The week of July 16, the Federal Housing Administration (FHA) announced the expansion of the Distressed Asset Sale Program (DASP).
On July 9, 2012, NAR President Moe Veissi submitted comment to the Consumer Financial Protection Bureau (CFPB) on its outline of proposals for future mortgage servicing rulemaking.
The EPA is required to develop regulations that establish lead safe work practices for renovation, repair and painting (RRP) activities for commercial and public buildings, and the date was recently pushed back a second time, to Sept. 15, 2012.
A proposed bill may soon help speed up the approval process for homeowners selling their home through short sale by requiring subordinate lien holders to review and respond to short sale requests within 45 days.
Scott Louser, NAR 2012 Vice President and Liaison to Government Affairs testified on Capitol Hill this week about the importance of keeping mortgages safe and affordable for qualified buyers. He shares more about it on the Voices of Real Estate blog.
On Monday, July 9, 2012, The Consumer Financial Protection Bureau (CFPB) issued the long awaited RESPA/TILA harmonization proposal. The proposal, at 1,100 pages is far more ambitious than simplifying and combining the Good Faith Estimate (GFE) and Truth in Lending (TIL) disclosures given to consumers upon application for a mortgage as NAR advocated.
On Monday, July 9, 2012, NAR joined the Consumer Mortgage Banking Project (CMBP) in responding to the Consumer Financial Protection Bureau (CFPB) request for additional information and data in developing the Qualified Mortgage (QM) test.
Realtors® Testify Broad Qualified Mortgage is Critical to Bringing Certainty to Housing Finance System
On July 11, 2012, the National Association of Realtors® testified before Congress, urging development of broadly defined Qualified Mortgage (QM) regulation.
“As the nation’s leading advocate for home ownership and housing issues, we are pleased that Congress has approved a long-term reauthorization of the National Flood Insurance Program, which ensures access to affordable flood insurance for millions of home and business owners across the country,” said NAR President Moe Veissi.
REALTOR® magazine explains five reasons that make the National Flood Insurance Program's reauthorization an achievement for home owners, the economy, flood plain mapping, and more.