NAR, IREM Send Coalition Letter to FHA on Private Transfer Fees
May 7, 2012
This week the National Association of REALTORS® (NAR) and the Institute of Real Estate Management (IREM) sent an industry coalition letter to Acting Federal Housing Administration (FHA) Commissioner, Carol Galante, asking the agency to adopt a private transfer fee rule in harmony with the final rule recently adopted by the Federal Housing Finance Agency (FHFA). The coalition supports FHFA’s final rule and urges FHA to accept a mortgagee’s compliance with FHFA’s transfer fee covenant regulation as compliance with relevant FHA mortgage insurance program rules. Multiple federal standards on private transfer issues will not benefit homeowners or the real estate industry and may lead to unnecessary confusion in the market. The coalition also includes the Community Associations Institute, the National Association of Home Builders, and the American Land Title Association.