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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 Committee Holds Flood Insurance Hearing

September 20, 2013: 

On Sept. 18, 2013, a Senate Banking Subcommittee held the first hearing on implementation of the Biggert-Waters Flood Insurance Reform Act.

NAR Opposes the PATH Act

September 13, 2013: 

NAR sent two letters to the House of Representatives this week urging against cosponsoring Rep. Joe Hensarling’s (R-TX) housing finance reform bill, H.R. 2767, the Protecting American Taxpayers and Homeowners (PATH) Act.

FEMA Publishes New Flood Insurance Rates

September 6, 2013: 

The Federal Emergency Management Agency (FEMA) has released guidelines for how flood insurance rates will be calculated under the Biggert-Waters Act of 2012.

Regulators Re-Propose QRM Rule

August 30, 2013: 

The six financial federal regulators [HUD, Fed, FDIC, FHFA, OCC, SEC] responsible for writing and implementing the Qualified Residential Mortgage rule, or "QRM", re-proposed the rule after receiving considerable pushback from NAR, other housing industry groups, consumer groups, and lawmakers.

ACA Individual Mandate Rules Released

August 30, 2013: 

On August 28, 2013, the U.S. Treasury Department and Internal Revenue Service (IRS) issued final regulations on the individual shared responsibility provisions, i.e. individual mandate, of the Affordable Care Act.

GSEs Announce Short Sale Changes

August 23, 2013: 

On August 22, 2013, Fannie Mae announced updates to its automated underwriting standards to fix problems with credit reporting of short sales.

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