NAR's Top News
June 2014
esources 
 
IN THIS EDITION - Top Stories

House Passes 3% Cap Bill
NAR Comments on 3% Cap
Patent Litigation Reform Dies in the Senate
New FHA Lender Performance Metric
NAR Comments on AMC Rule
Homebuyer Flood Insurance Relief 
Attend the REALTOR� Broker Summit in Atlanta, GA 
Marketing News 
NAR News 
House Passes 3% Cap Bill
On June 9, 2014, The House of Representatives passed H.R. 3211, "The Mortgage Choice Act" which addresses discrimination in the calculation of fees and points under the Ability to Repay/Qualified Mortgage (QM) rule.  This NAR-backed bi-partisan legislation introduced by Representatives Bill Huizenga (R-MI-2) and Gregory W. Meeks (D-NY-5) is narrowly focused to provide equal treatment for affiliated title fees compared to unaffiliated title fees and clarify the treatment of insurance and taxes held in escrow. The bill now heads to the Senate.  A Senate counterpart, S. 1577, sponsored by Senators Manchin (D-WV) and Johanns (R-NE) awaits action there as well.  NAR will continue to press for passage in the Senate and enactment to ensure that consumers have the full range of choices in settlement service providers and other services related to real estate. 
NAR Comments on 3% Cap
On June 5, 2014, NAR submitted comments on the Consumer Financial Protection Bureau's (CFPB) proposal to implement a limited cure provision for loans that exceed the 3% cap on fees and points under the Qualified Mortgage (QM) safe harbor.  If the cap is accidentally exceeded, a lender may rebate the excess to a consumer within 120 days and the loan will then qualify for the QM safe harbor.  NAR supported the cure provision with some simplifications and encouraged the CFPB to implement one for loans that exceed the 43% debt to income (DTI) cap. NAR also encouraged CFPB to put oral guidance on 3% issues in writing as well as fixing the discrimination against affiliates in the calculation of fees and points.  A final rule is expected later in the year.
Patent Litigation Reform Dies in the Senate
On May 21, 2014, Senate Judiciary Chairman, Patrick Leahy (D-VT) announced that he would pull the patent litigation bill that has been under discussion for the past several months from the committee's agenda. This action effectively kills the legislation for this congressional session. The legislation was not able to overcome several political hurdles on both sides of the aisle-political opposition from trial lawyers that put pressure on Democrats and the upcoming midterm elections where Republicans feel confident that they will take back control of the Senate thus limiting their incentives to want to make further compromises on this issue. Republicans believe they can get a bill they like better in the new Congress. NAR continues to work on solutions to patent troll abuse. Legislation focused on the specific issue of abusive patent troll demand letters is still under consideration in both the House and the Senate.  On May 22, a hearing on patent demand letter legislation took place in a subcommittee of the House Energy & Commerce committee. NAR is actively lobbying to urge passage of this legislation. (Read more) 
New FHA Lender Performance Metric
On June 4, 2014, NAR submitted comments to the Federal Housing Administration (FHA) on its supplemental lender performance metric.  Performance will be measured on a lender's default rate within three credit score bands and compared to an FHA target rate, rather than to the lender's peers.  The new metric will be used in tandem with existing Lender Compare Ratios.  NAR hopes this new tool will encourage lenders to loosen credit overlays and ease the fear of back-end enforcement actions by FHA. 
NAR Comments on AMC Rule
On June 6, 2014, NAR President Steve Brown submitted comments to five federal agencies in response to a proposed rule on minimum requirements for appraisal management companies (AMCs).  NAR supports the agencies efforts to guide states in registering and supervising AMCs.  NAR commented on aspects of the proposed definition of an AMC and provided recommendations for calculating appraiser panel membership for registration purposes, how to distinguish between an AMC and appraisal firm, and how the Appraisal Subcommittee could implement standards if a state chooses not to participate. 
Homebuyer Flood Insurance Relief
On May 30, 2014, FEMA announced the Flood Premiums and Rate Tables for 2015.  Each October FEMA issues the following year's rate tables.  Releasing the rate tables at this time provides insurance companies sufficient lead time to update their rate quote software.  These rates will take effect this October 2014, and will be used to calculate refunds, to be issued later this Fall. According to FEMA, from their memo: "In every case, the attached rates are the same or lower than the October 1, 2013 premium rates."  In other words, no one will see a rate increase next year and some could see a further rate reduction below this year's level.  This is on top of rate reductions FEMA implemented last month, when it rolled back all rates so no older (pre-FIRM) property owner could pay more than 2013 subsidized rate for the rest of the fiscal year. 
Attend the REALTOR� Broker Summit in Atlanta, GA 
The REALTOR� Broker Summit was designed by brokers, for brokers and a not-to-miss event. Travel in the morning of August 6 and leave the afternoon of August 7 with a wealth of knowledge to better your business.

At the Broker Summit you will: 
  • Hear from industry leaders, including Jon Coile, President & CEO of Champion Realty, Inc. and listed in the Swanepoel Power 200 of the most powerful and influential people in residential real estate in 2013, NAR Chief Economist Dr. Lawrence Yun and Sr. Legislative Representative Helen Devlin;
  • Gain advice on legal issues such as the independent contractor status, data security, and issues related to auctions required for short sale properties from NAR Associate General Counsel Ralph W. Holmen, J.D.;
  • Hear top broker panelists during RISMedia's Power Broker Roundtable session;
  • Learn from HGTV Co-founder Susan Packard on how to build a brand leader; &  
  • Network with colleagues.
NAR has negotiated a great rate of $115 (plus applicable taxes) at the Atlanta Hilton Airport Hotel for your stay. The event hotel offers free Wi-Fi and a free courtesy shuttle to and from the airport. The low registration fee of $79 (through June 30) includes the evening reception and dinner on August 6 and breakfast on August 7.

Visit REALTOR.org/BrokerSummit for the detailed agenda and to register.
 
MARKETING NEWS
NAR's Reach� Technology Accelerator Selects Class of 2014 NAR and Second Century Ventures are proud to announce the new Reach� Class of 2014. Joining the class are Back At You Media, Deductr, Desktime, Fundwell, Goby, SendHub, Smartzip and Wevideo. 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 2014, gain access to the companies and help shape their products, apply to be part of the REach Insight Panel.      
 
REALTOR� University Graduates: Setting a New Standard
The pioneering class of REALTOR� University's Master of Real Estate program is re-entering the industry armed with new knowledge and a new title that can help lift their careers to new levels.  Read how the Master of Real Estate Degree is helping their career at the Speaking of Real Estate Blog.

Build your listing inventory with RPR Did you know that RPR has tools to help you build your listing inventory? RPR has created a new 30-minute webinar to show you 3 ways you can use RPR to increase your listing count.  This very popular webinar will help you identify and target-market potential sellers. REGISTER HERE   
 
Cash In With Extra Savings on Ram Trucks and Vans
It's Ram Commercial Truck Season, and now through June 30 REALTORS� can save even more on select Ram vehicle purchases, in addition to the $500 cash allowance available from REALTOR Benefits� Program Partner Chrysler Group LLC. Ram vehicles are top-sellers for NAR members. Some creative agents are customizing their trucks with marketing messages and lending them to home buyers when moving. Save with Ram and create your own moveable billboard. View full details and instructions. 
NAR NEWS
Get Top-notch Broker Training in New Orleans Register for the 2014 REALTORS� Conference & Expo, November 7-10 in New Orleans, LA, to learn from 100 education sessions on hot topics like coaching your agents, team dynamics and more; make new connections with 17,000 REALTORS� and guests; and see the newest products and services from 400 exhibitors. Register today!   
 
Audio: Reveal Your Brokerage's Untapped Revenue Discover profitability opportunities within your brokerage via this audio recording! Uncover hidden costs that are reducing your profitability, and analyze past strategies to help you implement successful profitability tactics in the future. 2013 REALTORS� Conference & Expo Premier Access registrants can access this recording for free by logging into their Playback Now accounts at www.playbacknar.com. Those who weren't registered as Premier Access registrants can purchase this recording at www.playbacknar.com. 
The Northern Fairfield County Association of REALTORS�

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