On October 18, 2016, NAR sent a letter to the Consumer Financial Protection Bureau (CFPB) commenting on its recent proposed rule amending the Know Before You Owe (KBYO) regulation, or “TRID.”
While KBYO has resulted in more transparency for consumers and better accountability of financial institutions, ongoing compliance issues remain, costing time and money for consumers and the industry. As a result of these concerns, NAR urged the CFPB to:
On October 12, 2016, NAR submitted comments to the Federal Housing Finance Agency (FHFA) on its request for input on credit risk transfer policy issues. In an effort to engage more private capital in the secondary mortgage market, Fannie Mae and Freddie Mac have been experimenting selling off portions of credit risk the entities normally retain and collect fees on.
In the letter to FHFA Director Mel Watt, NAR President Tom Salomone outlined principals for both housing finance reform and credit risk transfer transactions, which have been part of nearly all major... Read More
On October, 11, 2016, the U.S. Court of Appeals for the D.C. Circuit issued an opinion in the case of PHH v. CFPB. In this case, the court vacated a $109 million penalty imposed by the Consumer Financial Protection Bureau (CFPB) against PHH Corporation for allegedly violating the Real Estate Settlement Procedures Act (RESPA) by paying for referrals where there is federally related mortgage.
The court held in favor of PHH, stating that payments for bona fide services provided and made at fair market value do not violate RESPA, reinforcing NAR’s... Read More
On October 7, 2016, NAR President Tom Salomone submitted a comment to the Department of Justice (the Department) regarding their May 9, 2016, proposed rulemaking under Title II of the Americans with Disabilities Act (ADA) concerning the accessibility of Web information. While this rulemaking will result in regulations that only apply to state and local governments covered by Title II of the ADA, the Department noted that this rule will help with development of a rule for website accessibility under Title III of the ADA, which governs public accommodations, including real... Read More
A NAR-sponsored webinar on Wildfires and their Impact on Real Estate has been scheduled for Thursday, Oct. 27, 3:00 PM Eastern Time. The purpose of the webinar is to educate Realtors about the dangers of wildfires and how they can help homeowners and their clients protect their property.
Among the speakers on the webinar will be Michele Steinberg, a wildfire expert with the National Fire Protection Association.
Wildfires are becoming increasingly dangerous to property owners. The Wildland-Urban Interface (aka, the WUI), areas across the country where the built... Read More