The search continues for a real estate agent in the Little Rock area who has been missing since late last week after showing a vacant bank-owned...
Realtor.com® says these markets are “primed and ready” for Gen Y home buyers this fall.
The Office of the Comptroller of the Currency credits "evolved" loan modification programs for the fact that fewer borrowers are...
The commercial real estate market is finding that negative online reviews can serve as blueprints for remodeling projects.
Ohio stands out in a new analysis of median home price data.
With rate-hike forecasts looming, how long can buyers count on borrowing costs to stay low?
On Thursday, June 5, 2014, NAR submitted comments on the Consumer Financial Protection Bureau's (CFPB) proposal to implement a limited cure provision for loans that exceed the 3% cap on fees and points under the Qualified Mortgage (QM) safe harbor. If the cap is accidentally exceeded, a lender may rebate the excess to a consumer within 120 days and the loan will then qualify for the QM safe harbor. NAR supported the cure provision with some simplifications and encouraged the CFPB to implement one for loans that exceed the 43% debt to income (DTI) cap. NAR also encouraged... Read More
On June 6, 2014, NAR President Steve Brown submitted comments to five federal agencies in response to a proposed rule on minimum requirements for appraisal management companies (AMCs). NAR supports the agencies efforts to guide states in registering and supervising AMCs. NAR commented on aspects of the proposed definition of an AMC and provided recommendations for calculating appraiser panel membership for registration purposes, how to distinguish between an AMC and appraisal firm, and how the Appraisal Subcommittee could implement standards if a state chooses not to... Read More
On June 4, 2014, NAR submitted comments to the Federal Housing Administration (FHA) on its supplemental lender performance metric. Performance will be measured on a lender’s default rate within three credit score bands and compared to an FHA target rate, rather than to the lender’s peers. The new metric will be used in tandem with existing Lender Compare Ratios. NAR hopes this new tool will encourage lenders to loosen credit overlays and ease the fear of back-end enforcement actions by FHA.
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On May 30, 2014, FEMA announced the Flood Premiums and Rate Tables for 2015. Each Oct., FEMA issues the following year’s rate tables. releasing the rate tables at this time provide insurance companies sufficient lead time to update their rate quote software. These rates will take effect this Oct., 2014, and will be used to calculate refunds, to be issued later this Fall. .
On Tuesday, June 3, the Senate Banking Committee held a mark up hearing of S. 2244, Senator Schumer’s Terrorism Risk Insurance Act (TRIA) reauthorization bill. In a strong showing of support, the bill was unanimously approved by the Committee. NAR sent a letter of support for the bill to all the members of the Committee, and urged those Senators who had not already to cosponsor it. Along with Senator Schumer (D-NY), this bipartisan bill has original cosponsors Senator Heller (R-NV), Reed (D-RI), Kirk (R-IL), Murphy (D-CT) and Johanns (R-NE). Unless TRIA is... Read More
In June 2014, the Federal Aviation Administration (FAA) issued comments clarifying the permitted use of unmanned aerial vehicles (UAVs) for commercial purposes. Real estate was called out specifically as a prohibited use. NAR submitted comments in response to the FAA outlining the positives of permitting commercial use of UAVs in real estate. NAR encouraged the FAA to quickly develop a regulatory framework for commercial use of UAV technology that addresses safety and privacy concerns, but permits a... Read More
On September 26, 2014, NAR President Steve Brown sent a letter to USDA Secretary Vilsack in response to state REALTOR® associations’ concerns about community eligibility for rural housing loans. Rural housing directors in each state have the discretion to determine whether a community is “rural in character.” Due to concerns by REALTOR® members about the subjective nature of these determinations, Secretary Vilsack issued a letter suspending work on determinations and any designations that would make a place ineligible based solely on “rural in... Read More
Due to lack of data on actual real-world exposures, EPA has proposed a highly sophisticated alternative “framework” which instead would evaluate the probability that children might someday be exposed to lead paint dangers in a commercial building. NAR, as part of the Commercial Properties Coalition, asked scientists at Exponent to review EPA’s approach for technical credibility, and they concluded a) that EPA’s models are only as good as the assumptions they use and b) no amount of probabilistic analysis can overcome their data limitations. NAR’s... Read More
The home equity gains are “driving forward the rise in wealth for the typical home owner,” according to CoreLogic’s latest...