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 Monday, June 9, 2014, The House of Representatives passed H.R. 3211, "The Mortgage Choice Act" which addresses discrimination in the calculation of fees and points under the Ability to Repay/Qualified Mortgage (QM) rule.
On Thursday, June 5, 2014, NAR submitted comments on the Consumer Financial Protection Bureau's (CFPB) proposal to implement a limited cure provision for loans that exceed the 3% cap on fees and points under the Qualified Mortgage (QM) safe harbor.
On June 6, 2014, NAR President Steve Brown submitted comments to five federal agencies in response to a proposed rule on minimum requirements for appraisal management companies (AMCs).
On June 4, 2014, NAR submitted comments to the Federal Housing Administration (FHA) on its supplemental lender performance metric. NAR hopes this new tool will encourage lenders to loosen credit overlays and ease the fear of back-end enforcement actions by FHA.
On May 30, 2014, FEMA announced the Flood Premiums and Rate Tables for 2015.
On May 21, Senate Judiciary Chairman, Patrick Leahy (D-VT) announced that he would pull the patent litigation bill that has been under discussion for the past several months from the committee’s agenda.