This week NAR submitted comments on Federal Housing Administration's (FHA) changes to the treatment of Property Assessed Clean Energy (PACE) loans. This new guidance, which goes into effect immediately, states that PACE loans will remain in a subordinated position on most FHA mortgages, in line with long-standing guidance from the Federal Housing Finance Agency. However, the guidance also notes that PACE loans will retain a first-lien position for delinquent PACE obligations or foreclosed properties.
NAR signed on to a joint letter, along with the Mortgage Bankers... Read More
The U.S. Commerce Department’s National Telecommunications and Information Administration (NTIA) announced that it will launch a multistakeholder process to explore Internet of Things (IOT) security and upgradeability this fall.
IOT is the concept of basically connecting any device with an on and off switch to the Internet (and/or to each other). This includes everything from cellphones, coffee makers, washing machines, headphones, lamps, wearable devices and almost anything else you can think of.
NTIA’s multistakeholder process could result in in common terms and... Read More
On August 11, 2016, the Department of Housing and Urban Development (HUD) released a final rule on HUD's Single Family Property Disposition Program, which oversees the management and sale of HUD real estate-owned (REO) properties. Under the rule, the listing price for HUD REO properties can be determined by a variety of valuation methods, including broker price opinions (BPOs), automated valuation models (AVMs) and traditional appraisals. In addition, the maximum value allowed to be placed in escrow for repairs on properties that do not meet the Federal Housing Administration'... Read More
On July 29, 2016, H.R. 3700, sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (R-MO) and through companion legislation, Senators Menendez (D-NJ) and Scott (R-SC), was signed into law by President Obama. This legislation previously passed unanimously in both the U.S. House and Senate. This legislation:
NAR was one of several invitees to the White House Office of Science and Technology Policy (OSTP) on Tuesday Aug. 2 for a workshop on the future of drones and aviation. The event gathered experts from government, industry and the academic research community in order to accelerate opportunities and address challenges posed by this emerging technology. OSTP also announced a series of actions, sustained by public and private support, to promote the safe integration and innovative adoption of unmanned aircraft systems across the United States. These announcements include actions that expand... Read More