The Washington Report covers legislative and regulatory policy activities, and is compiled by NAR's Government Affairs policy staff. To receive this content via email, subscribe to NAR's Weekly Report newsletter and check the "legislative & regulatory issues" box.
On March 21, 2014, President Obama signed the “Homeowner Flood Insurance Affordability Act” into law.
On March 19, 2014, President Steve Brown wrote a letter to the Federal Housing Administration (FHA) about the significant drops in loan limits in some areas with revised Metropolitan Statistical Area (MSA) determinations.
On March 20, 2014, NAR President Steve Brown submitted comments on the Federal Housing Finance Agencies (FHFA) request for information on lowering the loan purchase limits for Fannie Mae and Freddie Mac (the Enterprises).
The Consumer Financial Protection Bureau (CFPB) listened to NAR in producing the new RESPA/TILA rule.
The Internal Revenue Service is seeking volunteers to serve on the Taxpayer Advocacy Panel (TAP).
On March 13, 2014, the United States Senate voted to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370).
On March 4, 2014, President Obama released his $3.9 trillion budget for the 2015 fiscal year, which begins on Oct. 1. The budget and appropriations bills will be considered by Congress in the upcoming months, although very little action is expected on the Administration’s budget. The following document includes highlights of the most noteworthy real estate-related programs that will impact the business of real estate.
On March 12, the House Judiciary Committee held a full committee hearing on "Exploring Alternative Solutions on the Internet Sales Tax Issue." During the hearing, Members on the committee and the witnesses, who included a representative from shopping mall owners/operators, tax attorneys, and former U.S. Representative Chris Cox, discussed varying solutions for how to level the...
On March 13, 2014, the Department of Housing and Urban Development (HUD) issued a proposed rule to eliminate Federal Housing Administration (FHA) post-payment interest charges. The policy change would prohibit mortgagees from charging borrowers interest on their home mortgages for days or weeks after a principal balance pay-off. The proposed rule will align HUD policy with the Consumer...
Some NAR members have received communications from servicers, such as Bank of America, that dual agency is not allowed in FHA short sales transactions. This is not correct.