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 Aug. 8, 2014, NAR President Steve Brown provided comments to the U.S. Department of Treasury in response to a request for Public Input on Development of Responsible Private Label Securities (PLS) Market.
On Aug. 12, 2014, the Consumer Financial Protection Bureau (CFPB) announced a consent agreement and $19.3 million in fines under the Real Estate Settlement Procedures Act (RESPA) and other laws with Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both companies, Patrick Markert.
On July 29, 2014, Fannie Mae announced changes to its waiting period policy following a preforeclosure sale (short sale) or deed-in-lieu of foreclosure (DIL).
On Aug. 12, 2014, the Federal Housing Finance Agency (FHFA), the regulator of Fannie Mae and Freddie Mac, published a proposed framework for how the two mortgage-finance companies might issue and back a single-type of mortgage-backed security (MBS).
Last month, the US Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2014-15 allowing dual agency agreements in FHA short sales.