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 Member's Edge newsletter.
NAR is concerned that the final rule has still not addressed several weaknesses that could result in higher and inconsistent costs for consumers, discrimination, and a weakening of safety and soundness.
The FHA Mutual Mortgage Insurance Fund remained strong given the financial challenges faced by homeowners with FHA-insured mortgages in 2020.
On Monday, March 29, the CDC announced it is extending the federal eviction moratorium for an additional 3 months, through June 30, 2021. The moratorium prohibits housing providers from evicting a tenant who is unable to pay rent as a result of financial hardship due to COVID-19, but does not forgive the rent that is due.
This bipartisan bill extends the Paycheck Protection Program (PPP) deadline to apply for an additional two months, through May 31, and gives SBA lenders an additional 30 days to process those applications.
This bipartisan bill creates a safe harbor for federally-insured financial institutions to provide services to cannabis-related businesses in states that have legalized the substance.
NAR provided a statement for a congressional hearing focused primarily on protecting consumers during the pandemic and matters related to mortgage forbearance, debt collection practices, student loan debt relief, credit scoring, small business support and more.
The legislation extends the deadline to apply for a PPP loan through May 31, 2021, and gives SBA lenders an additional 30 days (through June 30) to process those applications. The bill now goes to the Senate.
NAR commented on a proposed rule making for how the FHFA and GSEs should plan for the resolution of either Enterprise in the case of their insolvency.
In addition to extending the Paycheck Protection Program deadline through May, the bill states that applications received by the deadline would get an additional 31 days to be processed.
NAR, as part of a coalition, sent a letter to the HUD Secretary seeking reforms to improve the approval process for FHA condominium loans.
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