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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.

FHFA Announces New Short Sale Directive

April 23, 2012: 

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.

NAR and Industry Call for Expanded Rule-making Process on RESPA/TILA

April 23, 2012: 

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.

Industry and Consumer Groups Call for Broad Qualified Mortgage

April 23, 2012: 

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.

Realtors® Call for Broad Qualified Mortgage Definition to Help Consumers and Housing Market

April 13, 2012: 

On Friday, April 13, NAR joined a broad coalition of lenders, investors, housing professionals, consumer advocates and civil rights groups, in sending a letter to Richard Cordray, director of the Consumer Financial Protection Bureau, urging for a broadly defined Qualified Mortgage (QM) that covers a wide range of traditionally safe products and underwriting criteria.

Federal Reserve Issues Policy Statement on Rental of REOs

April 9, 2012: 

On Thursday, April 5, 2012, the Federal Reserve Board (Fed) issued a policy statement clarifying policies regarding the rental of REO properties acquired by banks through foreclosure.

NAR Recommends Enhancements to Proposed Seller Concessions Rule

April 2, 2012: 

NAR generally supports the proposed rule but makes several recommendations to mitigate unintended consequences that may negatively impact communities with higher than average closing costs. NAR recommends allowing seller concessions greater than the proposed 3 percent or $6,000; especially in areas of the country with higher closing costs.

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