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Flood Insurance Reform Act of 2012: Section by Section Highlights
On July 6, 2012, President Obama signed into law the Surface Transportation Bill (H.R. 4348), which re-authorizes the National Flood Insurance Program (NFIP) through 2017. This reauthorization brings long-needed certainty to real estate transactions in the 21,000 communities nationwide where flood insurance is required for a mortgage.
CFPB Releases Qualified Mortgage Rule
On Thursday, Jan. 10, 2013, NAR achieved a significant victory in obtaining a safe harbor in the QM rule for loans underwritten to the automated standards of the GSEs, FHA, VA, and RHS.
Summary of New Qualified Mortgage (QM) Rule
Executive Summary
NAR has been actively involved in shaping the debate and structure of the Qualified Mortgage (QM) Rule issued by the Consumer Financial Protection Bureau (CFPB) created by the Dodd-Frank Reform Act. NAR achieved a significant victory in obtaining a safe harbor in the QM rule for loans underwritten to the automated standards of Fannie Mae/Freddie Mac, the Federal Housing Authority, Veterans Administration and Rural Housing Service (within their respective loan limits) for up to seven years.
The REALTOR® Difference
Renting, buying or selling a home abroad can be complicated- very few countries have similar rules and regulations. A International REALTOR® Member (IRM) will be able to guide you through local laws, processes and paperwork.
NAR Honors the 2012 Top Global Business Councils
NAR has recognized 23 Global Business Councils as part of the 2012-2013 Global Business Council Achievement Program. Of those 23, four associations were given the Platinum Award, the program's highest distinction.
Congress Approves Loan for Superstorm Sandy Flooding
On Jan. 4, 2013, Congress approved nearly a $10 Billion increase in the National Flood Insurance Program's borrowing authority for Superstorm Sandy (HR 41).