The Washington Report covers legislative and regulatory policy activities, and is compiled by NAR's Government Affairs policy staff. To receive this content via email, subscribe to NAR's Weekly Report newsletter and check the "legislative & regulatory issues" box.
On Sept. 26, 2014, the National Association of REALTORS®, along with the National Association of Homebuilders and the Mortgage Bankers Association, sent a letter to the Federal Housing Administration (FHA) in response to proposed changes to the 203(k) Rehabilitation Mortgage Insurance Program.
On Friday, Oct. 3, 2014, NAR President Steve Brown sent a letter to FHA Commissioner Galante urging FHA to extend the property flipping waiver that allows FHA financing on single family properties that are being resold within 90 days of the previous acquisition.
On Sept. 30, 2014, NAR wrote to Consumer Financial Protection Bureau (CFPB) director Richard Cordray expressing concern that the CFPB's guidance on mini-correspondent lenders realting to the Ability to Repay/Qualified Mortgage (QM) rule not be interpreted in a way that would reduce access to credit by unfairly discriminating against smaller lenders.
On Sept. 30, 2014, the Consumer Financial Protection Bureau (CFPB) ordered Lighthouse Title, a Michigan title insurance agency, to pay $200,000 for illegal referrals under the guise of marketing agreements under the Real Estate Settlement Procedures Act (RESPA).
In June 2014, the Federal Aviation Administration (FAA) issued comments clarifying the permitted use of unmanned aerial vehicles (UAVs) for commercial purposes.
On September 26, 2014, NAR President Steve Brown sent a letter to USDA Secretary Vilsack in response to state REALTOR® associations’ concerns about community eligibility for rural housing loans