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Elimination of FHA “Prepayment Penalty”

May 9, 2014: 

On May 7, 2014, President Steve Brown sent a letter to Federal Housing Commissioner Carol Galante strongly supporting the proposed rule to eliminate Federal Housing Administration (FHA) post-payment interest charges.

FHA Reverse Mortgage Changes

May 2, 2014: 

On April 25, 2014, the U.S. Department of Housing and Urban Development (HUD) issued new guidance to ease requirements for non-borrowing spouses on FHA Home Equity Conversion Mortgages (HECM) issued on or after August 4, 2014.  The policy changes are in response to complaints from families that are being forced into foreclosure after inheriting a home following the death of a loved one.

CFPB Proposes 3% Cure

May 2, 2014: 

On Wednesday, April 30, 2014, The Consumer Financial Protection Bureau (CFPB) proposed to institute a "cure" mechanism for cases in which a lender inadvertently exceeds the 3% threshold on fees and points.

Progress on the 3% Cap

April 30, 2014: 

NAR President Steve Brown talks about a positive development on NAR’s concerns over how the 3% cap on points and fees in the qualified mortgage (QM) rule has been interpreted.

National Flood Insurance Program Effective May 1

April 30, 2014: 

Effective May 1, 2014, all buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014.

CFPB Explores E-Closings

April 25, 2014: 

NAR participated in a Consumer Financial Protection Bureau (CFPB) public forum on electronic mortgage closings on April 23, 2014.

Private Transfer Fee Coalition Letter

April 25, 2014: 

On April 23, 2014, the National Association of REALTORS® signed onto a coalition letter urging the Federal Housing Administration (FHA) to harmonize its regulatory treatment of transfer fee covenants with the Federal Housing Finance Agency (FHFA).

Homebuyer Flood Insurance Relief

April 16, 2014: 

On April 15, 2014, FEMA issued a WYO Company Bulletin implementing the first provisions of the Flood Insurance Affordability Act and providing immediate rate relief to homebuyers.

Obamacare Regulations Recognize Agents as Non-Employees

April 11, 2014: 

Recently released final regulations under the Affordable Care Act (ACA) recognize “qualified real estate agents” as non-employees for purposes of the “Shared Responsibility for Employers” provisions of the new health care law.

Senate Introduces TRIA Reauthorization Bill

April 11, 2014: 

On Thursday, Apr. 10th, Senator Chuck Schumer (D-NY) introduced S. 2244, a bill to reauthorize the Terrorism Risk Insurance Act (TRIA), currently set to expire at the end of 2014, for seven more years.

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