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 March 24, 2014, six federal agencies issued a joint proposed rule to implement minimum requirements for state registration and supervision of appraisal management companies (AMCs).
On March 20, 2014, NAR President Steve Brown submitted comments on the Federal Housing Finance Agencies (FHFA) request for information on lowering the loan purchase limits for Fannie Mae and Freddie Mac (the Enterprises).
The Consumer Financial Protection Bureau (CFPB) listened to NAR in producing the new RESPA/TILA rule.
On March 13, 2014, the United States Senate voted to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370).
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.
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.