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.
Last week, the House Committee on Veterans' Affairs passed H.R. 4482, which would make VA ARM and hyrid ARM products permanent. Adjustable Rate Mortgages (ARMs) are especially useful loan products for active duty military.
On April 17, 2012, the Federal Housing Finance Agency (FHFA) announced a new directive as part of FHFA’s continued servicing alignment initiative that directs Fannie Mae and Freddie Mac to align their guidelines for servicing delinquent mortgages they own or guarantee.
On Friday, April 13, 2012, NAR and 11 other industry trade associations submitted a letter to the Director of the Consumer Financial Protection Bureau asking for an expanded rule-making process so that industry can properly evaluate the proposed RESPA/TILA harmonization.
NAR spearheaded a 33 member coalition in sending a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray calling for a broadly defined Qualified Mortgage (QM) under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
On April 14, 2012, Bank of America will implement new procedures for completing short sale transactions through the Equator platform. With the continued development of its online transaction portal to communicate with borrowers and authorized 3rd party advisors, Bank of America has taken steps to reduce the amount of time to complete short sales by performing underwriting and valuation tasks while agents collect required documentation.
April 9, 2012: U.S. EPA overstepped its authority when it vetoed a Clean Water Act permit issued for a sprawling mountaintop-removal coal mining project in West Virginia, a federal judge ruled today.