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.
REALTOR® University recently launched a 4 hour online training course for REALTORS® and Association and MLS staff on privacy and data security.
Federal Housing Finance Agency (FHFA) Director Mel Watt made his first public speech addressing FHFA’s strategic plan for Fannie Mae and Freddie Mac that improves liquidity in the present single-family housing finance market.
On May 13, 2014, FHA released its “Blueprint for Access” which offers a pilot housing counseling program as well as enhanced quality assurance measures. FHA hopes these efforts will expand access to credit for underserved borrowers.
On Wednesday, May 7, 2014, The House Financial Services Committee passed H.R. 3211, "The Mortgage Choice Act" by voice vote.
On May 7, 2014, President Steve Brown sent a letter to Federal Housing Commissioner Carol Galante strongly supporting the proposed rule to eliminate Federal Housing Administration (FHA) post-payment interest charges.
On April 25, 2014, the U.S. Department of Housing and Urban Development (HUD) issued new guidance to ease requirements for non-borrowing spouses on FHA Home Equity Conversion Mortgages (HECM) issued on or after August 4, 2014. The policy changes are in response to complaints from families that are being forced into foreclosure after inheriting a home following the death of a loved one.
On Wednesday, April 30, 2014, The Consumer Financial Protection Bureau (CFPB) proposed to institute a "cure" mechanism for cases in which a lender inadvertently exceeds the 3% threshold on fees and points.
Effective May 1, 2014, all buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014.
NAR participated in a Consumer Financial Protection Bureau (CFPB) public forum on electronic mortgage closings on April 23, 2014.
On April 23, 2014, the National Association of REALTORS® signed onto a coalition letter urging the Federal Housing Administration (FHA) to harmonize its regulatory treatment of transfer fee covenants with the Federal Housing Finance Agency (FHFA).