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 President Gary Thomas testified this week about the importance of the FHA mortgage insurance program.
FHA may need $943 million from the Treasury to hold 30 years' worth of reserves.
Growing student debt will impact the ability of consumers to access mortgage credit, particularly first time homebuyers.
On March 29, FEMA released information on changes to the policies and rates of the National Flood Insurance Program. Highlights of the changes, required under the Biggert-Waters Flood Insurance Reform Bill that passed in 2012, include revised premium rates, a new Reserve Fund assessment, updated rates for non-primary residences, exclusion of certain properties from receiving subsidized premium rates and no extesnions of subsidy to new policies or lapsed policies.
On March 21, NAR played host to a gathering of representatives of government, REALTORS®, major lenders and e-signature service providers to discuss the slow and spotty acceptance of electronic signature technology in daily real estate business.
Last week Congress passed the Continuing Resolution, which funds the government for remainder of the fiscal year.