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NAR Supports Nomination of Dr. Carson as HUD Secretary
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On January 12, 2016, Dr. Ben Carson testified before the Senate Banking Committee as the nominee for the Secretary of the Department of Housing and Urban Development. During the hearing, Dr. Carson defended the critical role of the FHA mortgage insurance program. He also spoke about the importance of the American Dream of homeownership. Following the hearing, NAR submitted a letter to the Senate Banking Committee in support of Dr. Carson's confirmation as HUD Secretary and called on the committee to move the vote swiftly to the floor of the Senate. In the letter, NAR specifically points to Dr. Carson's support for FHA's mission, for rental assistance programs, and for the Low-Income Housing Tax Credit. The letter also notes Dr. Carson's clear understanding of the key role that housing plays in the health of individuals and communities.
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FHA Mortgage Insurance Premiums Lowered
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On January 9, 2017, the Federal Housing Administration (FHA) announced it would reduce the annual mortgage insurance premium by 25 basis points. This reduction is a victory for NAR whose members have called for lower fees on FHA loans given the ongoing strength of the Mutual Mortgage Insurance Fund, which exceeded the required reserve ratio for the second year in a row. The premium reduction will be effective for most new mortgages with a closing/disbursement date on or after January 27, 2017 (excluding Section 247 Loans, Hawaiian Home Lands). NAR President Bill Brown praised the move and thanked the leadership at FHA and HUD, but noted that additional steps should be taken to eliminate FHA's "life of loan" mortgage insurance requirement which forces borrowers to maintain mortgage insurance regardless of their equity position. (Read more)
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FHFA Scorecard Includes Credit Scoring
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On December 15, 2016, the Federal Housing Finance Agency (FHFA) released its annual Scorecard for Fannie Mae and Freddie Mac (the government sponsored entities, or "GSEs"). The Scorecard acts as an agenda for the GSEs by setting specific priorities for the two companies while in conservatorship. FHFA maintained its three strategic goals and also highlighted the need for the GSEs to conclude their assessment of updated credit score models and plan for implementation. Additionally, FHFA set an expectation that credit risk sharing would take place on at least 90 percent of the total unpaid principal balance of new mortgages acquired by the GSEs though FHFA did not set a mandatory percentage for the amount of risk. (Read more)
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FHFA Finalizes Duty to Serve Rule
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On December 12, 2016, the Federal Housing Finance Agency (FHFA) released its final "Duty to Serve" rule. The rule requires Fannie Mae and Freddie Mac to each submit a Underserved Markets Plan (UMP) detailing how each entity will carry out their Duty to Serve responsibilities with each plan subject to a public input process. The final rule reflects NAR's policy to allow Duty to Serve credit for expanding financing opportunities for affordable multifamily rentals and underserved rural markets. Additionally, FHFA agreed with NAR's comment to expand secondary market opportunities for manufactured housing financing including a proposed pilot for the financing of chattel loans. (Read more)
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International Money Laundering Organization Issues U.S. Recommendations
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The Financial Action Task Force (FATF), an inter-governmental body created to promote policies related to anti-money laundering and combating the financing of terrorism (AML/CFT), released a new report on the United States, which is one of 32 member countries pledging to implement FATF recommendations. Last updated in 2006, the FATF report revealed improved and well developed AML/CFT measures by the U.S., especially by financial institutions subject to Bank Secrecy Act obligations. However, similar to previous reports, FATF recommended AML/CFT obligations apply to non-financial businesses and professions, including real estate agents (especially those in high-end markets), based on their involvement in negotiating transactions and due diligence investigations on prospective buyers to assess capacity to pay. NAR continues to monitor this issue closely. (Read more)
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House Passes Bill Requiring Congressional Review of Regulations
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On January 5, 2016, the House of Representatives passed a bill that would require congressional approval of federal regulations that have an estimated annual economic impact of more than $100 million. H.R. 26, "The Regulations from the Executive in Need of Scrutiny (REINS) Act", which NAR supports, would add transparency and accountability to the regulatory process. In the Senate, a similar version of the bill, S. 21, has been introduced and NAR continues to push for a vote on this important bill. (Read more)
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2016 NAR Legislative & Regulatory Year in Review
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During the 114th Congress, NAR's legislative and regulatory agenda continued to focus on creating a fundamentally sound and robust U.S. real estate market while protecting the business interests of members, as well as consumers. NAR achieved several accomplishments and set the foundation for many important issues moving forward. Read about them here.
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On Common Ground Magazine Mobile App Now Available
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The On Common Ground magazine mobile app is now available for free in the Apple iTunes App and the Google Play Stores. A free, semi-annual magazine, On Common Ground presents a wide range of views on smart growth issues, with the goal of encouraging dialogue among REALTORS®, elected officials and other interested citizens. Download it today to view the latest issues.
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Steps to Successful Brokerage Management in 2017
Time is running out to register for next month's REALTOR® Broker Summit taking place Feb. 14-15 in San Diego, CA. Attendees will receive a free copy of Real Estate Brokerage Essentials®, a comprehensive business tool for brokers created by NAR's Legal Team with a foreword by NAR Chief Legal Counsel Katie Johnson. At the Summit, Johnson will discuss key risk management lessons and takeaways from the book. Housing closes Jan. 19. Register today for this elite broker event.
Open Enrollment Ends Jan. 31
These are your last weeks to sign up for health care coverage or change plans under the Affordable Care Act. Shop, quote and enroll in a health care plan through REALTORS® Insurance Marketplace or call an enrollment specialist, who can help find the right plan for you and your family. Don't delay! Open enrollment ends Jan. 31. REALTORS® Insurance Marketplace is a REALTOR Benefits® Program partner. Learn more.
Accelerate Your Career with REALTOR® University
Whether you're a recent graduate or have been working for 20 years, higher education can lead to new opportunities. A Master of Real Estate degree from REALTOR® University will give you the outstanding experience and training you'll need to manage the evolving challenges and trends of the real estate industry. Next session begins Feb. 27. Get started.
Meet Resolutions to Save Time and Money
Using DocuSign for e-signatures can help you increase productivity, saving you time. You can also save money by taking advantage of an incredible savings opportunity: through January 31, DocuSign for REALTORS® prepaid annual plan is available to new subscribers for just $192/year with promo code. Start saving.
Kick 2017 Off Right with Exclusive NAR Member Savings on QuickBooks® Self-Employed From Intuit®
Resolve to organize your finances in 2017 with savings on QuickBooks® Self-Employed and TurboTax® from Intuit®, a proud partner in the REALTOR Benefits® Program. QuickBooks® Self-Employed lets you track your finances, separate business expenses from personal expenses, uncover potential deductions, track mileage, save receipts and more. Learn more.
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Audio: Decruit Before You Recruit
Uncover the true cost of keeping unproductive agents in the office via this audio recording. David Knox teaches you how to increase agents' productivity and how to initiate the process of terminating agents who are wrong for the job. Listen now.
Video: Team Dynamics 2.0
Pam Ermen teaches you how to grow a team and take the group dynamic to the next level in this Conference Live video interview.
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The
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orthern
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airfield
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ounty
A
ssociation of
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EALTORS®
15 Stony Hill Road Bethel, CT 06801
Ph: (203) 744-7255 Fx: (203) 792-9962
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unsubscribe@nfcar.com and type "REMOVE" in the subject line, or simply reply to this email and type "REMOVE" in the subject line. If you have any questions, comments, or suggestions, contact Jessica at: (203) 744-7255.
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