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 Friday, March 15, 2013, NAR submitted comments to the Internal Revenue Service in connection with proposed regulations published on January 2, 2013, interpreting the Shared Responsibility for Employers Regarding Health Coverage requirements of the Patient Protection and Affordable Care Act.
NAR President Gary Thomas last week testified before the Senate Banking Committee on the importance of FHA in housing markets.
The March 1 date for implementing across the board federal budget cuts arrived with no action to delay or forestall the cuts. The automatic reductions will affect most government programs and could result in periodic furloughs of government employees.
On Monday, February 25th, 2013, the Bipartisan Policy Center (BPC) Housing Commission released a report titled, "Housing America's Future: New Directions for National Policy". This product was the culmination of 16-months of research and study.
NAR submitted comments on the Ability to Repay/Qualified Mortgage (QM) concurrent proposal seeking guidance on the calculation of fees and points and other matters such as rural mortgage access and non-profit lending.
On Thursday, Feb. 7th, The Responsible Homeowner Refinancing Act of 2013 was introduced by Senators Robert Menendez (D-NJ) and Barbara Boxer (D-CA) in an effort to remove the barriers preventing many Fannie Mae and Freddie Mac borrowers from refinancing their loans to the lowest rate possible.