Federal Policy Update: Dec. 5

CEO Bob Goldberg Meets with the White House on Housing Supply and Affordability

On November 21, NAR CEO Bob Goldberg joined White House officials and industry representatives to discuss the Biden administrationā€™s response to housing supply and affordability constraints affecting the country. NAR President Kenny Parcell followed up the meeting with aĀ  letter to White House officials outlining numerous priorities the trade association believes would help address these ongoing challenges. Reducing fees for first time homebuyers, providing more Housing Choice Vouchers, and providing incentives for more housing providers to participate in that program were some solutions offered that would provide direct and immediate support for renters and aspiring homeowners. Read Moreā€¦

NAR Urges Appraisal Foundation Equivalency Credit for Education and Experience

NAR sent a letter to the Appraisal Foundation (TAF) to establish equivalency credit for education and experience in licensed and regulated fields involving valuation such as licensed real estate salespersons, real estate agents, and real estate brokers. Read Moreā€¦

NAR Provides Feedback on FTC Data Privacy

On November 21, 2022, NAR, along with the other 18 member associations of the Main Street Privacy Coalition (ā€œMSPCā€), sent a letter to the Federal Trade Commission (ā€œFTCā€) regarding its advanced notice of proposed rulemaking on the Trade Regulation Rule on Commercial Surveillance and Data Security. The letter stated that it is important that any data security standards be based on reasonableness, taking into account the diversity of different businesses covered by the regulation. Read Moreā€¦

FHA Issues Private Flood Insurance Rule: Applauded by REALTORS

Last week, the Department of Housing and Urban Development (HUD) issued a final rule allowing private flood insurance for FHA-insured mortgages in special flood hazard areas. Read NARā€™s release applauding HUDā€™s new rule.Ā Read Moreā€¦

FHFA Annouces Elimination of Fees for Certain First Time Homebuyers and Others

The FHFA announced the elimination of certain loan level pricing adjustments (LLPAs) that it charges particular borrowers based on their credit score, incomes, and down payments. A move NAR has advocated for years.

FHFA is eliminating upfront fees for:

  • First-time homebuyers at or below 100 percent of area median income (AMI) in most of the United States and below 120 percent of AMI in high-cost areas;
  • HomeReady and Home Possible loans (Fannie Mae and Freddie Mac’s flagship affordable mortgage programs);
  • HFA Advantage and HFA Preferred loans; and
  • Single-family loans supporting the Duty to Serve program.

These changes are timely given the near tripling in mortgage rates over the last 12 months