On Thursday, June 5, 2014, NAR submitted comments on the Consumer Financial Protection Bureau's (CFPB) proposal to implement a limited cure provision for loans that exceed the 3% cap on fees and points under the Qualified Mortgage (QM) safe harbor.
On June 6, 2014, NAR President Steve Brown submitted comments to five federal agencies in response to a proposed rule on minimum requirements for appraisal management companies (AMCs).
On June 4, 2014, NAR submitted comments to the Federal Housing Administration (FHA) on its supplemental lender performance metric. NAR hopes this new tool will encourage lenders to loosen credit overlays and ease the fear of back-end enforcement actions by FHA.
On May 30, 2014, FEMA announced the Flood Premiums and Rate Tables for 2015.
On Tuesday, June 3, the Senate Banking Committee held a mark up hearing of S. 2244, Senator Schumer’s Terrorism Risk Insurance Act (TRIA) reauthorization bill. In a strong showing of support, the bill was unanimously approved by the Committee. NAR sent a letter of support for the bill to all the members of the Committee, and urged those Senators who had not already to cosponsor it.
EPA is seeking public comment on the “Framework for Identifying and Evaluating Lead-Based Paint Hazards from Renovation, Repair, and Painting Activities in Public and Commercial Buildings.”
The Consumer Financial Protection Bureau (CFPB) announced a consent agreement and $500,000 fine to a real estate firm for inadequate disclosure language in an affiliated business disclosure.
NAR President Steve Brown has released a statement saying that Realtors® applaud the nominations of Julián Castro and Shaun Donovan as heads of HUD and OMB, respectively.
On May 21, Senate Judiciary Chairman, Patrick Leahy (D-VT) announced that he would pull the patent litigation bill that has been under discussion for the past several months from the committee’s agenda.
On May 15, the Federal Communications Commission (FCC) voted 3-2 to open for public debate new rules meant to guarantee an open Internet.