On March 21, NAR played host to a gathering of representatives of government, REALTORS®, major lenders and e-signature service providers to discuss the slow and spotty acceptance of electronic signature technology in daily real estate business.
On March 27, 2013, the U. S. Department of Agriculture Office of Rural Development issued Administrative Notice (AN) 4711 regarding the use of 2010 Census data in the administration of direct loan, loan guarantee and grant programs across Rural Development programs.
In September 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac (the government-sponsored enterprises, or GSEs) into conservatorship.
Last week Congress passed the Continuing Resolution, which funds the government for remainder of the fiscal year.
In an official letter to lenders, HUD Assistant Secretary and FHA Commissioner Carol Galante has advised of possible FHA mortgage processing delays due to the sequestration of 2013 funding which began March 1.
On Friday, March 15, 2013, NAR submitted comments to the Internal Revenue Service in connection with proposed regulations published on January 2, 2013, interpreting the Shared Responsibility for Employers Regarding Health Coverage requirements of the Patient Protection and Affordable Care Act.
On Tuesday, March 12, 2013, Representatives Bill Huizenga (R-MI) and David Scott (D-GA) reintroduced the Consumer Mortgage Choice Act, H.R.1077. The legislation addresses the definition of fees and points in a mortgage transaction under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The definition is critical to determine whether a mortgage is a Qualified Mortgage (QM) which requires that fees and point not exceed 3%.
On March 14, 2013, the Workforce Protections Subcommittee of the Education and Workforce Committee held a hearing on “Examining the Role of Lower-Skilled Guest Worker Programs in Today’s Economy,” which discussed H-2B visas. This visa program meets demands for lower-skilled jobs not filled by Americans by providing temporary visas for non-agricultural workers.
Three of the country's largest lenders say mortgage financing is available for conventional borrowers.
As is required by law, the FHA recently alerted Congress that they have utilized 75% of their commitment authority for multifamily insured loans.