NAR reaches out to consumers to increase awareness about what makes widespread home ownership possible. Association Executives can read the complete Frequently Asked Questions for details and share it with REALTORS® who ask about the campaign.
The week of July 16, 2012, the Federal Housing Administration (FHA) announced the expansion of the Distressed Asset Sale Program (DASP).
On July 9, 2012, NAR President Moe Veissi submitted comment to the Consumer Financial Protection Bureau (CFPB) on its outline of proposals for future mortgage servicing rulemaking
The EPA is required to develop regulations that establish lead safe work practices for renovation, repair and painting (RRP) activities for commercial and public buildings, and the date was recently pushed back a second time, to Sept. 15, 2012.
Topics: Lead-Based Paint
On Monday, July 9, 2012, The Consumer Financial Protection Bureau (CFPB) issued the long awaited RESPA/TILA harmonization proposal. The proposal, at 1,100 pages is far more ambitious than simplifying and combining the Good Faith Estimate (GFE) and Truth in Lending (TIL) disclosures given to consumers upon application for a mortgage as NAR advocated.
During the week of July 9, 2012, the House Agriculture Committee considered the 2012 Farm Bill. A similar bill passed the Senate last month, and included a provision to grandfather existing communities elibigle for rural housing programs. Rep. Fortenberry (R-NE) offered an amendment in the House markup to grandfather existing rural housing communities.
Topics: Rural Housing Programs
On Monday, July 9, 2012, NAR joined the Consumer Mortgage Banking Project (CMBP) in responding to the Consumer Financial Protection Bureau (CFPB) request for additional information and data in developing the Qualified Mortgage (QM) test.
Topics: Qualified Mortgage
NAR participated in a recent Department of Energy Conference on the roll-out and implementation of a voluntary home energy score program.
On July 3, the Federal Housing Finance Agency (FHFA) announced that it had made selections of bidders in the first pilot program under its REO to Rental initiative.
On June 29, 2012, the Senate and House passed the Flood Insurance Reform Act as a part of H.R. 4348, the Surface Transportation Conference Report. Passage of this 5-year re-authorization will bring certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage.
Topics: National Flood Insurance Program