On June 15, 2017, the House Financial Services Committee began consideration of a series of bills to reform and reauthorize the National Flood Insurance Program (NFIP). The Committee is expected to vote on these bills and then combine them into one package for consideration by the full House.
On the first day of the mark up, the Committee approved two of the seven bills:
- The NFIP Policyholder Protection Act, which caps NFIP rates and passed unanimously (53-0); and
- The 21st Century Reform Act, which includes a 5-year... Read More
On Thursday, June 15, the House Financial Services Committee began marking up seven bills reauthorizing the National Flood Insurance Program (NFIP). These bills would reauthorize the NFIP for five years, as well as make changes to the program and how it's administered, some which will affect the way that commercial properties purchase and utilize the program. NAR sent a letter to the Committee ahead of the markup, which was joined by several commercial real estate trade groups, providing a list of priorities for commercial real estate to consider including in the NFIP reauthorization... Read More
On June 14, 2017, NAR submitted a letter in response to the Department of Housing and Urban Development’s (HUD) request for comment regarding HUD's effort to evaluate and identify regulations that merit repeal, replacement or modification in accordance with the directives under Executive Order 13777, “Reducing Regulation and Controlling Regulatory Costs.”
NAR strongly supports the programs and policies at HUD that promote home ownership and help build stable and successful communities. Reviewing current HUD guidance, rules and regulations is an important step... Read More
NAR 2017 President-Elect Elizabeth Mendenhall hosted a roundtable with government regulators and industry leaders focused on the advancement of electronic closing (eClosing) processes. Participants deliberated ways to promote eClosings, which have proven to be more efficient, intelligible, and secure than traditional closings with paper disclosures. In debating the hurdles to eClosing adoption, many issues were discussed including consumer needs, risk management uncertainty, collaboration and implementation technology complexities, and operational and economic benefits provided to invested... Read More
On June 12, 2017, NAR sent a letter in response to the Department of Veterans Affairs (VA) advanced notice of proposed rulemaking regarding revisions to allowable charges and fees associated with VA guaranteed home loans.
In recent years, REALTORS® have noted 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. NAR urges the VA to allow veterans and active-service members the ability to negotiate the terms of their home... Read More