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.
Overshadowed by the Supreme Court’s June 28 decision on the Affordable Care Act, the Court also reversed course and dismissed the appeal of First American Corporation in First American Financial Services v. Edwards challenging whether a claim alleging RESPA violations can be brought in the absence of actual financial injury to a plaintiff.
On June 19, 2012, NAR President Moe Veissi met with Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB) to discuss a wide range of topics including the Qualified Mortgage (QM) and RESPA/TILA rulemakings, as well as upcoming rulemakings covering servicing standards and loan officer compensation.