The Real Estate Services (RES) Update is designed to keep diversified real estate firms and their agents informed about issues impacting their businesses. This monthly newsletter includes legislative and regulatory updates, news on industry trends, and the latest information on NAR activities as they affect diversified real estate firms.
On September 8, 2014, NAR submitted comments to FHFA in response to its Request for Input on the guarantee fees (g-fees) that Fannie Mae and Freddie Mac (the government-sponsored enterprises or Enterprises) charge lenders; and to raise concerns about implementation of the proposed increases to both the g-fee and up-front fees charged to borrowers (loan level pricing adjustments or LLPAs).
On September 8, 2014, NAR submitted comments to FHFA on its proposed draft Private Mortgage Insurer Eligibility Requirements (PMIERs) for companies that insure mortgage loans owned or guaranteed by Fannie Mae and Freddie Mac. The proposed requirements are important to NAR members as private mortgage insurance is often required for borrowers with down payments less than 20 percent. In its letter, NAR focused on three points:
Many states have experienced delayed processing times for the Single Family Rural Housing Direct and Guaranteed Loan Programs.
In Feb. 2014, President Obama signed H.R. 2642, the Agricultural Act of 2014 (the Farm Bill), to protect more than 900 communities that were at risk of losing access to federal rural housing programs.
On August 26, 2014, the Federal Housing Administration (FHA) issued its final rule to eliminate post-payment interest charges on FHA-insured single family mortgages.
On August 15, 2014,The Federal Housing Finance Agency (FHFA) released a Request for Input on its Strategic Plan for 2015-2019