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 May 30, 2014, FEMA announced the Flood Premiums and Rate Tables for 2015.
On May 21, Senate Judiciary Chairman, Patrick Leahy (D-VT) announced that he would pull the patent litigation bill that has been under discussion for the past several months from the committee’s agenda.
Federal Housing Finance Agency (FHFA) Director Mel Watt made his first public speech addressing FHFA’s strategic plan for Fannie Mae and Freddie Mac that improves liquidity in the present single-family housing finance market.
On May 13, 2014, FHA released its “Blueprint for Access” which offers a pilot housing counseling program as well as enhanced quality assurance measures. FHA hopes these efforts will expand access to credit for underserved borrowers.
On Wednesday, May 7, 2014, The House Financial Services Committee passed H.R. 3211, "The Mortgage Choice Act" by voice vote.
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.