On Friday, June 20th, the House Financial Services Committee approved Rep. Randy Neugebauer’s (R-TX) TRIA Reauthorization bill, H.R. 4871, by a vote of 32 to 27.
On June 18, 2014, the Federal Housing Administration (FHA) released two Mortgagee Letters on the Home Equity Conversion Mortgage (HECM) program.
On Monday, June 9, 2014, The House of Representatives passed H.R. 3211, "The Mortgage Choice Act" which addresses discrimination in the calculation of fees and points under the Ability to Repay/Qualified Mortgage (QM) rule.
The Mortgage Choice Act, passed by the U.S. House of Representatives last night, redefines a provision in the rules that allow for home loans to be considered Qualified Mortgages.
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.”