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Recent Top Stories
You Might Have Missed
May 2016
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IN THIS EDITION - Top Stories
- New NAR Policy on Student Loan Debt
- HUD Secretary Castro, Panelists Discuss Housing Opportunities for Young Adults Repaying Student Debt
- Real Estate Agents, Appraisers Voice Concerns over FHA Appraisal Policies
- What the Latest Fair Housing Guidance on Criminal Background Checks Means for Real Estate
- NAR Letter to FHA on Student Debt
- Real Estate Business Websites and ADA Accessibility
- Future TRID Rulemaking from CFPB
- 2016 Flood Insurance Rates
- REALTORS® & Consumers: Partners in Advocacy
- Marketing News
- NAR News
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New NAR Policy on Student Loan Debt
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In response to growing concerns over the impact of student debt on the ability to buy a home, the NAR Board of Directors on May 14, 2016, adopted a policy that seeks to allow student borrowers to refinance their loans and streamline income-based repayment programs. Additionally, NAR supports proposals that promote student loan simplification, clarity, and education. And NAR will take steps to ensure that mortgage underwriting guidelines related to student loan debt are standardized and do not impair home ownership.
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HUD Secretary Castro, Panelists Discuss Housing Opportunities for Young Adults Repaying Student Debt
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| According to speakers at a regulatory issues forum on student debt and homeownership at the 2016 REALTORS® Legislative Meetings & Trade Expo, struggles exist for many young adults trying to become homeowners, and the burden of repaying their student loan debt is in part delaying their ability to buy. The session was keynoted by HUD Secretary Julián Castro, who announced some of the regulatory changes coming soon to ensure housing opportunities exist for young men and women - many of whom are currently repaying the loans they borrowed to earn a college degree. According to Castro, HUD is committed to working with its partners across the administration and in the housing community to explore additional changes that can help more Americans purchase a home. He stated that the proposed condo rule which was announced last November has left the HUD building and is at the Office of Management and Budget for review. He concluded his remarks by stating that "HUD is committed to partnering with REALTORS® to ensure that the hard-won progress we're seeing in our housing market continues to grow for many years to come." A panel discussion followed consisting of Rohit Chopra, a senior official at the U.S. Department of Education; Meta Brown, senior economist at the Federal Reserve Bank of New York; NAR's Jessica Lautz, managing director of survey research; and Mabél Guzmán, chairwoman of NAR's student loan debt work group and a REALTOR® from Chicago-based real estate brokerage @Properties. (Read more) |
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Real Estate Agents, Appraisers Voice Concerns over FHA Appraisal Policies
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| While the FHA's overhaul of its Single-Family Housing Policy Handbook last year offered loan originators more clarity on lending policies and loan underwriting standards, some changes made to the property valuation policies are causing confusion and delays, according to speakers at a real property valuation forum yesterday at the 2016 REALTORS® Legislative Meetings & Trade Expo. All properties bought or refinanced with an FHA loan have to be appraised by a HUD-approved home appraiser. When purchasing a property with a conventional loan product, the appraiser focuses on determining the market value of the home; however, with an FHA-insured loan, the appraiser not only determines market value but also inspects the home to ensure it meets certain minimum property standards. Requiring appraisers to take on home inspection-type duties to ensure standards are met appears to blur the line between appraisals and home inspections and has raised questions among consumers, agents and appraisers. (Read more) |
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What the Latest Fair Housing Guidance on Criminal Background Checks Means for Real Estate
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Recently, the U.S. Department of Housing and Urban Development (HUD) issued "Office of General Counsel Guidance on Application of Fair Housing Act Standards to the Use of Criminal Records by Providers of Housing and Real Estate-Related Transactions", which urges housing providers to exercise caution when implementing criminal history policies or practices used to make housing decisions. HUD's guidance comes on the heels of the Supreme Court's decision last summer, which held disparate impact claims are cognizable under the Fair Housing Act. While HUD's guidance does not preclude criminal history-based policies or practices, HUD states that such policies should be tailored to serve a substantial, legitimate, and nondiscriminatory interest of the housing provider, such as resident safety or the protection of property. A session was held at this year's REALTORS® Legislative Meetings & Trade Expo where experts addressed audience questions and offered a number of helpful tips for staying in compliance with Fair Housing Act requirements, especially given that nearly a third of Americans-100 million people in all-have a criminal record, and an additional 650,000 are released from prison each year. In addition, NAR's Legal Affairs Department has published information on this issue which can be viewed here.
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Letter to FHA on Student Debt
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On May 2, 2016, NAR President Tom Salomone sent a letter to the Department of Housing and Urban Development (HUD) with concerns about the Federal Housing Administration's (FHA) recent guidance on calculating student loan payments. The letter thanks HUD and FHA for implementing NAR's previous ask that monthly obligations be calculated using 1% of the outstanding student loan debt rather than 2%, but also raises the concern that borrowers with income-based repayment plans may be unfairly treated under the new calculation method. (Read more)
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Real Estate Business Websites and ADA Accessibility
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On April 29, 2016, NAR President Tom Salomone sent a letter to the Department of Justice (DOJ) asking for guidance regarding the application of Title III of the Americans With Disabilities Act (ADA) to a business' website. A number of demand letters, which include the threat of litigation, have been sent to NAR members alleging that their real estate websites violate the civil rights of individuals with disabilities. The lack of federal regulation governing website accessibility has encouraged these lawsuits. NAR members are confused about what is required of real estate websites under the ADA. NAR urges the DOJ to issue a final rule providing clear guidance as soon as possible. (Read more)
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Future TRID Rulemaking from CFPB
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On April 28, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it is drafting a notice of proposed rulemaking on the Know Before You Owe rule, also known as "TRID." Since the Know Before You Owe rule went into effect on October 3, 2015, the industry has been working hard to understand and implement the rule which replaced the Good Faith Estimate and the HUD-1 with a Loan Estimate (LE) and a Closing Disclosure (CD). While the CFPB has provided informal guidance to the industry through webinars and phone calls, NAR has urged the CFPB to provide additional clarification in writing. (Read more)
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2016 Flood Insurance Rates
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On April 28, 2016, the U.S. House of Representatives unanimously voted 419-0 for the Flood Insurance Market Modernization Act, H.R. 2901, sending the bill to the Senate. Sponsored by Reps. Dennis Ross (R-FL) and Patrick Murphy (D-FL), the bill encourages the development of private market options where property owners lack access to affordable coverage under the National Flood Insurance Program (NFIP). NAR supported the bill and worked with the sponsors to further strengthen its consumer protection provisions related to insurance disclosure and financial solvency. Next, the Senate must vote on the bill. NAR is urging the Senate to bring up and pass H.R. 2901 in order to couple a stronger NFIP with a robust private market that offer flood insurance choices to consumers. (
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REALTORS® & Consumers: Partners in Advocacy
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In May 2014, consumers in our database were asked to participate in our first-ever consumer Call for Action, asking homeowners to urge their Congressmen to maintain home tax deductions. This consumer Call for Action was similar to the Calls for Action we send to REALTORS®. The response was overwhelming with nearly 900,000 consumers in every state and congressional district around the country responding. While in Washington, DC, for the 2016 REALTORS® Legislative Meetings & Trade Expo, every Federal Political Coordinator presented their member of Congress the names of these Call for Action responders. Think about the message that this sends to Congress: not only are there 1.1 million REALTORS® on board, but NAR now has a huge database of engaged consumers. REALTORS® and property owners are working together. This increases our political clout at every level, and puts us in an even more powerful position to advocate for our issues. For more information on NAR's Consumer Advocacy Outreach Program, visit the REALTOR® Action Center at www.realtoractioncenter.com/consumeradvocacy.
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Register to See NAR Broker Summit Keynote Speakers
The 2016 REALTOR® Broker Summit, held June 9-10 in Denver, CO, has increased its capacity and added additional notable speakers to the program. Don't miss this exclusive, high-powered event covering the most timely issues and trends for brokers. Joining the program as featured keynotes are Adam Savage, co-host of the hit Discovery Channel show MythBusters, who will share how curiosity, critical thinking and learning from failure can help your business, and Olympic gold medal gymnast Mary Lou Retton, who will motivate attendees with lessons on sacrifice, hard work and perseverance to open the second day of programing. Register today!
Credit Union is Changing the Business Banking Landscape for the Better on Behalf of REALTORS®
As a benefit to NAR members, REALTORS® Federal Credit Union, a Division of Northwest Federal Credit Union, has successfully worked with the industry to offer Real Estate Escrow Checking Account for brokers. Real estate professionals often find many fees associated with these accounts at other financial institutions; the Credit Union's account is free to open, and has no minimum balance or monthly maintenance fees. The Credit Union is a proud partner in NAR's REALTOR Benefits® Program. Learn more!
Get Involved with your Local BGCA!
Looking for a great way to get involved with your local Boys & Girls Club? Now is the time to plan a Back-to-School Drive for your local Club Kids, like the Meridian Board of REALTORS®, who collected two car loads of backpacks filled with school supplies for their local Club. Visit the NAR/BGCA website to find the Club nearest you and get involved today!
Get More With a Free Trial of DocuSign Now with MVP
Sign-up for a free 30-day trial of DocuSign, NAR's official and exclusive eSignature provider under the REALTOR Benefits® Program. Take a test drive of DocuSign's eSignature services and enjoy benefits, including unlimited sends and document storage backed by industry-leading technology and security. Act by May 31 to receive a free download with MVP!
Missed the Spring Safety Webinar? Download it for free.
In a free webinar from the NAR REALTOR® Safety Program, Kimberly Allard-Moccia, an NAR Safety Course Instructor, shares simple strategies to ensure safety during day-to-day business operations. Download now and view all of NAR's archived safety webinars.
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2016 REALTORS® Conference & Expo Registration is Open
Encourage your agents to register for the 2016 REALTORS® Conference & Expo, November 4-7 in Orlando, FL. It's the place for them to take their business to the next level, featuring 100 top-notch education sessions, 400 exhibitors at the largest industry trade show and 19,000 REALTORS® and guests to network and idea-share with.
Audio: How to Build a Sustainable Brokerage Business
A panel of leading brokers shares ways to rethink the real estate brokerage business in order to build sustainable success in this audio recording. Topics include: new profit generating strategies, new operational tactics to increase the bottom line, how to build a long-term business that withstands market fluctuations, rethinking your current business model and other top-of-mind issues. Preview the recording here
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