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June 2016
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IN THIS EDITION - Top Stories
  • NAR Issues Senate Call For Action: Pass H.R. 3700
  • NAR, AREAA, NAHREP & NAREB Host Credit Scoring Roundtable
  • NAR CFPB Letter on TRID
  • NAR Survey Says 71% Believe Student Debt Delays Homeownership
  • Industry Groups Send Letter to FHFA on Need for Reform
  • Congressional Hearing on Burdensome Regulations
  • Department of Labor Updates Overtime Rule
  • Changes to Rural Housing Service Appraisal Requests
  • Issues Mobilization: Advocating Public Policy Issues through the REALTOR® Party
  • Residential Rentals: The Housing Market, Regulations & Property Rights
  • Marketing News
  • NAR News
NAR Issues Senate Call for Action: Pass H.R. 3700
On June 13, 2016, NAR issued a Call for Action to all REALTORS® asking all 100 United States Senators to pass H.R. 3700, "The Housing Opportunity Through Modernization Act of 2016". H.R. 3700, which passed unanimously in the House, makes needed reforms to the Federal Housing Administration (FHA) condominium loan program, federal assisted housing program and Rural Housing Service loan programs. However, the bill languishes in the United States Senate, the victim of election year posturing. NAR asks all REALTORS® to contact their Senators and urge them to pass H.R. 3700. Click here to participate in the Call for Action.
NAR, AREAA, NAHREP & NAREB Host Credit Scoring Roundtable
On June 15, 2016, NAR, along with the Asian Real Estate Association of America (AREAA), the National Association of Hispanic Real Estate Professionals (NAHREP), and National Association of Real Estate Brokers (NAREB) hosted a roundtable discussion on advances in credit scoring and the potential impact for home buying consumers. The roundtable brought together a diverse group of housing industry stakeholders to examine alternative credit scoring models and discuss what is working and what is not working, particularly in the mortgage finance space. Three Members of Congress who have introduced bills on this subject keynoted the event: Rep. Keith Ellison (D-MN), Rep. Ed Royce (R-CA), and Rep. Al Green (D-TX). For the first panel, which looked at the Administration's efforts to expand access to credit and the importance of alternative credit to non-traditional borrowers, speakers included: HUD Principal Deputy Assistant Secretary Ed Golding; Richard Green, HUD Senior Advisor on Housing Finance; and Patricia McClung, Assistant Director for Mortgage Markets at CFPB. For the second panel, which examined the latest research on credit scoring and factors that drive consumer credit behaviors, speakers included: Mark Fleming, Chief Economist for First American;  Laurie Goodman, Center Director, Housing Finance Policy Center, Urban Institute; and Vanessa Perry, Professor, Marketing, Strategic Management and Public Policy, and Vice Provost for Diversity and Inclusion, George Washington University. (Read more)
NAR CFPB Letter on TRID 
In June 7, 2016, NAR sent a letter to the CFPB asking the Bureau to issue specific written guidance on the Know Before You Owe regulation, or "TRID," in its upcoming Notice of Proposed Rulemaking.  Reliable, written guidance is critical for effective implementation of the rule.  NAR urged the Bureau to 1) clarify that lenders can share the Closing Disclosure (CD) with third parties if the lender receives a consent form from the consumer, 2) provide additional guidance to lenders about revising the CD to reflect changes in circumstances, and 3) extend post-consummation timelines to correct minor Know Before You Owe errors. (Read more)
NAR Survey Says 71% Believe Student Debt Delays Homeownership
Seventy-one percent of non-homeowners repaying their student loans on time believe their debt is stymieing their ability to purchase a home, and slightly over half of all borrowers say they expect to be delayed from buying by more than five years. This is according to a new joint survey on student loan debt and housing released by the NAR and SALT®, a consumer literacy program provided by nonprofit American Student Assistance®. The results also revealed that student debt postponed four in 10 borrowers from moving out of a family member's household after graduating college. (Read more)
Industry Groups Send Letter to FHFA on Need For Reform
On June 8, 2106, NAR along with the Mortgage Bankers Association, National Association of Homebuilders, and the National Housing Conference sent a letter to FHFA Director Mel Watt calling for comprehensive reform to the housing finance system.  Extraordinary support by the Treasury Department and Federal Reserve has allowed the GSEs to provide mortgage liquidity to the housing market, but the industry groups believe that piecemeal efforts to not address the need for Congress to come up with a permanent solution for the secondary housing finance system.  
Congressional Hearing on Burdensome Regulations 
On June 9, 2016, the House Small Business Subcommittee on Economic Growth, Tax and Capital Access held a hearing titled "Bearing the Burden: Over-regulation's Impact on Small Banks and Rural Communities." During the hearing Committee members questioned witnesses from small, community banks about the impact of Dodd-Frank regulations on their ability to serve their communities.  The witnesses explained the unique position that community bankers are in - they often serve areas whose residents are unable to get loans from traditional large-banks, and provide loans for much smaller amounts - and how important they are to their local economy.  With the increase in compliance burdens that have been created by Dodd-Frank requirements - intended to rein in the practices of the large banks that caused the recession - they are no longer able to make decisions based on credit, they testified, but rather on compliance. (Read more)
Department of Labor Updates Overtime Rule 
On May 23, 2016, the Department of Labor (DoL) issued a final rule revising the Fair Labor Standards Act (FLSA or Act).  The final rule updates the standard salary level and total annual compensation requirements to distinguish between overtime-eligible white collar employees and those who may be exempt. The final rule raises the salary threshold to $47,476.  Unless specifically exempted, workers are guaranteed time-and-a-half pay if they work more than 40 hours in any given week if they make less than $47,476, including up to 10 percent of the standard salary requirement with nondiscretionary bonuses, incentive payments, and commissions, provided these forms of compensation are paid at least quarterly. The rule will become effective on December 1, 2016. (Read more)
Changes to Rural Housing Service Appraisal Requests
On May 18, 2016, the US Department of Agriculture (USDA) Rural Housing Service published a final rule concerning Single Family Guaranteed Loan Program appraisal requests. The final rule authorizes servicers to directly obtain liquidation value appraisals after the expiration of the real estate owned (REO) marketing period, rather than USDA ordering the appraisal. The cost to the servicer of obtaining the liquidation value appraisal will be recognized as an eligible cost for reimbursement when calculating a loss payment. The new rule will take effect on June 17, 2016. (Read more)
Issues Mobilization: Advocating Public Policy Issues through the REALTOR® Party
The REALTOR® Party's Issues Mobilization Grant provides financial assistance to state and local REALTOR® Associations to support effective advocacy campaigns on public policy issues that affect REALTOR® interests.  The Kansas Association of REALTORS® is just one example of how an association has used this program to successfully stave off local property tax increases. Learn more
Residential Rentals: The Housing Market, Regulations & Property Rights
From construction and investment to tourism, residential rental homes are an integral part of our economy across the U.S. As long-term residential rental markets expand and certain short-term rental markets explode, local governments are increasing initiatives to regulate them. If rental restriction ordinances arise locally, understanding the implications will better equip REALTORS® and their clients. Learn more.
MARKETING NEWS
Take a road trip with Hertz® this summer
Whether you're headed to the beach or business meeting, let Hertz® help you save big on your next road trip. Get up to $15 off a weekend rental, $25 off a weekly rental, or a free day on weekly rentals. These coupons can even be combined with your regular NAR discount for greater savings! Learn more.

NAR's REach® Technology Accelerator Selects Class of 2016
NAR and Second Century Ventures are proud to announce the new Reach® Class of 2016. Joining the class are Flipt, Home Diary by FloorPlanOnline, HomeSelfe by Energy Datametrics, RealScout, Sindeo, Trust Stamp, VA Loan Captain, and Zenergyst.  The REach® accelerator program was created to identify the top new technology companies that will benefit both REALTORS® and the industry. To learn more about the REach® Class of 2016, gain access to the companies and help shape their products, apply to be part of the REach Insight Panel at http://www.narreach.com/Realtors.

NAR Members Still Have Short Term Health Insurance Options Prior to Open Enrollment
REALTORS® Insurance Marketplace has options for NAR members who missed open enrollment and may be in need of health insurance. The SMART Short Term Medical temporary health insurance plan can be a great option if NAR members need coverage until the end of the year. It is designed to be an affordable medical policy which can last from 30 days to 6 months, next day coverage is available if approved and qualification for coverage consists of only a few questions. Learn more.
 
REALTOR® University. It's a big classroom. Sit anywhere.
Offering flexible admissions, financial assistance, peer networking and five different concentrations, a Master's Degree in Real Estate from the accredited REALTOR® University allows you to build your business and your future. Take the next step and inquire today. The next session starts July 5. Get started.

Save on Your Summer Road Trip
Right now, until August 31, you can save $25 on your next weekly car rental through Budget®, a proud REALTOR Benefits® Program partner! Let Budget® help you make planning your next trip easy. For year round savings, use NAR's BCD discount code every time you rent from Budget®. See offer for terms and conditions. Hit the road! 

Introducing New REALTOR Benefits® Program Partner Members' Gift Galleria
Members' Gift Galleria, powered by membermarketplace™ and available in partnership with NAR's REALTOR Benefits® Program, is now open for business! Members' Gift Galleria is a private, customized online marketplace where you and your agents can purchase brand name products from an extensive line-up at deep discounts for personal use, as well as for client gifts, including closing gifts. Plus, earn points with every purchase to be used towards future purchases! This program offers a unique and easy way to incentivize top agents or sending a special thank you to reward employees and staff for a job well done. Start shopping now!

Save paper, time and money with DocuSign  
Be ready for the summer sales season and save with DocuSign. Through July 12 new subscribers can save 15% + FREE DocuSign Transaction Rooms for one year for accounts up to 10 users. Click here to take advantage of this opportunity from NAR's official and exclusive provider of eSignature services under the REALTOR Benefits® Program. Learn more
NAR NEWS
Get Top-notch Broker Training in Orlando
Register for the 2016 REALTORS® Conference & Expo, November 4-7 in Orlando, FL, to learn from 100 education sessions, including the economic forecasts with NAR's chief economist Lawrence Yun; make new connections with 19,000 REALTORS® and guests; and see the newest products and services from 400 exhibitors. Register today!

Audio: Coaching Your Agents with the Seven Success Styles
After listening to this audio recording, improve your coaching skills and results, and see higher productivity and happier agents. To access this recording, 2015 REALTORS® Conference & Expo Premier Access registrants can log in to the  Playback Now website with their name and registration ID number. Those who weren't registered as Premier Access registrants can purchase this recording there, too.

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