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.
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.
NAR has been invited to participate in an on-going Federal Aviation Administration (FAA) working group on Unmanned Aerial Systems (UASs). NAR will use this opportunity educate FAA officials on how Realtors are interested in utilizing this technology safely and responsibly. Currently, the FAA prohibits the use of UASs for any commercial purpose, such as creating a video to sell property. The FAA is on track to propose regulations in November that will establish a timeframe for integrating small UASs into the national airspace. NAR supports regulations that would allow
On September 8, 2014, NAR submitted comments to FHFA in response to its Request for Input on the guarantee fees (g-fees) that Fannie Mae and Freddie Mac (the government-sponsored enterprises or Enterprises) charge lenders; and to raise concerns about implementation of the proposed increases to both the g-fee and up-front fees charged to borrowers (loan level pricing adjustments or LLPAs).
On September 8, 2014, NAR submitted comments to FHFA on its proposed draft Private Mortgage Insurer Eligibility Requirements (PMIERs) for companies that insure mortgage loans owned or guaranteed by Fannie Mae and Freddie Mac. The proposed requirements are important to NAR members as private mortgage insurance is often required for borrowers with down payments less than 20 percent. In its letter, NAR focused on three points:
On September 9, 2014, the House voted 262-152 to pass HR 5078, the ‘Waters of the U.S.’ Regulatory Overreach Protection Act by Reps.