NAR filed comments with the Federal Communications Commission on Monday July 17 urging the agency to maintain the Open Internet Order that was put into effect in 2015. This order creates rules establishing network neutrality. The FCC has proposed rolling back those rules and is currently seeking public comment.
Net neutrality is shorthand for the concept that Internet users should be in control of what content they view and what applications they use on the Internet. More specifically, net neutrality requires that broadband networks be free of restrictions on content,... Read More
On July 19, 2017, NAR signed onto an industry coalition letter in support of the “Credit Score Competition Act,” introduced by Senators Scott (R-SC) and Warner (D-VA). The legislation would instruct Fannie Mae and Freddie Mac to utilize newer, more predictive and inclusive credit models, which will responsible expand access to mortgage financing for many Americans.
On July 14, NAR, in coalition with other commercial real estate trade groups, sent a letter to the Senate Committee on Banking, Housing, & Urban Affairs, providing them with a list of ways the National Flood Insurance Program (NFIP) can be improved to be more responsive and effective for commercial real estate. The Senate Banking Committee is currently working on drafting reauthorizing legislation for the NFIP, which is set to expire on September 30.
The letter asks for six things:
- Maintain the commercial "opt-out" provision, as passed by... Read More
NAR commented on a Center for Medicare & Medicaid Services (CMS) Request for Information regarding the regulatory environment surrounding the individual and small group health insurance markets. A division of the Department of Health and Human Services, CMS was provided useful evidence on NAR’s unique self-employed and small business membership and associated health care priorities. The letter stresses the need foraffordable quality health insurance options in the individual insurance market; protections for preexisting conditions and preventive health and... Read More
On July 10, 2017 NAR submitted comments to the FHFA regarding the Agency's proposed “Duty to Serve Underserved Markets” Plans. Ensuring the continued availability of affordable mortgage credit to all qualified borrowers is an obligation of both Fannie Mae and Freddie Mac. Without the affirmative obligation of either of the Enterprises to facilitate the financing of affordable housing for low- and moderate-income families consistent with sustainable homeownership, access to credit in some of these markets would remain limited. As the Enterprises implement their... Read More
NAR submitted comments on the most burdensome regulations issued by the Department of Energy. In response to a request for information on burdensome regulations, NAR, in its letter, outlined the regulatory burdens posed to the real estate sector by the Home Energy Performance Score and the Property Assessed Clean Energy Program.
NAR welcomes the opportunity to promote effective, voluntary energy efficiency practices among property owners throughout the country. The association will continue to work with NAR members, property owners and all interested parties to educate... Read More
NAR is working with other groups to fight against efforts to roll back net neutrality rules to help maintain an even playing field for all real estate content online. The video also looks at a win for agents now that the CFPB has made clear lenders can make the closing disclosure available to agents without violating federal privacy rules. Housing finance reform, home staging, and brokerage succession planning are also covered.
- Net neutrality
- Closing disclosure
- Mortgage reform
- Staging ... Read More
Both the House and Senate are in session this week, with the action focused on the House.
Subcommittees in the House will hold hearings on: Community Financial Institution Regulatory Relief, Tax Reform and Small Businesses Growth, and "The Impact of Bad Patents on American Businesses."
Want to watch the hearings live? See the links below.*
Committee Hearing Schedule
Wednesday July 12 at 2PM
On July 7, 2017, the Consumer Financial Protection Bureau (CFPB) released the final rule amending the “Know Before You Owe” (KBYO or TRID) mortgage disclosure rule. As advocated for by NAR, the final rule clarifies the ability to share the Closing Disclosure (CD) with third parties - a victory for real estate professionals nationwide.
As outlined in the 2016 proposed rule, the final rule highlights an existing exception within the Gramm-Leach-Bliley Act (GLBA) and implementing Regulation P that allows lenders to share the CD with third parties (sections 502(e... Read More
NAR has joined a coalition of businesses and public interest groups working to preserve Open Internet rules—also known as network neutrality. NAR together with tech companies like Facebook, Microsoft and Amazon and main street companies like Walmart have joined together to advocate for preserving net neutrality. The coalition will work at the Federal Communications Commission (FCC), in the courts and on Capitol Hill to ensure that internet remains an open and level playing field, an issue critical to our business success.
Net neutrality is shorthand for the concept that... Read More