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.
The Consumer Financial Protection Bureau (CFPB) listened to NAR in producing the new RESPA/TILA rule.
On March 13, 2014, the United States Senate voted to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370).
On March 13, 2014, the Department of Housing and Urban Development (HUD) issued a proposed rule to eliminate Federal Housing Administration (FHA) post-payment interest charges. The policy change would prohibit mortgagees from charging borrowers interest on their home mortgages for days or weeks after a principal balance pay-off. The proposed rule will align HUD policy with the Consumer Financial Protection Bureau’s Final Qualified Mortgage Rule.
On Wednesday, Feb. 26, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI) released his long-awaited discussion draft for comprehensive reform of the tax code.
On Feb. 26, Senators McCaskill (D-MO) and Rockefeller (D-WV) introduced legislation that will better equip the nation’s top consumer protection agency with the tools needed to crack down on “patent trolls”—companies that buy patents, but then fail to actually produce goods or services, opting instead to intimidate or sue other small businesses.
On Feb. 26, 2014, NAR sent a letter to the House Financial Services Committee's Subcommittee on Capital Markets and Government Sponsored Enterprises for a hearing on the Dodd-Frank Act’s impact on asset-backed securities.