was found to be in violation of Massachusetts’ Data Breach Regulation.

In addition to paying $15,000 in civil penalties the company... Read More

NAR Sends Letter to 6 Regulators on REO Disposition

April 2, 2012

On March 28, 2012, NAR President Moe Veissi sent a letter to the Federal Reserve Board, Federal Deposit Insurance Corp., Department of Housing and Urban Development, Federal Housing Finance Agency, Department of the Treasury, and Office of the Comptroller of the Currency, urging policymakers and lenders to focus on expanding the availability of financing for qualified home buyers and investors to increase the REO absorption rate. NAR recommends that the bulk sale of REO assets should be limited to small geographic areas where alternatives are needed and should rely on... Read More

Lawmakers Raise Concerns on PCCRA

April 2, 2012

On March 26, 2012, Reps. Bachus (R-AL) and Garrett (R-NJ) issued a letter expressing concern to six banking agencies regarding their risk retention proposal, which contained a requirement that securitizers set aside the profits from sales of securities in a “premium capture cash reserve accounts” (PCCRAs). Specifically, the two lawmakers raised concerns that this provision would greatly reduce the securitization market for many asset classes, thereby reducing a vital source of capital for the commercial real estate industry. Given this potential negative... Read More

Bank of America Announces Mortgage to Lease Pilot Program

April 2, 2012

On March 23, 2012, Bank of America (BoA) announced that it was going to be offering a limited number of delinquent borrowers an opportunity to leaseback their homes after agreeing to execute a deed-in-lieu of foreclosure. The bank said that it will be sending out approximately 1,000 letters to borrowers in Arizona, Nevada, and New York offering them a chance to participate in a Mortgage to Lease pilot program. Borrowers meeting eligibility requirements will have their outstanding mortgage debt forgiven, any deficiency judgment waived, and be provided a lease agreement... Read More

Legislation to Extend Expiring Relief Introduced

April 2, 2012

Three bills have been introduced by members of the tax-writing committees that would extend the 2007 mortgage cancellation relief that is currently scheduled to expire at the end of 2012. Senators Stabenow (D-MI) and Heller (R-NV) have introduced S 2250 along with several bipartisan cosponsors. Almost all members of the House Ways and Means Committee have cosponsored either H.R. 4336 (Reed -- R-NY) or H.R. 4202 (Rangel - D-NY). While these bills are unlikely to move as stand-alone legislation, having these extensions introduced as separate legislation underscores their... Read More

House Financial Services Committee Passes RESPA Home Warranty Bill on Voice Vote

April 2, 2012

On Tuesday, March 27, 2012, The House Financial Services Committee passed HR 2446, The RESPA Home Warranty Clarification Act by a voice vote. The bill, sponsored by Representatives Judy Biggert (R-IL) and Lacy Clay (D-MO) would clarify that home warranties are not a settlement service under RESPA. For nearly two decades HUD allowed real estate professionals to be compensated on a per transaction basis for the work they do in selling warranties. HUD then issued an informal letter in 2008 that contradicted that accepted practice leading to confusion and lawsuits across... Read More

Legislation Introduced to Fix Issues with Qualified Mortgage that Would Deny Consumer Choice

April 2, 2012

On Thursday March 29, 2012, Congressmen Bill Huizenga (R-MI), Ed Royce (R-CA), Lacy Clay (D-MO), and David Scott (D-GA) introduced "The Consumer Mortgage Choice Act." The legislation fixes issues with the Dodd-Frank Wall Street Reform Act's Qualified Mortgage (QM) provisions. Specifically, the manner in which fees and points are calculated is different for mortgage firms that are affiliated with real estate and title companies than for those that are not. Mortgage companies with affiliates must count title charges and certain escrow charges such as... Read More

Property Management Firm Pays $15,000 Fine Following Data Breach

April 2, 2012

On March 21st the Massachusetts Attorney General announced that a property management firm was fined $15,000 after the theft of a company laptop containing the personal information of over 600 Massachusetts residents.

According to the Massachusetts Attorney General, an employee of the property management company had a laptop containing unencrypted personal information stolen from her car during the night. This incident was found to be in violation of Massachusetts’ Data Breach Regulation.

In addition to paying $15,000 in civil penalties the company... Read More

Lease Accounting Gains Congressional Attention

April 2, 2012

On Wednesday, March 28, 2012, the U.S. House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing on “Accounting and Auditing Oversight: Pending Proposals and Emerging Issues Confronting Regulators, Standard Setters and the Economy.” While the hearing was primarily focused on mandatory rotation or “term limits” for audit firms, Rep. Schweikert (R-AZ) raised several questions and concerns regarding the unintended negative economic impact of the Financial Accounting Standards Board’s (FASB)... Read More

Underwriting Changes Announced for FHA; Includes Collections and Judgments

April 2, 2012

The US Department of Housing and Urban Development (HUD) announced Mortgagee Letter 2012-3, Miscellaneous Underwriting Issues for loans insured by the Federal Housing Administration (FHA). The Mortgagee Letter changes requirements for borrowers with individual or multiple disputed credit collections. Borrowers with a singular or cumulative balance over $1,000 must resolve the accounts prior to or at the time of closing. Resolution can be paying of the debt or establishing payment arrangements with a minimum of three months of verified payments made. This guidance goes... Read More

NAR Comments on FHFA PACE Proposal

April 2, 2012

NAR recently commented on an Advanced Notice of Proposed Rulemaking (ANPR) issued by the Federal Housing Finance Agency (FHFA) on Property Assessed Clean Energy (PACE) programs. PACE programs allow local governments to provide homeowners with the financial resources to make energy improvements to their home. Homeowners then pay back the money through an assessment on their property tax bill.

NAR supports voluntary, incentive-based programs that encourage owners to make their homes more energy efficient. However, this must be balanced with the safety and... Read More

NAR Submits Comments on Consumer Privacy Framework

April 2, 2012

On March 26, NAR submitted comments to the National Telecommunications and Information Administration (NTIA) on the Administration’s recently release Consumer Privacy Framework. In the comments NAR stressed that it is critical that an anticipated multi-stakeholder process consider all relevant voices on this most important issue—including the small business/independent contractor whose business model is increasingly dependent on internet technologies to innovate and thrive.

NAR has adopted a number of principles related to protecting the privacy and... Read More

Lawmakers Raise Concerns on PCCRA

April 2, 2012

On March 26, 2012, Reps. Bachus (R-AL) and Garrett (R-NJ) issued a letter expressing concern to six banking agencies regarding their risk retention proposal, which contained a requirement that securitizers set aside the profits from sales of securities in a “premium capture cash reserve accounts” (PCCRAs). Specifically, the two lawmakers raised concerns that this provision would greatly reduce the securitization market for many asset classes, thereby reducing a vital source of capital for the commercial real estate industry. Given this potential negative... Read More

Property Management Firm Pays $15,000 Fine Following Data Breach

April 2, 2012

On March 21st the Massachusetts Attorney General announced that a property management firm was fined $15,000 after the theft of a company laptop containing the personal information of over 600 Massachusetts residents.

According to the Massachusetts Attorney General, an employee of the property management company had a laptop containing unencrypted personal information stolen from her car during the night. This incident was found to be in violation of Massachusetts’ Data Breach Regulation.

In addition to paying $15,000 in civil penalties the company... Read More

Congress Extends Flood Insurance for 60 days

On May 30, 2012, the House of Representatives passed a 60-day extension of the National Flood Insurance Program (NFIP). This temporary extension enables the Senate to act on the NAR supported 5-year reauthorization and reform bill this June. The short-term extension bill was being held up by Senator Tom Coburn (R-OK) who threatened to let the NFIP shut down yet again, unless his demands were met regarding federal tax dollars subsidizing vacation homes.

To meet these demands, the Senate agreed to a provision that creates a 4-year phase-out of rate subsidies on non-primary... Read More

House Subcommittee Considers Duplication in Federal Housing Programs

March 26, 2012

The Rural Development Subcommittee of the House Agriculture Committee this week held a hearing on "duplicative federal rural development programs". The Committee heard from officials at Rural Development and GAO to discuss the fact that 18 different federal agencies operate more than 88 different programs related to rural development. NAR worked with Members of Congress to raise the issue of the definition of rural area, and the fact that many communities are now being eliminated from eligibility based on population changes in the 2010 census. Reps. Hultgren... Read More

Supreme Court Unanimously Decides in Favor of Property Rights in Sackett v. EPA

March 26, 2012

The U.S. Supreme Court handed private property owners a victory with a unanimous decision on March 21 allowing a couple to appeal an EPA ruling that their property contains a wetlands. The ruling is supported by the National Association of REALTORS(R), which along with other organizations submitted a friend of the court brief in the case. NAR argued in its brief that the property owners in this case were being denied due process because the compliance process is time-consuming and the costs are significant--all before the main question of whether the property contains... Read More

Senate Passes Two-Year Surface Transportation Authorization Bill

March 19, 2012

By a 74-22 vote, the Senate passed on March 14 a long-term surface transportation authorization known as "MAP-21" ("Moving Ahead for Progress in the 21st Century"). The bill largely maintains current funding levels for federal transportation programs over the next two years, with some changes to program structures and policies. NAR supported several provisions of the bill during the legislative process, including a "Complete Streets" policy and provisions that increase local control of funds that can be used for smaller-scale... Read More

Treasury Department Releases Details on Making Home Affordable Program Updates

March 19, 2012

n March 9, 2012, the U.S. Department of the Treasury issued Supplemental Directive 12-02 that extends the Making Home Affordable (MHA) program to the end of 2013, and makes several changes to the Home Affordable Modification Program (HAMP) to increase the number of eligible participants. The directive also makes eligibility changes to the HAFA program that should increase the number of short sale transactions eligible under the program.

Specifically, Supplemental Directive 12-02 implements the following key changes:

Establishes a second level... Read More

Government Releases Details of $25 Billion Mortgage Servicing Settlement

March 19, 2012

On Monday, March 12, 2012, the federal government released details of the $25 billion dollar national mortgage settlement stemming from the "robo-signing" scandal. The agreement with Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup Inc. and Ally Financial Inc. (formerly GMAC) is designed to provide eligible homeowners with relief as well as preventing future abuses. Along with the $20 billion of relief for homeowners, the servicers will make $5 billion in payments to the states and federal government and implement... Read More

NAR Applauds FHFA Restrictions on Private Transfer Fees

March 19, 2012

The Federal Housing Finance Agency (FHFA) released the final rule on private transfer fees. The final rule is not substantively different than the proposed rule; however, it does include minor changes advocated for by the National Association of REALTORS® (NAR). FHFA removed the 1,000 yard requirement under the direct benefits section of the rule and instead offers a two-tier test. First, fees can be a direct benefit if property is open to the general public and... Read More

NAR Supports Enhancement of Senate Jobs Bill

March 19, 2012

On March 14, 2012, NAR signed onto two coalition letters, urging Senate Majority Leader Reid and Republican Leader McConnell to expand the Senate jobs legislation to include provisions aimed to enhance the flow of credit to the small business and commercial real estate sectors.

In one letter, NAR requested the Senate leaders to include S. 1835, the “U.S. Covered Bond Act,” sponsored by Sens. Hagan (D-NC) and Corker (R-TN), in the Senate jobs bill. The inclusion of this legislation could provide an additional new source of capital to commercial... Read More

FHFA Releases Details on Strategic Plan Implementation

March 12, 2012

On March 9, 2012, the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac, or the GSEs) released details on the implementation of the new FHFA strategic plan through the use of a “2012 Conservatorship Scorecard”. The scorecard outlines specific, weighted objectives for the GSEs, as well as implementation timelines. The four objectives outlined for the GSEs in 2012 are:

Build a new mortgage-backed security infrastructure.

Contract the GSEs dominance in the secondary market and shrinking certain... Read More

Freddie Mac Reinforces Deficiency Release Policy

March 12, 2012

On February 15, 2012, Freddie Mac released an update to its servicing guide, reinforcing the requirement that servicers must waive all rights to seek deficiencies for short sale and deed-in-lieu of foreclosure transactions on Freddie Mac Mortgages. All parties must have acted in good faith and in compliance with Freddie Mac’s servicing guide and all applicable local, state and federal law. This policy means that Freddie Mac will not pursue borrowers for the entire amount owed under the current mortgage and servicers must instruct closing agents to release the... Read More

FHFA Inspector General Reports on Mortgage Servicing Supervision

March 12, 2012

On March 7, 2012, the Federal Housing Finance Agency Office of Inspector General (FHFA-OIG) released a report on FHFA’s supervision of Freddie Mac. The report provides a detailed performance audit of FHFA’s oversight and supervisory control structures for monitoring mortgage servicing contractors. The audit recommends that FHFA: (1) enhance regulations and guidance to the enterprises on mortgage servicing contracting; (2) implements servicer performance metrics; and (3) improve coordination with other federal agencies with mortgage servicing oversight.... Read More

Fannie Mae Announces Pending Changes for Lender Place Insurance

March 12, 2012

On March 6, 2012, Fannie Mae announced that it will soon implement policy changes to its Lender-Placed Insurance (LPI) requirements. LPI is a hazard insurance policy that is typically purchased by a mortgage servicer if a homeowner cannot provide evidence of sufficient coverage for a mortgaged property. Often, LPI policies are inordinately expensive and can be a barrier to borrowers who are seeking to cure their delinquencies and avoid foreclosure. Fannie Mae says the new policy guidelines will significantly reduce costs to homeowners, taxpayers, and Fannie Mae.... Read More

Housing Relief for Veterans, Servicemembers, and Responsible Homeowners Announced

March 12, 2012

The Obama Administration announced two initiatives to help homeowners and their families. The Administration is reducing fees for Federal Housing Administration (FHA) borrowers seeking to refinance and providing relief to servicemembers and veterans.

FHA is reducing both the upfront and annual fee for FHA borrowers looking to utilize the streamline refinance to take advantage of historically low interest rates. For loans originated prior... Read More

NAR Submits Comment Letter on Streamlining CFPB Rules on Seller Financing

March 12, 2012

On March 5, 2012, NAR President Moe Veissi submitted comments to the Consumer Financial Protection Bureau (CFPB) on efforts to streamline regulations inherited by the CFPB. In its comment letter, NAR supports efforts to streamline competing definitions and recommends making the harmonization of certain rules and definition as they apply to seller financing a priority. Specifically, NAR’s comments ask that the CFPB harmonize the definitions of creditor and mortgage originator as they relate to seller financing, and urges that the seller financing exclusion in the... Read More

Treasury Department Holding Short Sale Outreach Event for Real Estate Professionals

March 5, 2012

Starting March 20th and 22nd, 2012, the Treasury Department, in collaboration with the National Association of REALTORS®, will hold Making Home Affordable “Help for Homeowners” outreach events in California. These events will include sessions for real estate agents wanting to learn more about the Treasury Department’s Home Affordable Foreclosure Alternatives (HAFA) program. NAR urged the Treasury Department to engage real estate professionals at Making Home Affordable community outreach events to increase participation in the HAFA program and... Read More

NAR Members Meet with Federal Officials on REO to Rental Plans

March 5, 2012

On February 29, key members of NAR committees and leadership met with the Federal Housing Finance Agency (FHFA) and other federal agencies to address the REO to Rental Initiative announced earlier in the week (see separate item). The purpose of this meeting was to express NAR's ongoing concerns about the implementation of the plan to dispose of government owned foreclosed properties by making them available for rental.

NAR volunteers, led by NAR Vice President for Government Affairs Scott Louser, expressed their concerns that deeply discounted bulk sales... Read More

FHFA Announces Fannie Mae REO Property Sales in High Foreclosure Areas

March 5, 2012

On February 27 the Federal Housing Finance Agency (FHFA) announced a pilot program to be operated by Fannie Mae to sell nearly 2500 foreclosed properties in six hard hit foreclosure states for the purpose of providing rental housing. This is the first pilot project to be offered in the Obama Administration’s plan to expedite the disposition of foreclosed properties held by Fannie Mae, Freddie Mac, and FHA.

Applications for pre-qualification for investors began on February 1. The latest announcement begins a further round of qualification with potential... Read More

EPA To Maintain Status Quo for CO2 Regulations

March 5, 2012

The U.S. Environmental Protection Agency recently announced that they will keep greenhouse gas permitting thresholds at current levels. This guarantees that only the largest emitters of CO2, such as coal-fired power plants, will be required to obtain permits. This action is part of EPA's phased-in approach to greenhouse gas permitting under the Clean Air Act. In previous comment letters to the EPA on this issue, NAR recommended that the Agency not move forward with lowering the permitting thresholds, because of the fact that large office and apartment buildings... Read More

Obama Administration Proposed Consumer Privacy Bill of Rights

March 5, 2012

On February 23rd the Obama administration released a report on consumer privacy. The report calls on Congress to enact a consumer privacy "bill of rights." The Internet-focused bill of rights would provide consumers with a say in how their personal information gets collected and used online, require businesses to be transparent about their related data usage practices, and also compel businesses to appropriately secure people's personal data. At the request of the White House, the National Telecommunications and Information Administration (NTIA) will... Read More

Legislation to Make Relief Permanent Introduced

March 5, 2012

Senator Debbie Stabenow (D-MI)has introduced S. 2144, a bill that would make the mortgage debt forgiveness rules permanent. The rules that currently provide relief for homeowners in short sales, foreclosures or loan modifications expire December 31, 2012. This relief is essential to affected homeowners so that they will not have to pay tax on the forgiven debt.

A companion bill in the House will be introduced soon.

Additional information

NAR President Kicks-off 5-Year Flood Insurance Coalition Push

May 14, 2012

As part of an historic “Flood the Hill” coalition of real estate, construction, financial services, insurance, consumer, taxpayer and environmental groups, NAR stepped up pressure on Congress to pass the 5-year Flood Insurance Reauthorization Bill:

On May 9, 2012, NAR President Moe Veissi testified before Congress.
Download his testimony before a Senate Banking subcommittee.

That same day President Veissi co-wrote the linked Op-Ed which ran in... Read More

Senate Votes to Extend Flood Insurance

On May 24, 2012, the Senate approved a 60-day extension of the National Flood Insurance Program under an agreement between Senators Reid and Vitter.

Because the Senate amended H.R. 5740 to include 60 rather than 30 days, the House will again have to pass the extension bill, which is expected the week of May 28, 2012. Currently, program authority is next set to expire on May 31, 2012.

Under the terms of this agreement, in early June, the Senate will also bring up and vote on the 5-year Flood Insurance Reform Act. Several hurdles remain before a bill can... Read More

NAR Comments on CFPB Proposed TILA Rule

Feb. 27, 2012

This week, the 2012 National Association of REALTORS® (NAR) President, Moe Veissi, submitted comments to the Consumer Financial Protection Bureau's (CFPB) proposed rule amending Truth in Lending (Regulation Z) per Dodd-Frank. Much of this proposed rule looks familiar to you because CFPB is really just republishing regulations and proposed rules initially... Read More

3.8% Tax to go into Effect in 2013

February 27, 2012

The health care legislation enacted in 2013 included a new tax that was designed to affect upper income taxpayers. The 3.8% tax is imposed ONLY on those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return). The tax applies to investment income, defined as interest, dividends, capital gains and net rents. These items are all included in an individual's AGI. A formula will determine what portion, if any, of these types of investment income would be subject to the tax.

The tax is NOT a transfer tax on real estate sales and... Read More

NAR Meets with FHFA on Short Sales

February 27, 2012

On February 15, 2012, the National Association of REALTORS® met with representatives from Fannie Mae and Freddie Mac (the government-sponsored enterprises or GSEs), and GSE regulator, the Federal Housing Finance Administration, toidentify issues impeding the short sale process. REALTOR® participants, including 2012 Vice President and Liaison to Government Affairs Scott Louser and Treasurer Bill Armstrong, discussed challenges with closing short sale transactions including valuation issues, problems with subordinate lienholders, and marketing low value... Read More

CFPB Issues Outline of RESPA/TILA Rule Proposal

Feb. 27, 2012

On Tuesday, February 21, the Consumer Financial Protection Bureau (CFPB) issued a 42 page outline of issues to be considered in crafting the underlying RESPA/TILA regulations to govern a harmonized RESPA/TILA form set. As forecast, this will be a major regulatory undertaking and many of the earlier RESPA reforms are being reviewed including the scope and rules relating to "tolerances." In some cases CFPB is asking for input on tightening rules and in others loosening rules. The focus of the outline is determining small business and consumer impact of changes... Read More

FHFA Releases Blueprint for Further GSE Reforms

February 27, 2012

On Tuesday February 21, 2012 the Federal Housing Finance Agency released a blueprint for further reforms of Fannie Mae and Freddie Mac (GSEs). The plan is to largely use current FHFA authority under conservatorship to begin a new stage in the transformation of the two agencies while attempting to preserve their core value and minimize cost to the taxpayers. A key element is a plan to consolidate and modernize their securitization platform to serve the future securitization market whether the GSEs remain as constituted or are substantially transformed by Congress at... Read More

HUD Announces Proposed Rule to Reduce Permitted Seller Concessions

February 27, 2012

This week the US Department of Housing and Urban Development (HUD) announced a proposed rule on permitted seller concessions for loans insured by the Federal Housing Administration (FHA). This proposed rule is one of three initiatives HUD is undertaking to contribute to the restoration of the Mutual Mortgage Insurance Fund (MMIF). Similar to what was proposed in the President’s budget, the rule limits... Read More

FCC Adopts New Telemarketing Rules

February 20, 2012

On February 15, the Federal Communications Commission (FCC) unanimously adopted new restrictions on autodialed and prerecorded telemarketing calls, commonly referred to as “robocalls.” The action is designed to harmonize the FCC's Telephone Consumer Protection Act (TCPA) rules with the Federal Trade Commission's Telemarketing Sales Rule (TSR.)

The FTC’s Telemarketing Sales Rule already prohibits many telemarketers from making robocalls to residential subscribers without prior written consent. The FCC’s action expands the ban... Read More

Government Extends Period to Request Review of Foreclosure Handling to July 31

February 20, 2012

Borrowers who faced foreclosure in 2009 or 2010 may be eligible for a free independent review of their foreclosures and they now have until July 31, 2012 to make a request for that review. The reviews which were ordered by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve in April of 2011 cover foreclosures handled by most major loan servicers. They are intended to determine whether borrowers suffered financial injury due to improper handling of the foreclosure action and, if so, how much compensation should be paid.

OCC has mailed... Read More

Proposed Lease Accounting Standards will be Costly

February 20, 2012

On February 16, 2012, a coalition of several leading commercial real estate organizations, including NAR, released a report that examines the economic impact of the International Accounting Standards Board (IASB) and Financial Accounting Standards Board’s proposed lease accounting standard. The study specifically looks at how the proposed standard would negatively impact job creation, the health of the U.S. commercial real estate sector, and liabilities of U.S. publicly traded companies.

The report analyzes the current proposal and under a best case... Read More

FHFA Requests Information on PACE Programs

February 20, 2012

On Thursday, January 26, the Federal Housing Finance Agency (FHFA) published in the Federal Register an "Advanced Notice of Proposed Rulemaking" (ANPR) requesting information and comments on Property Assessed Clean Energy (PACE) programs. This ANPR is in response to a court order issued by the U.S. District Court for the Northern District of California.

PACE programs permit local governments to provide financing to property owners for pre-approved energy efficient home improvement projects. Homeowners repay the amount borrowed, with interest,... Read More

Administration Proposed Budget for HUD Indicates Premium Increases for FHA

February 20, 2012

The proposed fiscal year 2013 budget for the US Department of Housing and Urban Development (HUD) includes information on upcoming premium increases for the Federal Housing Administration (FHA). Due to a provision in the Temporary Payroll Tax bill from late last year, FHA is required to implement a 10 basis point increase to annual premiums for all new FHA loans. In addition, FHA intends to increase premiums on “jumbo” loans (those over $625,500) by 25 basis... Read More

Obama Recommends Extension of Tax Relief

February 20, 2012

President Obama's FY 2013 Budget, presented to Congress February 13, includes a recommendation that Congress extend the mortgage cancellation tax relief provisions. Those rules allow an individual to exclude from taxable income some or all of the mortgage debt that a lender might forgive in a foreclosure, short sale or loan modification. That relief is currently scheduled to expire as of January 1, 2013. The President has proposed extending it for an additional 2 years, through December 31, 2014. The extension will require legislation; NAR expects that bills... Read More

NAR Adopts Broader Valuation Policy

February 20, 2012

The National Associaiton of REALTORS® (NAR) continues its holistic approach to valuing real property with the adoption of its Responsible Valuation Policy. The document is the culmination of NAR’s efforts to consider all methods of valuing real property. NAR... Read More

USDA Unveils Rural Refinance Pilot

February 13, 2012

The US Department of Agriculture’s (USDA) Rural Development announced a pilot refinance program for the Single Family Housing Guaranteed Loan Program (SFHGLP). The pilot allows borrowers in both the direct and guaranteed programs to refinance their programs with greater efficiency. Designed to help those in the hardest hit states, participants will be able to take advantage of... Read More

Treasury Department Holding Short Sale Outreach Event for Real Estate Professionals

February 13, 2012

Starting February 22, 2012, the Treasury Department, in collaboration with the National Association of REALTORS®, will hold Making Home Affordable “Help for Homeowners” outreach events across the country. These events will include sessions for real estate agents wanting to learn more about the Treasury Department’s Home Affordable Foreclosure Alternatives (HAFA) program. NAR urged the Treasury Department to engage real estate professionals at Making Home Affordable community outreach events to increase participation in the HAFA program and... Read More

House Subcommittee Passes Section 8 Reform Bill

February 13, 2012

Last week the Insurance and Housing Subcommittee of the House Financial Services Committee passed a the "Affordable Housing and Self-Sufficiency Improvement Act of 2012" (AHSSIA, no bill number). This bill seeks to reduce taxpayer costs within the Department of Housing and Urban Development’s Section 8 voucher program and facilitate greater private sector participation in the program. The bill includes provisions that will reduce administrative burdens and lower program costs, while increasing local flexibility. These changes (such as streamlining... Read More

NAR Supports Internet Sales Tax Fairness

February 13, 2012

On February 1, 2012, NAR, along with dozens of other organizations sent a letter to the U.S. Senate Finance Committee as well as a letter to the Chairman of the Committee (Sen. Baucus, D-MT) asking for support of S.1832, the Marketplace Fairness Act. The bill would level the playing field between brick-and-mortar and e-commerce retail businesses while assisting the states in collecting approximately $23 billion in uncollected state sales taxes that are currently due on Internet and other remote sales.

The inability of state governments to collect taxes on... Read More

Fannie Mae Announces New Online Offer System

February 13, 2012

On February 7, 2012, Fannie Mae announced the rollout of its online offer system for offers made on Fannie Mae-owned properties listed on the company's REO website, www.HomePath.com. Agents must register to submit offers, receive receipt confirmation and track the status of submitted offers through the HomePath.com website. The expansion of the programs comes after successful pilot testing in Orlando, San Diego, and Detroit. Agent can visit the Homepath website for updated information on the online offer system, along with... Read More

Federal Government and 49 States Enter into $25 Billion Mortgage Servicing Settlement

Febrary 13, 2012

On Thursday, February 9, 2012 the federal government and 49 states entered into a settlement dealing with the mortgage servicing issues emanating from the foreclosure crisis of the last few years including the "robo-signing" scandal. The $25 billion agreement with Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup Inc. and Ally Financial Inc. (formerly GMAC) is designed to provide eligible homeowners with some relief and prevent future abuses. The settlement requires banks to do a number of things including reducing... Read More

Final Anti-Money Laundering Rule for Non-bank Lenders and Originators Released

February 13, 2012

On February 7, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury released a final rule that subjects nonbank residential mortgage lenders and originators to certain anti-money laundering (AML) regulations already applicable to other types of financial institutions. Importantly, FinCen has decided not to bring real estate agents and brokers under the rule, pending further study and analysis. Under the new regulations, nonbank lenders and originators will be required to establish anti-money laundering... Read More

HUD Removes Streamline Refinances from Lender Compare Ratio Calculation

February 13, 2012

Part of the Obama Administration’s announcement to help underwater homeowners includes the Streamline Refinance offered by the Federal Housing Administration (FHA). The announcement allows FHA borrowers who are current on their mortgage to refinance into a new FHA loan to take advantage of today’s historically low interest rates without requiring additional underwriting. Some lenders have been reluctant to offer... Read More

House Subcommittee Passes FHA Bill

February 13, 2012

The Housing and Insurance Subcommittee of the House Financial Services Committee last week passed the "FHA Emergency Fiscal Solvency Act" (no bill number yet). NAR supported the measure which strengthens FHA's financial solvency by barring unscrupulous lenders from participating in the program; allowing FHA to collect losses from lenders who made material errors in underwriting or committed fraud; and strengthens financial oversight and disclosure. The bill will also give FHA flexibility to increase premiums, if needed to restore... Read More

NAR Spearheads Industry Effort to Ensure RESPA/TILA Changes Work

February 6, 2012

On Friday, January 27, 2012, NAR submitted an industry letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray asking that the CFPB be more forthcoming in the underlying regulations governing the harmonization of disclosures and form under RESPA and TILA. The CFPB has been very open in its process of developing proposed forms and has been seeking industry and consumer input for nine months. However, it has become clear that further informed comments on the effort cannot be made without knowledge of the underlying regulations that will govern... Read More

FHFA Seeks Applicants to Pre-qualify for REO to Rental Plan

February 6, 2012

On February 1 the Federal Housing Finance Agency (FHFA) announced that it is now accepting applications for investors who wish to bid on transactions in the initial pilot projects to be offered in the Obama Administration’s plan to expedite the disposition of foreclosed properties held by Fannie Mae, Freddie Mac, and FHA.

Multiple pilots will involve pools of various types of assets, including rental properties, vacant properties and non-performing loans, with the first pilot coming from Fannie Mae in some of the hardest hit foreclosures areas in the... Read More

Fish and Wildlife Service to Increase Focus on Listing Species as Endangered

February 6, 2012

As a result of a court order in mid-2011, the U.S. Fish and Wildlife Service will emabrk on an aggressive push in 2012 to place more species on the endangered list, thereby placing more property out of development and increasing restrictions on property rights.

The FWS is mandated to consider over 250 species as endangered, plus review initial findings and critical habitat designations for an additional 1,000 species over the next five years. Further, the Administration has announced other policy changes to how the ESA is implemented that will affect how it... Read More

Obama Administration Unveils Plan to “Heal the Housing Market”

February 2, 2012

On February 1 President Obama, speaking to a crowd in Falls Church, Virginia, detailed his plan to “help responsible homeowners and heal the housing market.” The plan calls for streamlined refinancing for potentially millions of borrowers with loans backed by Fannie Mae and Freddie Mac, while also creating a new FHA mortgage program to re-finance non-GSE mortgages. The FHA program will require Congressional approval as will most of the reforms proposed for GSE mortgages. Most observers consider that approval to be uncertain in the current environment.... Read More

NAR Pushes Servicers on Freddie Short Sale Affidavit Updates

January 23, 2012

On Jan. 5, 2011, NAR reached out to Bank of America and Freddie Mac regarding inconsistencies in Bank of America’s implementation of required changes to Freddie Mac’s mandatory short sale affidavit. On Nov. 18, 2011, Freddie Mac amended its policy regarding the affidavits at the request of NAR and the American Land Title Association (ALTA). The changes included removing responsibility for the certification of any other signatory, and making all certifications based on "the best of each signatory's knowledge and belief." All servicers... Read More

Online Piracy Bills Debated

January 23, 2012

This week two federal online piracy bills garnered significant media attention when a number of popular websites went dark in opposition to the legislation. The bills, the Stop Online Piracy Act (SOPA) H.R. 3261 and the Protect IP Act (PIPA) S. 968 are intended to address the problem of foreign websites that facilitate the downloading of digital content like movies and music. Opponents fear that the legislation could be a threat to free speech and place an unreasonable burden on websites to police the links placed on their sites. In light of widespread internet... Read More

GAO Releases Report on Appraisal Subcommittee

January 23, 2012

The US Government Accountability Office (GAO) released their report on real estate appraisals “Appraisal Subcommittee Needs to Improve Monitoring Procedures” as required per Dodd-Frank. GAO was tasked with 1) determining how the Appraisal Subcommittee (ASC) is carrying out its Title XI responsibilities, 2) ASC’s plans to implement Dodd-Frank provisions, and 3) regulatory dollar thresholds for determining when an appraisal... Read More

Federal Reserve Releases Housing White Paper

January 16, 2012: On January 4, 2012, The Federal Reserve released a white paper, entitled “The U.S. Housing Market: Current Conditions and Policy Considerations.” In the paper, the Fed said that continued weakness in the housing market poses barriers to a more vigorous economic recovery. The paper supports many principles established by NAR to help revitalize the housing industry and economy including, increasing lending to creditworthy home buyers, aggressively pursuing appropriate policies to keep borrowers in their homes, and providing greater incentives to pursue... Read More

NAR Meets with HUD REO Staff

January 16, 2012

This week the National Association of REALTORS® (NAR) met with senior staff for the US Department of Housing and Urban Development’s (HUD) Real Estate Owned (REO) Department. The issues discussed included the proposed Request for Information offered by the Federal Housing Finance Agency (FHFA), which includes FHA REO properties, and how NAR and the REO staff can work together going forward. NAR understands that any proposal announcement related to the RFI will be small in scale and will be offered as pilots. While NAR continues to have concerns about these... Read More

Government Mandates Housing Fee Increases to Help Pay-for Benefits Extensions

January 16, 2012

At the conclusion of 2011, Congress passed and forwarded to the President for his signature the “Temporary Payroll Tax Cut Continuation Act of 2011”. The primary purpose of this legislation was to extend temporarily: (1) payroll tax relief, (2) unemployment compensation provisions, and (3) healthcare provisions. The estimated costs of the temporary extensions is $192.5 billion.

On Dec. 23, 2011, President Obama signed the legislation extending the payroll tax reduction and requiring the Federal Housing Finance Agency (FHFA) to raise guarantee fees... Read More

Supreme Court Hears Oral Arguments on Wetlands Case

January 16, 2012

The U.S. Supreme Court heard oral arguments in the Sackett v. U.S. EPA on January 9, 2012. The arguments presented by both lawyers elicited spirited discussion among the Justices. Experienced court watchers expect a decision in this case in late spring.

The Sacketts own a lot in Priest Lake, ID, where they started to build a home. The EPA determined that the site contained jurisdictional wetlands under the Clean Water Act (CWA), and that the Sacketts had failed to obtain a permit in violation of the law. EPA issued an Administrative Compliance Order (ACO)... Read More

NAR Calls for Expansion of FHA’s 203(k) Program

January 9, 2012

Moe Veissi, the 2012 President of the National Association of Realtors, sent a letter (PDF) to Shaun Donovan, Secretary of Housing and Urban Development (HUD) requesting that investors be permitted to participate in the Federal Housing Administration’s (FHA) Section 203(k) Rehabilitation Mortgage Insurance Program to purchase vacant and foreclosed properties in need of significant rehabilitation. Amending the 203(k) Program will help restore vibrant housing markets and... Read More

Government Offers to Review Foreclosure Handling in More than 4 Million Individual Cases

January 9, 2012

Borrowers who faced foreclosure in 2009 or 2010 may be eligible for a free independent review of their foreclosures. The reviews which were ordered by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve in April of 2011 cover foreclosures handled by most major loan servicers. They are intended to determine whether borrowers suffered financial injury due to improper handling of the foreclosure action and, if so, how much compensation should be paid.

OCC has mailed 4 million letters to likely eligible borrowers notifying them of this... Read More

Former Ohio Attorney General Richard Cordray takes over Helm of CFPB

January 9, 2012

On Thursday, January 5, 2011, President Obama installed former Ohio Attorney General Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB) using a recess appointment. While the appointment procedure has been questioned, it is fully expected that Cordray will hit the ground running in dealing with the numerous issues on the plate of the CFPB.

Key issues ahead for CFPB include the Qualified Mortgage (QM) rule and the associated ability to repay provisions governing so called "safe mortgages." Also, CFPB is in the midst of a... Read More

FHFA Releases Statement on GSE Guarantee Fee Increase

January 9, 2012:

On December 23rd, 2011, President Obama signed legislation extending the payroll tax reduction and requiring the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs)) to raise GSE guarantee fees (g-fees) by at least ten basis points. In addition, the new law requires The Department of Housing and Urban Development (HUD) to establish and collect annual premiums, in addition to existing premiums, of ten basis points of the unpaid principal balance on all FHA loans. Despite NAR's strong opposition to the diversion of... Read More

NAR Submits Comments On Loan Servicing Compensation

January 3, 2012:

On December 27, 2011, NAR President Moe Veissi submitted NAR’s comments to the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs)) on future mortgage servicing structures and servicing compensation for single-family loans to enhance competition in mortgage servicing and origination.

NAR urged FHFA to proceed with caution in the restructuring of compensation for loan servicers and commented that poor service from entities with seemingly little commitment to resolving difficult situations has resulted in large... Read More

December 26, 2011

In This Issue

FHA Programs (Federal Housing Administration)

FHA Extends Anti-Flipping Waiver through 2012

Government - Sponsored Enterprises

Housing Taxed to Pay-for Extension of Existing Tax, Medicare, and Unemployment Benefits

FHA Programs (Federal Housing Administration)

FHA Extends Anti-Flipping Waiver through 2012

The Federal Housing Administration (... Read More

December 19, 2011

In This Issue

FHA Programs (Federal Housing Administration)

NAR President Veissi Meets with FHA

National Flood Insurance Program

Congress Extends Flood Insurance until May 31, 2012

Real Estate Settlement Procedures Act (RESPA)

CFPB Issues Second Round of Proposed Closing Documents

Realtor Insider DC News and Events

CFPB Sets Up Mortgage Complaint Hotline
NTSB Urges States to... Read More

December 12, 2011

In This Issue

FHA Loan Limits

Limited Time to Appeal FHA Loan Limits
Six Counties See Increases in FHA Loan Limits

Housing Issues Update

NAR Supports Bill for Homeless Children

Immigration and Visa Programs

NAR Supports Making Investor Visa Regional Center Program Permanent

Lease Accounting

NAR Signs onto Accounting Coalition Letter

Real Estate Settlement... Read More

December 5, 2011

In This Issue

FHA Programs (Federal Housing Administration)

NAR President Veissi Testifies on FHA

Government - Sponsored Enterprises

FHFA Releases Summary of REO Responses

FHA Programs (Federal Housing Administration)

NAR President Veissi Testifies on FHA

NAR... Read More

November 28, 2011

In This Issue

Business Issues Update

NAR and Other Organizations Support Bill to Level Playing Field for Community Businesses

Short Sales

BofA Short Sale Videos

Business Issues Update

NAR and Other Organizations Support Bill to Level Playing Field for Community Businesses

On November 23, 2011, NAR and a number of other organizations sent a... Read More

November 21, 2011

In This Issue

Commercial Real Estate Lending

NAR Comments on SEC Concept Release
NAR Supports Covered Bonds Legislation
NAR Supports Loan Flexibility Legislation

Government - Sponsored Enterprises

Fannie and Freddie Release Details on HARP 2
... Read More

November 7, 2011

In This Issue

Housing Issues Update

NAR Shows Support for HOME Program

VA (Veterans Administration)

VA Funding Fee Update

Housing Issues Update

NAR Shows Support for HOME Program

NAR joined a number of coalition partners to support the HOME program, as the House Financial Services Committee... Read More

October 31, 2011

In This Issue

Broadband Access

FCC Approves Reforms to Boost Broadband Access

FHA Programs (Federal Housing Administration)

NAR Supports Greater Liquidity for Rural Communities

Government - Sponsored Enterprises

Obama Administration Expands GSE Refi Program

Broadband Access

... Read More

October 24, 2011

In This Issue

Mortgage Loan Limits

Senate Passes Loan Limit Extension Amendment

Short Sales

BofA’s Equator Requires Current License Information

Mortgage Loan Limits

Senate Passes Loan Limit Extension Amendment

The Senate passed an amendment offered by Senators Menendez (D-NJ) and Isakson (R-GA) that would reinstate the... Read More

October 17, 2011

In This Issue

Commercial Real Estate Lending

NAR Supports Credit Union Lending Bill

Government - Sponsored Enterprises

NAR/ALTA Seek Freddie Short Sale Affidavit Changes

Government-Sponsored Enterprises Reform

NAR Testifies Before Congress that the Government Plays Valuable Role in... Read More

October 11, 2011

In This Issue

Mortgage Interest Deduction

MID: Witnesses Say No Cuts Now

National Flood Insurance Program

Congress Extends Flood Insurance until Nov. 18

Mortgage Interest Deduction

MID: Witnesses Say No Cuts Now

On October 6, 2011, the... Read More

October 4, 2011

In This Issue

Appraisal - IRS

HUD Clarifies FHA Mortgage Insurance Requirements on 15 Year Loans

Energy Efficiency and Climate Change

NAR Comments on Proposed Energy Labeling Program for Commercial Buildings

National Flood Insurance Program

Congress Extends Flood Insurance Until Nov... Read More