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.
NAR submitted comments on the Ability to Repay/Qualified Mortgage (QM) concurrent proposal seeking guidance on the calculation of fees and points and other matters such as rural mortgage access and non-profit lending.
On Thursday, Feb. 7th, The Responsible Homeowner Refinancing Act of 2013 was introduced by Senators Robert Menendez (D-NJ) and Barbara Boxer (D-CA) in an effort to remove the barriers preventing many Fannie Mae and Freddie Mac borrowers from refinancing their loans to the lowest rate possible.
On Jan. 20, 2013, The Consumer Financial Protection Bureau (CFPB) published a final rule on Loan Originator Compensation as part of implementation of the Dodd-Frank Act.
On Jan. 30, 2013, the Federal Housing Administration’s (FHA) Commissioner Carol Galante announced a series of changes to be issued this week that manage risk and further strengthen the heath of FHA’s Mutual Mortgage Insurance Fund (MMI Fund).
The Federal Reserve Board, along with five other federal regulatory agencies, issued a final rule to impose appraisal requirements for loans secured by a borrower’s home and bearing interest rates higher than the average prime offer rate (APOR) for comparable properties and mortgages.
On Sept. 20, 2012, The Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs) proposed adjustments to the Guarantee fees charged by Fannie Mae and Freddie Mac for individual states where the GSEs estimated longer timelines and higher costs for completing foreclosures.