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.
REALTORS® should familiarize themselves with the tax, but should not advise their clients about the application of the tax.
On Thursday, June 28th, the Supreme Court issued its decision on the constitutionality of the Affordable Care Act (ACA).