NAR 2013 Annual Report
NAR remains the dominant real estate voice across all media. Whether the story is about the value of homeownership, public policy affecting real estate, real estate trends and data, or REALTOR® value, NAR is truly “The Voice for Real Estate,” The same holds true throughout the halls of Washington.
In 2013, NAR won a significant victory for consumers when the Consumer Financial Protection Bureau agreed with NAR’s argument that protecting lenders will ensure the wide availability of affordable credit for qualified buyers. The rule on the Qualified Mortgage defines underwriting standards that the majority of lenders will use to qualify prospective buyers.
NAR scored another critical win for consumers when federal regulators proposed aligning a second mortgage regulation, known as the Qualified Residential Mortgage, with the Qualified Mortgage.
Because of NAR’s vision and foresight, consumers will not face the daunting hurdle of a 20% down payment on a home.
Also in 2013, At NAR’s urging, the federal housing finance agency kept the 2014 maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac at $417,000 on one-unit properties in most areas and a cap of $625,500 in high-cost areas.
Because of NAR's efforts, up to 70,000 home buyers opened the door to the American Dream of homeownership.