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.
A sustainable housing recovery requires that policymakers move forward with the difficult decisions regarding the future of the mortgage market, Federal Reserve Board Governor Elizabeth Duke told Realtors® at a joint Real Estate Services and Regulatory Issues Forum May 15.
The Consumer Financial Protection Bureau (CFPB) released an outline of proposals under consideration for rules governing compensation for mortgage loan originators.
This week the National Association of REALTORS (NAR) and the Institute of Real Estate Management (IREM) sent an industry coalition letter to Acting Federal Housing Administration (FHA) Commissioner, Carol Galante, asking the agency to adopt a private transfer fee rule in harmony with the final rule recently adopted by the Federal Housing Finance Agency (FHFA).
On April 17, 2012, the Federal Housing Finance Agency (FHFA) announced a new directive as part of FHFA’s continued servicing alignment initiative that directs Fannie Mae and Freddie Mac to align their guidelines for servicing delinquent mortgages they own or guarantee.
On Friday, April 13, 2012, NAR and 11 other industry trade associations submitted a letter to the Director of the Consumer Financial Protection Bureau asking for an expanded rule-making process so that industry can properly evaluate the proposed RESPA/TILA harmonization.
NAR spearheaded a 33 member coalition in sending a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray calling for a broadly defined Qualified Mortgage (QM) under the Dodd-Frank Wall Street Reform and Consumer Protection Act.