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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.

CFPB Proposes 3% Cure

May 2, 2014: 

On Wednesday, April 30, 2014, The Consumer Financial Protection Bureau (CFPB) proposed to institute a "cure" mechanism for cases in which a lender inadvertently exceeds the 3% threshold on fees and points.

National Flood Insurance Program Effective May 1

April 30, 2014: 

Effective May 1, 2014, all buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014.

CFPB Explores E-Closings

April 25, 2014: 

NAR participated in a Consumer Financial Protection Bureau (CFPB) public forum on electronic mortgage closings on April 23, 2014.

Private Transfer Fee Coalition Letter

April 25, 2014: 

On April 23, 2014, the National Association of REALTORS® signed onto a coalition letter urging the Federal Housing Administration (FHA) to harmonize its regulatory treatment of transfer fee covenants with the Federal Housing Finance Agency (FHFA).

Homebuyer Flood Insurance Relief

April 16, 2014: 

On April 15, 2014, FEMA issued a WYO Company Bulletin implementing the first provisions of the Flood Insurance Affordability Act and providing immediate rate relief to homebuyers.

Obamacare Regulations Recognize Agents as Non-Employees

April 11, 2014: 

Recently released final regulations under the Affordable Care Act (ACA) recognize “qualified real estate agents” as non-employees for purposes of the “Shared Responsibility for Employers” provisions of the new health care law.

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