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 Tuesday, Feb. 3, 2015, H.R. 685 "The Mortgage Choice Act" was introduced in the House of Representatives.
On Feb. 5, 2014, U.S. House Judiciary Chairman Bob Goodlatte (R-VA), re-introduced the Innovation Act — the same patent reform legislation that passed in 2013.
On Feb. 4, 2015, Fannie Mae released Lender Letter 2015-02 to provide clarifications and additional information about Collateral Underwriter, Appraiser Quality Monitoring (AQM) and updates to the Property Eligibility and Appraisal Requirements section of the Selling Guide.
Watch a new video that outlines the options available to an entity that receives a demand letter requesting payment of a licensing fee from a non-practicing entity, or "patent troll."
The Federal Housing Administration’s (FHA) 50 basis point mortgage insurance premium (MIP) reduction goes into effect.
On Thursday January 22, 2015, the Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General fined two banks for illegal payments for referrals under the guise of marketing and other agreements under the Real Estate Settlement Procedures Act (RESPA).