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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.

FHA Blueprint for Access

May 16, 2014: 

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.

Committee Passes 3% Cap Bill

May 9, 2014: 

On Wednesday, May 7, 2014, The House Financial Services Committee passed H.R. 3211, "The Mortgage Choice Act" by voice vote.

Elimination of FHA “Prepayment Penalty”

May 9, 2014: 

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.

FHA Reverse Mortgage Changes

May 2, 2014: 

On April 25, 2014, the U.S. Department of Housing and Urban Development (HUD) issued new guidance to ease requirements for non-borrowing spouses on FHA Home Equity Conversion Mortgages (HECM) issued on or after August 4, 2014.  The policy changes are in response to complaints from families that are being forced into foreclosure after inheriting a home following the death of a loved one.

CFPB Proposes 3% Cure

May 2, 2014: 

On Wednesday, April 30, 2014, The Consumer Financial Protection Bureau (CFPB) proposed to institute a "cure" mechanism for cases in which a lender inadvertently exceeds the 3% threshold on fees and points.

National Flood Insurance Program Effective May 1

April 30, 2014: 

Effective May 1, 2014, all buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014.

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