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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.

HUD Advises FHA Users of Possible Processing Delays

March 15, 2013: 

In an official letter to lenders, HUD Assistant Secretary and FHA Commissioner Carol Galante has advised of possible FHA mortgage processing delays due to the sequestration of 2013 funding which began March 1.

NAR Urges IRS to Recognize REALTORS® as Independent Contractors

March 15, 2013: 

On Friday, March 15, 2013, NAR submitted comments to the Internal Revenue Service in connection with proposed regulations published on January 2, 2013, interpreting the Shared Responsibility for Employers Regarding Health Coverage requirements of the Patient Protection and Affordable Care Act.

Fees and Points Bill Introduced

March 15, 2013: 

On Tuesday, March 12, 2013, Representatives Bill Huizenga (R-MI) and David Scott (D-GA) reintroduced the Consumer Mortgage Choice Act, H.R.1077.  The legislation addresses the definition of fees and points in a mortgage transaction under the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The definition is critical to determine whether a mortgage is a Qualified Mortgage (QM) which requires that fees and point not exceed 3%.

H-2B Visa Program Hearing Held

March 15, 2013: 

On March 14, 2013, the Workforce Protections Subcommittee of the Education and Workforce Committee held a hearing on “Examining the Role of Lower-Skilled Guest Worker Programs in Today’s Economy,” which discussed H-2B visas.  This visa program meets demands for lower-skilled jobs not filled by Americans by providing temporary visas for non-agricultural workers.

NAR Urges Congress to Increase Multifamily Lending

March 8, 2013: 

As is required by law, the FHA recently alerted Congress that they have utilized 75% of their commitment authority for multifamily insured loans.

Coalition Submits Letter Requesting Sensible QRM Definition

March 8, 2013: 

On March 4, 2013, NAR, along with 50 other members of the Coalition For Sensible Housing Policy, submitted a letter to federal regulators asking that the standards used in the recently released Qualified Mortgage rule (QM) be used to define the Qualified Residential Mortgage (QRM).

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