On May 13, 2014, FHA released its “Blueprint for Access” which offers a pilot housing counseling program as well as enhanced quality assurance measures. FHA hopes these efforts will expand access to credit for underserved borrowers.
The inability of the U.S. Congress to compromise on key issues such as immigration reform, healthcare and government spending will likely continue through President Obama’s second term.
Homeownership is expected to retain its political luster through the 2014 election cycle.
On Wednesday, May 7, 2014, The House Financial Services Committee passed H.R. 3211, "The Mortgage Choice Act" by voice vote.
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.
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.
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.
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.
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.
NAR participated in a Consumer Financial Protection Bureau (CFPB) public forum on electronic mortgage closings on April 23, 2014.