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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.

Proposed Elimination of FHA “Prepayment Penalty”

March 14, 2014: 

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.

FHA Short Sale Dual Agency

March 14, 2014: 

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.

Interstate Land Sales Act Bill Introduced

March 14, 2014: 

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.

House Passes Flood Insurance With Amendments

March 5, 2014: 

On March 4, 2014, the House voted 306-91 to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370) with amendments.

Analysis of Camp Tax Reform Draft

February 28, 2014: 

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.

Senate Hearing on TRIA Reauthorization

February 28, 2014: 

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.

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