Federal Policy Update: September 5, 2023

NAR Triumphs in REX Antitrust Lawsuit

Claims that NAR influenced how Zillow displayed listings in its website redesign were dismissed in federal court on Wednesday, August 30. A federal judge in the Western District of Washington dismissed claims against The National Association of REALTORS® stemming from an antitrust lawsuit filed by REX (Real Estate Exchange Inc.). Read More…

NAR Responds to Proposed Rule on Automated Valuation Models

Last week, NAR sent a response to the joint banking and finance regulators on their proposed joint rule to implement the statute on automated valuation models (AVMs) regulation mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

In the response, NAR largely agrees with the flexible approach from the regulators, but recommends the regulators:

  • Should provide clear guidance for AVM practitioners;
  • Consider variations in data quality used by AVMs and how to raise the bar across the market;
  • Apply these rules to the government-sponsored enterprise (GSEs);
  • Provide more legal clarity around behavior that constitutes bias and should be removed from AVMs;
  • Provide consumers with AVM estimates used in their origination transactions

NAR Responds to Input Request from FHFA on Input Fees

Check out NAR’s response to the Federal Housing Finance Agency’s request for input on how it should set the upfront fees charged by Fannie Mae and Freddie Mac. Read More