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 Nov. 10, 2014, Fannie Mae published an update to its lender selling guide to improve and streamline its condo project approval process.
After three years of strong opposition from NAR, congressional leaders, and consumer and industry groups, the six financial regulators released the final version of the long-awaited qualified residential mortgage (QRM) rule.
On Wednesday October 29, 2014 NAR submitted comments to the Consumer Financial Protection Bureau (CFPB) on changes to the Real Estate Settlment Procedures Act (RESPA) and the Truth in Lending Act (TILA) rule. CFPB has proposed giving lenders a full day to redisclouse the loan estimate when the loan is locked in.
On Oct. 13, 2014, NAR submitted comments on the Federal Housing Finance Agencies proposal to create a Single Security that could be guaranteed by either Fannie Mae or Freddie Mac (the government-sponsored enterprises or GSEs).
The U.S. Small Business Administration, a federal agency responsible for protecting the interests of small businesses, has asked the Administration to withdraw a proposed rule that changes the scope of existing law without Congress’ authority and expand federal regulatory power under the Clean Water Act.
In June 2014, the Federal Aviation Administration (FAA) issued comments clarifying the permitted use of unmanned aerial vehicles (UAVs) for commercial purposes.