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 June 13, 2012, NAR President Moe Veissi submitted comments to the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs)) on its Strategic Plan for Fiscal Years 2013-2017 that incorporates the strategic plan for the conservatorships of Fannie Mae and Freddie Mac FHFA sent to Congress in February 2012.
Sixty-nine Members of the House of Representatives wrote to the FHA last week, asking them to loosen restrictions on the sale of condominiums.
The National Association of REALTORS® (NAR) President Moe Veissi sent a letter to the US Department of Veterans Affairs (VA) Secretary Eric Shinski asking the agency to offer a Veterans Renovation Pilot Program similar to the Federal Housing Administration’s (FHA) 203(k) Program.
On May 23, 2012, The Consumer Financial Protection Bureau CFPB held a small business review panel to evaluate proposed changes to the Federal Reserve’s Loan Officer Compensation Rule as well as offer alternatives as to how borrowers can be charged fees and points.
On Thursday May 31, 2012, the Consumer Financial Protection Bureau (CFPB) announced that it would be seeking additional information on loan performance with regard to Debt to Income (DTI) ratios and a few other factors.
A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been previously unable to refinance to finally take advantage of record low interest rates.