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 Tuesday June 17, 2014, the Federal Reserve and Consumer Financial Protection Bureau (CFPB) held a webinar describing the forthcoming August 2015 changes to loan disclosures and settlement statements.
On June 30, 2014, NAR President Steve Brown sent a letter to Federal Housing Administration (FHA) Commissioner Carol Galante in support of FHA’s efforts to reduce mortgage insurance premiums for first-time buyers through its Homeowners Armed with Knowledge program, or HAWK.
On Friday, June 20th, the House Financial Services Committee approved Rep. Randy Neugebauer’s (R-TX) TRIA Reauthorization bill, H.R. 4871, by a vote of 32 to 27.
On June 18, 2014, the Federal Housing Administration (FHA) released two Mortgagee Letters on the Home Equity Conversion Mortgage (HECM) program.
On Monday, June 9, 2014, The House of Representatives passed H.R. 3211, "The Mortgage Choice Act" which addresses discrimination in the calculation of fees and points under the Ability to Repay/Qualified Mortgage (QM) rule.
On Thursday, June 5, 2014, NAR submitted comments on the Consumer Financial Protection Bureau's (CFPB) proposal to implement a limited cure provision for loans that exceed the 3% cap on fees and points under the Qualified Mortgage (QM) safe harbor.