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.
Last week 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.
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.
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 brings certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage.