On April 13, 2017, the Department of Veterans Affairs (VA) released an advanced notice of proposed rulemaking regarding revisions to allowable charges and fees associated with VA guaranteed home loans. In recent years, the VA has received complaints from veterans and other stakeholders, including REALTORS®, that restrictions on the charges and fees VA Loan borrowers can pay in a home purchase transaction are hindering the ability of VA borrowers to compete with other buyers in today's housing market. The VA is considering ways to revise the list of acceptable charges and fees while... Read More
NAR has published a list of Do’s and Don’ts for real estate professionals when engaging in co-marketing activities via social media and other web-based marketing tools. The educational piece is intended to help real estate professionals comply with the Real Estate Settlement Procedures Act (RESPA) when co-marketing.
Disclaimer: This document is provided for informational/instructional purposes only and does not constitute the giving of legal advice by NAR. Consult with a RESPA attorney to make sure you understand and properly comply with any and... Read More
On April 4, 2017, Michelle Bradley, the 2016 NAR Real Property Valuation Committee Chair, testified before the House Committee on Veterans' Affairs – Economic Opportunity Subcommittee at a hearing entitled “Assessing VA Approved Appraisers And How To Improve The Program For The 21st Century.” In the past year, the Department of Veterans Affairs (VA) Home Loan Guaranty Program has become aware of concerns with long wait times to schedule a VA appraisal and a potential shortage of appraisers, especially in very rural areas.
In her testimony, Ms. Bradley... Read More
On Monday, April 3, NAR joined an industry coalition letter thanking Rep. Pittenger (R-NC) for his work drafting a bill to make reforms to the Basel III “High Volatility Commercial Real Estate” (HVCRE) risk-weight requirements for lenders. Under the HVCRE rule, commercial acquisition, development, and construction (ADC) loans are risk-weighted at 150% - up from pre-Basel III levels of 100%. This change made commercial loans less attractive to lenders than other types with lower risk-weights. Rep. Pittenger’s draft legislation would clarify aspects of the... Read More
Bipartisan legislation supported by NAR was introduced in the Senate and House yesterday that would subject Property Assessed Clean Energy (PACE) loans to the same Truth in Lending Act (TILA) consumer protections required of other mortgage products. In the Senate, Senators Tom Cotton (R-AR), Marco Rubio (R-FL), and John Boozman (R-AR) introduced the legislation. The House version was introduced by Representatives Brad Sherman (D-CA), and Ed Royce (R-CA).
PACE loans allow homeowners to pay for energy efficient home upgrades — such as solar panels and insulation —... Read More