On April 21, 2015, FICO announced that millions of consumers will now be able to receive FICO credit scores and credit reports.
Topics: Credit Policy
Top economists gather at NAR to discuss housing market.
U.S. Senate Banking Committee held a hearing entitled, “Regulatory Burdens to Obtaining Mortgage Credit.” Chris Polychron, 2015 NAR President and executive broker with 1st Choice Realty in Hot Springs, AR, testified on behalf of NAR.
As part of their obligations under the Real Estate Settlment Procedures Act (RESPA) and the Dodd-Frank Wall Street Reform and Consumer Protection Act the Consumer Financial Protection Bureau issued an updated "Special Information Booklet" which is now known as the "Your Home Loan Toolkit."
Fannie Mae announced a new program that offers 3% in closing costs assistance for first time homebuyers that purchase Fannie Mae REO properties.
From realtor.com®: Find out which U.S. cities generated the most interest from purchasers of international real estate in March 2015.
With well-crafted policies, regular training, and consultation with counsel, associations and members can minimize exposure to liability concerning key risk areas.
The House of Representatives passed H.R. 685, “The Mortgage Choice Act” by a vote of 286-140.
Topics: Qualified Mortgage
On March 30, 2015, NAR submitted comments to the CFPB on proposed changes to mortgage rules that were finalized in January of 2013.