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 19, 2012, twelve members of Congress, led by Sens. Hagan (D-NC) and Crapo (R-ID), issued a letter expressing concern to six banking agencies regarding their proposed risk retention regulations.
Fannie Mae issued Selling Guide Announcement SEL-2012-05. The Guide states that effective July 16, 2012, Fannie Mae will not purchase or securitize mortgages on properties encumbered by private transfer fee (PTF) covenants that were created on or after February 8, 2011.
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.