The Environmental Protection Agency (EPA) and the U.S. Army Corps of Engineers (The Corps) have issued a proposed rulemaking that redefines most water bodies as “waters of the U.S.,” which is a fundamental change to the Clean Water Act. If promulgated, this proposed regulation would place more water bodies under the authority of the EPA and the Corps, which would result in more time consuming and expensive permits, regulatory red tape, and less economic development in communities across the country.
The purpose of this fact sheet and suggested voluntary guidelines is to increase real estate professionals’ awareness, knowledge, and understanding of the potential money laundering risks surrounding real estate and enable them to identify practical measures to mitigate the risks.
On September 16, 2014, the House of Representatives passed H.R. 5461, a compendium of legislation that had already passed the House that includes H.R. 3211, The Mortgage Choice Act that addresses discrimination in the calculation of fees and points in the Qualified Mortgage Rule.
On Wednesday October 1, 2014 at 2:00 PM EDT the Consumer Financial Protection Bureau (CFPB) and Federal Reserve will be hosting another webinar on the implementation of changes to the Real Estate Settlment Procedures Act (RESPA) and the Truth in Lending Act (TILA).
If you’re going to the 2014 REALTORS® Conference & Expo and are interested in or specialize in resort and second homes, you won’t want to miss these sessions and events.
In 2009, the Treasury Department introduced the Home Affordable Foreclosures Alternatives (HAFA) program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program took effect on April 5, 2010 and sunsets on December 31, 2015.
HAFA is primarily designed for borrowers (no longer just owner occupants) with a documented hardship who do not qualify for a loan modification under the Home Affordable Modification Program (HAMP) or other program.