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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 Plans To Increase Credit; Leaves Loan Limits Unchanged

May 19, 2014: 

Federal Housing Finance Agency (FHFA) Director Mel Watt made his first public speech addressing FHFA’s strategic plan for Fannie Mae and Freddie Mac that improves liquidity in the present single-family housing finance market.

FHA Blueprint for Access

May 16, 2014: 

On May 13, 2014, FHA released its “Blueprint for Access” which offers a pilot housing counseling program as well as enhanced quality assurance measures.  FHA hopes these efforts will expand access to credit for underserved borrowers.

Committee Passes 3% Cap Bill

May 9, 2014: 

On Wednesday, May 7, 2014, The House Financial Services Committee passed H.R. 3211, "The Mortgage Choice Act" by voice vote.

Elimination of FHA “Prepayment Penalty”

May 9, 2014: 

On May 7, 2014, President Steve Brown sent a letter to Federal Housing Commissioner Carol Galante strongly supporting the proposed rule to eliminate Federal Housing Administration (FHA) post-payment interest charges.

CFPB Proposes 3% Cure

May 2, 2014: 

On Wednesday, April 30, 2014, The Consumer Financial Protection Bureau (CFPB) proposed to institute a "cure" mechanism for cases in which a lender inadvertently exceeds the 3% threshold on fees and points.

National Flood Insurance Program Effective May 1

April 30, 2014: 

Effective May 1, 2014, all buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014.

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