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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.

HUD Announces Changes to FHA

February 1, 2013: 

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).

Final Rule on Appraisals for Higher Priced Mortgage Loans (HPML)

January 18, 2013: 

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.

NAR Comments on Gfee Increases

December 14, 2012: 

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. 

NAR Submits Comments on FHFA Securitization Platform

December 14, 2012: 

Earlier this year, the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs) released a white paper on the creation of a common secondary market securitization platform to begin the process of GSE Reform.

CFPB Follows NAR Advice on Consumer Testing of RESPA/TILA Forms

December 14, 2012: 

On Thursday, Dec. 13, 2012, The Consumer Financial Protection Bureau (CFPB) announced its proposed policy to allow companies to test new consumer disclosures on a case-by-case basis.

Senate Banking Committee Holds Hearing on FHA Audit

December 7, 2012: 

Last week, the Senate Banking Committee held a hearing entitled, "Oversight of FHA:  Examining HUD's Response to Fiscal Challenges".

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