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.
NAR submitted comments on the Ability to Repay/Qualified Mortgage (QM) concurrent proposal seeking guidance on the calculation of fees and points and other matters such as rural mortgage access and non-profit lending.
Recently, the news media reported that national flood insurance rates could increase to $30,000 a year.
The Fish and Wildlife Service has finalized its plan for tackling the backlog of species that warrant protection under the Endangered Species Act.
FHA Commissioner Carol Galante testified before the House Financial Services Committee last week. Her testimony focused on the critical role that FHA has been taking in the housing recovery. She also acknowledged FHA's financial woes, and explained the variety of things FHA has been doing to stabilize the Fund.
On Jan. 1, 2013, the National Flood Insurance Program (NFIP) began phasing out the rate subsidies for the vast majority of older properties. The 2012 Biggert-Waters law (which extended the NFIP for 5 years) requires that subsidized rates increase in steps of 25% per year until the affected owners are paying the full cost for flood insurance. Passage of this law was essential to ensure that all properties, including second/vacation homes, would continue to have access to comprehensive coverage under the NFIP.
The House Financial Services Committee held the first in a series of hearings on the State of the FHA single-family mortgage insurance program.