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 Wednesday October 1, 2014 at 2:00 PM EDT the Consumer Financial Protection Bureau (CFPB) and Federal Reserve will be hosting another webinar on the implementation of changes to the Real Estate Settlment Procedures Act (RESPA) and the Truth in Lending Act (TILA).
On September 16, 2014, the House of Representatives passed H.R. 5461, a compendium of legislation that had already passed the House that includes H.R. 3211, The Mortgage Choice Act that addresses discrimination in the calculation of fees and points in the Qualified Mortgage Rule.
NAR has been invited to participate in a Federal Aviation Administration (FAA) working group on Unmanned Aerial Systems (UASs). NAR will educate FAA officials on how REALTORS® are interested in utilizing this technology safely and responsibly. Currently, the FAA prohibits the use of UASs for any commercial purpose, such as creating a video to sell property. The FAA is on track to propose regulations that will establish a timeframe for integrating small UASs into the national airspace. NAR supports regulations that would allow members to use this technology safely but that are not overly cumbersome or expensive.
On September 8, 2014, NAR submitted comments to FHFA in response to its Request for Input on the guarantee fees (g-fees) that Fannie Mae and Freddie Mac (the government-sponsored enterprises or Enterprises) charge lenders; and to raise concerns about implementation of the proposed increases to both the g-fee and up-front fees charged to borrowers (loan level pricing adjustments or LLPAs).
On September 8, 2014, NAR submitted comments to FHFA on its proposed draft Private Mortgage Insurer Eligibility Requirements (PMIERs) for companies that insure mortgage loans owned or guaranteed by Fannie Mae and Freddie Mac. The proposed requirements are important to NAR members as private mortgage insurance is often required for borrowers with down payments less than 20 percent. In its letter, NAR focused on three points:
On September 9, 2014, the House voted 262-152 to pass HR 5078, the ‘Waters of the U.S.’ Regulatory Overreach Protection Act by Reps.