National Association of REALTORS® News
Saturday, August 6 2016 12:00 AM
- H.R. 3700 Becomes Law...President Obama on July 31 signed H.R. 3700, the Housing Opportunity Through Modernization Act, which makes it easier for condo buyers to obtain mortgage credit. NAR has long been an advocate of the bill, testifying before Congress and lobbying for its passage. Details and video. Video message from NAR President Tom Salomone.
- Rural Loan Funds Running Out...The federal Rural Housing Service only has funds for its Sec. 502 direct loan program for about three more weeks. After that, borrowers will have to wait until the start of the new fiscal year in October to get a loan. There are alternatives, though, including the agency’s guaranteed loan program. The rural loan issue is a top story in The Voice for Real Estate for the week of Aug 1. Other stories look at President Obama’s signing of the NAR-backed condo bill, whether home sales have peaked for the year, and which metro areas are impacted by the federal government’s stepped-up effort against money laundering in real estate. The video also looks at how residential rules to come out after the mortgage crisis are impacting commercial real estate lending, and NAR’s victory this week when the federal government issued a statement that says lenders and title officers have no reason to cite privacy concerns as a reason for not sharing the closing disclosure in residential transactions with agents. Access and share the video.
- CFPB: Lenders Can Share Disclosure...The Consumer Financial Protection Bureau (CFPB) has announced a proposed rule that would make clear it is appropriate for lenders to share the Closing Disclosure (CD) with real estate professionals. Since the implementation of the agency’s “Know Before You Owe” mortgage initiative in 2015, lenders have been reluctant to share the document out of concern that they could be held responsible for improperly disclosing clients’ nonpublic personal information. NAR urged the CFPB to clarify the issue. More.
- NAR Examining Dodd-Frank Update...In case you missed it: NAR says it is pleased with provisions in the Financial Choice Act that will enhance transparency, accountability, and fairness in the financial system. But the association isn’t prepared to support the bill, which would update Dodd-Frank banking regulations, as it presently stands because of continuing concerns with its approach to reforms. More.
- FinCEN Expands Efforts to Stop Money Laundering...The Financial Crimes Enforcement Network (FinCEN), one of the Treasury Department's lead agencies in the fight against money laundering, has expanded the number of geographic areas where title companies must identify the people behind legal entities used to pay cash for high-end residential real estate. Details.Video.