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 Nov. 9, 2012, the Federal Reserve Board, the OCC, and the FDIC announced that proposed rules to implement the Basel III regulatory capital accords will not take effect on Jan. 1, 2013.
Last week the House passed the FHA Emergency Fiscal Solvency Act of 2012, which strengthens FHA's financial solvency; allows FHA to collect losses from lenders who made material errors in underwriting or committed fraud; and strengthens financial oversight and disclosure.
The Federal Housing Administration (FHA) issued a mortgagee letter announcing modest improvements to the treatment of condos under the FHA program.
NAR is pleased the Consumer Financial Protection Bureau (CFPB) included a real estate professional -- the co-founder of the National Association of Hispanic Real Estate Professionals (NAHREP) -- in its 25 member Consumer Advisory Board.
NAR submitted comments on a small part of the 1,100 page RESPA/TILA harmonization regulatory proposal seeking to change the annual percentage rate or APR calculation.
Fannie Mae and Freddie Mac will be issuing new guidelines to enhance and streamline the short sale process.