On Tuesday, September 16, 2014, the House of Representatives passed H.R. 5461, a compendium of legislation that had already passed the House that includes H.R. 3211, The Mortgage Choice Act that addresses discrimination in the calculation of fees and points in the Qualified Mortgage Rule. H.R. 3211 passed the House in June of 2014 by voice vote. The bipartisan legislation is designed to present the Senate with a package of widely agreed upon reforms that it can vote on before the end of the 113th Congress. The legislation passed 326-97. It now moves on to the Senate where it is... Read More
On Wednesday October 1, 2014 at 2:00 PM EDT the Consumer Financial Protection Bureau (CFPB) and Federal Reserve will be hosting another webinar on the implementation of changes to the Real Estate Settlment Procedures Act (RESPA) and the Truth in Lending Act (TILA). In addition to major changes to the loan disclosure and closing forms themselves, the new rules will require that the settlement statement be completed three days prior to closing. The new forms and rules go into effect less than one year from now and industry is working diligently to put together systems and train... Read More
Mortgage rates were on the rise this week, with fixed-rates making the biggest one-week leap so far this year.
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Eighty-nine percent of about 1,000 Americans recently surveyed say buying a home is an important part of achieving the American Dream.
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WASHINGTON (January 30, 2014) – The following is a statement by National Association of Realtors® President Steve Brown:
“The Homeowner Flood Insurance Affordability Act, S. 1926, passed by the Senate this afternoon is the time-out Realtors® first advocated when dramatic flood insurance premium increases went into effect on October 1, 2013.
“This legislation will help homeowners nationwide who are experiencing financial hardship as a result of extreme flood insurance rates that are the unintended consequence of the Biggert-Waters reforms to the... Read More
On Jan. 30, 2014, the United States Senate voted 67-32 to approve the Homeowner Flood Insurance Affordability Act (S. 1926), sponsored by Senators Menendez (D-NJ) and Isakson (R-GA).
This bipartisan legislation, an NAR member priority, calls for a 4-year timeout on rate increases triggered either by a property’s sale or a flood map update for a property with previously grandfathered rates. NAR provided Congress with expert testimony suggesting that many of these increases are excessive and inaccurate. The bill also creates a flood insurance advocate within the Federal... Read More
WASHINGTON (January 27, 2014) – The following is a statement by National Association of Realtors® President Steve Brown:
“Realtors® applaud the Senate for moving to consider and debate the Homeowner Flood Insurance Affordability Act, S. 1926, sponsored by Sens. Bob Menendez, D-N.J., and Johnny Isakson, R-Ga. This critical legislation will help the millions of homeowners who are now facing dramatic flood insurance rate increases, which are the unintended consequence of reforms to the National Flood Insurance Program.
“The bill will... Read More
As we start the New Year, 2014 NAR President Steve Brown wants you to know your NAR leadership hasn’t wasted single moment in determining priorities for 2014, including advocacy priorities during a pivotal election year. Find out what they are in his latest podcast.
WASHINGTON (January 7, 2014) – New mortgage lending rules to protect consumers from risky loan products will take effect this Friday, and Realtors® will be on the front lines as homebuyers access safer mortgages that meet strong underwriting standards, said Consumer Financial Protection Bureau Director Richard Cordray at an event held today by the National Association of Realtors®.
Cordray delivered... Read More
Key Development: A Science Advisory Board panel will recommend the EPA consider the degree of connections that wetlands and streams have with downstream waters in a draft scientific study. This is a positive development for regulated stakeholders because establishing significance of the connection is a test articulated by Supreme Court Justice Kennedy to ascertain which wetlands merit Clean Water Act jurisdiction.
What's Next: The panel submits its final... Read More
The Federal Housing Administration (FHA) is developing a new Single Family Housing Policy Handbook. The handbook will combine prior handbooks, Mortgagee Letters, and Housing Notices into a single policy source. The handbook will be developed in phases. Phase one covers the Application through Endorsement process for Title II forward mortgages. In the coming months, FHA will complete the remaining sections and continue to solicit feedback.Learn more
FHA has posted the draft handbook on its website and is inviting comments on phase one through Dec. 15. To read the draft... Read More
Realtors® Demand Immediate Relief for Homeowners Impacted by Unforeseen and Exponential Increases in Flood Insurance Premiums
WASHINGTON (November 19, 2013) – Homeowners across the country should not be forced to pay for the sudden and dramatic flood insurance premium increases that are the unintended consequence of the Biggert-Waters Flood Insurance Reform Act of 2012, insisted the National Association of Realtors® today in testimony before the U.S. House Financial... Read More
Key aspects of the major health insurance reform law enacted three years ago take effect as early as Oct. 1 and it’s important for you to know what parts of the law affect you as a real estate professional.
If you’re one of the approximately 48 million Americans without health insurance, the time to look at your options and make a decision for 2014 is right around the corner. The law gives you a number of ways to get coverage and also makes resources available to you through your state and the federal government.
... Read More
SAN FRANCISCO (November 9, 2013) – The contentious debate over the future of Fannie Mae, Freddie Mac and the Federal Housing Administration single-family mortgage insurance program may grow to a fever pitch in the coming months, but no meaningful Congressional action is in sight according to two of the nation’s leading housing finance policy experts.
Realtors® who attended a legislative and political forum at the 2013 Realtors® Conference and Expo weighed the divergent perspectives of Peter Wallison,... Read More
SAN FRANCISCO (November 8, 2013) – While the Federal Housing Administration has loosened its condominium approval requirements in recent years, many properties continue to struggle to meet overly stringent criteria and the majority of properties are being denied. That’s according to a panel of industry experts gathered today at the “How Do FHA Condominium Rules Impact Your Business?” forum at the 2013 REALTORS® Conference and Expo.
Condominiums are often the most affordable homeownership option... Read More