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 July 23, 2014, NAR testified on flood insurance before a Senate appropriations subcommittee.
NAR plans to submit comments on the Federal Aviation Administration's (FAA) recent "Interpretation of the Special Rule for Model Aircraft", which specifically mentioned REALTORS® use of Unmanned Aerial Vehicles (UAVs) for taking property videos as being a commercial use and therefore prohibited under FAA policy.
On Thursday, July 17, the Senate approved S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014, by a vote of 93-4.
On July 14, 2014, HUD issued Mortgagee Letter 2014-15 allowing dual agency agreements in FHA pre-foreclosure transactions.
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.