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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.

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.

CFPB Explores E-Closings

April 25, 2014: 

NAR participated in a Consumer Financial Protection Bureau (CFPB) public forum on electronic mortgage closings on April 23, 2014.

NAR Letter on FHA Premiums

April 4, 2014: 

On April 2, 2014, President Steve Brown sent a letter to the Department of Housing and Urban Development (HUD) with concerns about the Federal Housing Administration’s (FHA) high annual mortgage insurance premiums and mortgage insurance that is required for the life of the loan.

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