On Tuesday, Feb. 3, 2015, H.R. 685 "The Mortgage Choice Act" was introduced in the House of Representatives.
Topics: Qualified Mortgage
On Feb. 5, 2014, U.S. House Judiciary Chairman Bob Goodlatte (R-VA), re-introduced the Innovation Act — the same patent reform legislation that passed in 2013.
Topics: Patent Litigation Reform
On Feb. 4, 2015, the US Department of Housing and Urban Development (HUD) released Mortgagee Letter 2015-04 to provide improved notification templates for the availability of HUD-approved housing counseling services.
On Feb. 4, Federal Communications Commission (FCC) Chairman Tom Wheeler released a fact sheet setting out his proposal for new Open Internet rules.
Topics: Net Neutrality
On Feb. 2, 2015, NAR President Chris Polychron met with Lisa Afua Serwah Mensah, Under Secretary of USDA Rural Development, and Tony Hernandez, USDA Rural Housing Service Administrator.
On Wednesday, Feb. 4, the Federal Insurance Office within the Department of the Treasury released interim guidance on implementation of the Terrorism Risk Insurance Program Reauthorization Act of 2015, which was signed into law on Jan. 12 and renewed the federal Terrorism Risk Insurance Program through 2020.
On Feb. 4, 2015, Fannie Mae released Lender Letter 2015-02 to provide clarifications and additional information about Collateral Underwriter, Appraiser Quality Monitoring (AQM) and updates to the Property Eligibility and Appraisal Requirements section of the Selling Guide.
Fannie Mae's CU is a tool that lenders can use to assign a risk score to appraisals and identify aspects of the appraisal that may require further attention.
Communities that were slated for federal rural housing program ineligibility on February 2, 2015 due to "rural in character" criteria will be reinstated as eligible through Sept. 30, 2015.
Buying a home can be daunting, but it is easy enough to begin working on the first step – saving for a down payment.