The Washington Report covers legislative and regulatory policy activities, and is compiled by NAR's Advocacy Group policy staff. To receive this content via email, subscribe to NAR's Weekly Report newsletter and check the "legislative & regulatory issues" box.
The Know Before You rules went into effect in 2015, but adoption has not been without hurdles.
The Federal Housing Administration (FHA) released its 2019 Loan Limits, effective January 1, 2019. In high-cost areas the FHA national loan limit "ceiling" will increase to $726,525 from $679,650. FHA will also increase its "floor" to $314,827 from $294,515.
NAR leads support for the confirmation of Seth D. Appleton for Assistant Secretary for Policy Development and Research at the Department Housing and Urban Development (HUD), and for Michael Bright as President of the Government National Mortgage Association (Ginnie Mae).
The President signed an Executive Order establishing the White House Opportunity and Revitalization Council, chaired by Secretary of Housing and Urban Development Ben Carson and comprised of 13 Federal agencies.
As part of the Farm Bill, Congress passed legislation to extend the definition of "rural" for the purposes of rural housing programs, through the 2030 census.
The EPA and Department of the Army signed a proposed rule revising the definition of "Waters of the United States" (WOTUS) to clarify federal authority under the Clean Water Act in a clear and understandable way.
NAR joined other industry organizations to discuss with officials of the Federal Bureau of Investigation the impact cybercrime is having on real estate transactions.
NAR is supporting and joining efforts initiated by the National Association of Real Estate Brokers (NAREB) and the Urban Institute to address the continued low rate of African American Homeownership.
NAR participated in a roundtable hosted by the the Small Business Administration and the U.S. Department of Justice for interested stakeholders on issues related to website accessibility, physical accessibility and service animals. NAR shared concerns related to clear website accessibility standards and some of the proposed requirements that ignore practical challenges.
NAR submitted comments to the National Credit Union Administration (NCUA) in response to a proposal to raise the threshold for requiring an appraisal in commercial real estate transactions to $1,000,000 from the current level of $250,000. NAR believes an increase to $500,000 would be appropriate at this time.