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 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.
Some NAR members have received communications from servicers, such as Bank of America, that dual agency is not allowed in FHA short sales transactions. This is not correct.
On Tuesday March 11, 2014, Senators Charles Schumer (D-NY, Dean Heller (R-NV) and Kristen Gillibrand (D-NY) introduced S. 2101, a bill to amend the Interstate Land Sales Full Disclosure Act (ILSA) to clarify how the act applies to condominiums.
On March 4, 2014, the House voted 306-91 to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370) with amendments.
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. 25, the Senate Banking Committee held Part II in a series of hearings to examine the Terrorism Risk Insurance Act (TRIA) of 2002, which sunsets on December 31, 2014.