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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.
NAR Submits Comments on FHFA’s Proposed Affordable Housing Goals
On July 26, 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 the proposed GSE affordable housing goals for 2012-2014.
NAR Submits Comments on Proposed Basel III Rules
On July 26, 2012, a coalition of organizations, including NAR, submitted comments to regulators regarding the proposed Basel III capital rules.
FHA Announces Distressed Sale Asset Program
The week of July 16, the Federal Housing Administration (FHA) announced the expansion of the Distressed Asset Sale Program (DASP).
NAR Submits Comments on Mortgage Servicing Proposals
On July 9, 2012, NAR President Moe Veissi submitted comment to the Consumer Financial Protection Bureau (CFPB) on its outline of proposals for future mortgage servicing rulemaking.
Consumer Financial Protection Bureau Issues 1,100 Page RESPA/TILA Proposal
On Monday, July 9, 2012, The Consumer Financial Protection Bureau (CFPB) issued the long awaited RESPA/TILA harmonization proposal. The proposal, at 1,100 pages is far more ambitious than simplifying and combining the Good Faith Estimate (GFE) and Truth in Lending (TIL) disclosures given to consumers upon application for a mortgage as NAR advocated.
NAR Comments on QM Definition and Legal Standards
On Monday, July 9, 2012, NAR joined the Consumer Mortgage Banking Project (CMBP) in responding to the Consumer Financial Protection Bureau (CFPB) request for additional information and data in developing the Qualified Mortgage (QM) test.