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 May 14, 2013 Senator Joe Manchin (D-WV) and Senator Mike Johanns (R-NE) introduced S. 949 "The Consumer Mortgage Choice Act" in the United States Senate. The legislation addresses discrimination in the calculation of fees and points under the 3% cap on fees and points in the Qualified Mortgage rules.
On March 18, 2013, NAR, in coalition with other industry groups, sent a letter to the Senate in support of a proposed amendment to the fiscal year 2014 Senate Budget Resolution which would implement S. 336, the Marketplace Fairness Act.
President Gary Thomas testified at a hearing of the House Ways and Means Committee entitled “Tax Reform and Residential Real Estate.”
NAR President Gary Thomas testified this week about the importance of the FHA mortgage insurance program.
FHA may need $943 million from the Treasury to hold 30 years' worth of reserves.
Growing student debt will impact the ability of consumers to access mortgage credit, particularly first time homebuyers.