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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.

Senate Passes Flood Insurance With House Amendments

March 14, 2014: 

On March 13, 2014, the United States Senate voted to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370).

Proposed Elimination of FHA “Prepayment Penalty”

March 14, 2014: 

On March 13, 2014, the Department of Housing and Urban Development (HUD) issued a proposed rule to eliminate Federal Housing Administration (FHA) post-payment interest charges. The policy change would prohibit mortgagees from charging borrowers interest on their home mortgages for days or weeks after a principal balance pay-off. The proposed rule will align HUD policy with the Consumer Financial Protection Bureau’s Final Qualified Mortgage Rule.

Analysis of Camp Tax Reform Draft

February 28, 2014: 

On Wednesday, Feb. 26, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI) released his long-awaited discussion draft for comprehensive reform of the tax code.

Senate Introduces Patent Demand Letter Legislation

February 28, 2014: 

On Feb. 26, Senators McCaskill (D-MO) and Rockefeller (D-WV) introduced legislation that will better equip the nation’s top consumer protection agency with the tools needed to crack down on “patent trolls”—companies that buy patents, but then fail to actually produce goods or services, opting instead to intimidate or sue other small businesses.

NAR Submits Letter to Congress on QRM

February 28, 2014: 

On Feb. 26, 2014, NAR sent a letter to the House Financial Services Committee's Subcommittee on Capital Markets and Government Sponsored Enterprises for a hearing on the Dodd-Frank Act’s impact on asset-backed securities.

Freddie Mac Clarifies Auction Pilot

February 28, 2014: 

On Feb. 20, 2014, Freddie Mac Senior Vice President for Single Family Servicing, Tracy Hagen Mooney, sent a letter to NAR President to address member concerns about Freddie Mac's short sale/auction pilot.

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