New mortgage lending rules to protect consumers from risky loan products will take effect this Friday, and Realtors® will be on the front lines as homebuyers access safer mortgages that meet strong underwriting standards.
On Dec. 20, 2013, the Federal Housing Administration (FHA) announced a 25-day extension for communities who wish to request a change to high cost area loan limits.
A Science Advisory Board panel will recommend the EPA consider the degree of connections that wetlands and streams have with downstream waters in a draft scientific study. This is a positive development for regulated stakeholders because establishing significance of the connection is a test articulated by Supreme Court Justice Kennedy to ascertain which wetlands merit Clean Water Act jurisdiction.
On Friday, December 13, FHA released its Annual Report to Congress and the FY 2013 Independent Actuarial Assessment of the FHA Mutual Mortgage Insurance Fund.
Much has been going on in the area of loan limits. Last month, the FHFA announced that the loan limits for Freddie Mac and Fannie Mae would not be going down in 2014, as had been previously suggested.
On Wednesday December 11, 2013, the Federal Housing Administration (FHA) released its final Ability to Repay/Qualified Mortgage (QM) Rule.
In response to delays encountered in the implementation of the federally administered health exchange website, Healthcare.gov, the U.S. Department of Health and Human Services formally issued regulations on December 12th extending the deadline for signing up via the website for health insurance that would take effect on January 1, 2014.
On December 13, 2013, NAR President Steve Brown sent a letter to Charles Coulter, Deputy Assistant Secretary for Single Family Housing, concerning the draft FHA Single Family Handbook.
On December 12, 2013, The Federal Reserve Board, along with five other federal regulatory agencies, issued a final rule to exempt a subset of higher priced mortgage loans (HPML) from certain appraisal requirements.
The 2013 NAR Legislative and Regulatory Year in Review document gives you a quick overview of the issues NAR tackled in 2013.