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

-NAR RESPA/TILA Webinar
-NAR Testifies on Capitol Hill
-GSE's Detail Low Downpayment Program
-FHA 2015 Loan Limits Released
-2015 VA Loan Limits Released
-FHA Flipping Waiver Expires
-House Holds Hearing on Unmanned Aircraft Systems
-FHA Releases 2014 Actuarial Report
-Marketing News
-NAR News

NAR RESPA/TILA Webinar
On December 11, 2014, NAR held a webinar on changes to the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The webinar featured noted RESPA Attorney Phil Schulman, partner at K&L Gates in Washington, DC.  The new rule combines the Good Faith Estimate with the Truth in Lending (TIL) disclosure now called the "loan estimate" and the HUD-1 settlement statement with the final TIL, now called the "closing disclosure."  It also makes numerous changes to the settlement process.  Perhaps the greatest change is that the closing disclosure must be in the hands of the consumer three days before closing.  The webinar covers this and other important issues relating to the new rule which goes into effect on August 1, 2015. Click here to view the webinar.  
NAR Testifies on Capitol Hill
On December 9, 2014, the U.S. Senate Banking Subcommittee on Housing, Transportation, and Community Development held a hearing entitled, "Inequality, Opportunity, and the Housing Market." Mabel Guzman, 2014 NAR Conventional Financing and Policy Committee chairwoman and broker for @properties in Chicago, IL, testified on behalf of NAR. In her testimony, Ms. Guzman focused on ongoing challenges and disparities in the housing market and housing finance system. Specifically, Ms. Guzman covered 6 main issues, which include: (1) the national economy is impacting the supply of both credit and housing inventory; (2) high guarantee fees and loan level pricing adjustments charged by the Government Sponsored Enterprises (GSEs) are hurting consumers; (3) excessive Federal Housing Authority (FHA) premiums are negatively impacting housing; (4) FHA and GSE condominium restrictions are preventing homeownership opportunities; (5) housing policies add to lending concerns; and (6) foreclosures and short sales remain problematic for thousands of American families.
GSE's Detail Low Downpayment Program
On December 8, 2014, Fannie Mae and Freddie Mac released details on new mortgage product offerings that will provide access to qualified borrowers able to put down at least 3%.  Both of the entities will require lenders to use automated underwriting systems to ensure borrowers have additional compensating factors such as history of successful use of credit or cash reserves to ensure they will be successful homeowners.  Lenders will be able start offering Fannie Mae's product on December 13, 2014, while Freddie Mac will implement the program on March 23, 2015.
FHA 2015 Loan Limits Released
On December 5, 2014, the Federal Housing Administration (FHA) released its 2015 Loan Limits.  FHA's calculation for maximum loan limits in high cost metropolitan areas of the country will remain at the 2014 level of $625,500. The standard loan limit for lower cost metropolitan areas will remain unchanged at $271,050. Any community that wishes to contest its loan limit must submit an appeal to the Santa Ana Homeownership Center no later than Jan. 5, 2015. An explanation of FHA's loan limit calculations, FHA loan limit "look up" links and appeal information are provided in FHA's Mortgagee Letter 2014-25
2015 VA Loan Limits Released
On December 10, 2014, the U.S. Department of Veterans Affairs (VA) released its 2015 Loan Limits.  The temporary high cost loan limits, which are currently at 150 percent of the Federal Housing Finance Agency's (FHFA) loan limits, will expire on December 31, 2014.  The 2015 VA loan limits will mirror the 2015 FHFA loan limits.  The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a downpayment. These loan limits vary by county.
FHA Flipping Waiver Expires
On December 10, 2014, the Federal Housing Administration (FHA) announced that it will not extend the temporary waiver of FHA's regulation that prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition.  The waiver expires on December 31, 2014.  NAR sent a letter to Commissioner Galante on October 3, 2014 urging FHA to extend the waiver because of the positive effects of the waiver where property rehabilitation and resale of these homes has increased the availability of safe and affordable homes.  In response to a recent a negative HUD Inspector General report, however, FHA decided not to extend the waiver.
House Holds Hearing on Unmanned Aircraft Systems
On December 20, 2014, the House Committee on Transportation's Subcommittee on Aviation held a hearing on "U.S. Unmanned Aircraft Systems: Integration, Oversight and Competitiveness". NAR sent a letter to Subcommittee members expressing support for the FAA's actions to quickly create practical regulation for the commercial use of Unmanned Aerial Systems (UAS). Current FAA regulations ban the commercial use of UAS, and REALTORS� want to use this technology to take aerial photographs and videos of properties to enhance their listings. NAR has been working directly with the FAA to educate policymakers about the opportunities that exist for the commercial use of UAVs in real estate. (Read more)
FHA Releases 2014 Actuarial Report
On November 17, 2014, FHA released its Annual Report to Congress and the FY 2014 Independent Actuarial Assessment of the FHA Mutual Mortgage Insurance Fund.  The review shows that the fund has gained $6 billion over the past year and the current economic net worth has improved to a positive $4.8 billion.  FHA's current cash reserves to pay claims total $40 billion.  The capital reserve ratio is required to be at or above 2 percent and FHA is expected to meet that obligation by 2016. (Read more)
MARKETING NEWS
Enhance your web presence with Placester
Placester, the newest partner in the REALTOR Benefits� Program, offers exclusive discounts to NAR members on turn-key, mobile-ready websites with full IDX integration. Broker, agent, and single property websites are available. Broker sites allow you to control office pages, agent pages, branding, and personal sites for all of your agents from a single control panel. Learn more.

REach� Accepting Applications 
Second Century Ventures, the strategic investment fund of the National Association of REALTORS�, is accepting applications for the 2015 REach� Accelerator program through Jan. 30, 2015. The nine-month program provides a unique opportunity for technology companies to get intense exposure into the real estate industry. Learn more.
 
SAVE on Your NEW Must-Have Resource from NAR
The Little Blue Book: Rules to Live By for REALTORS�, makes a great gift for you and the REALTORS� in your life. Available as an eproduct for $9.95 or in packs of five for $19.95, this insightful resource offers practical tips on professionalism for new and seasoned agents alike. Take advantage FREE shipping plus get 10% off in December; use code LBBSP at checkout, just in time for your holiday shopping! Order now.

Brokers: Build Your January Lead Pipeline Now
Get started with leads that have already found a home they are interested in, provided their phone number and are expecting your call! Learn more.

NAR NEWS
Audio: Reducing Your Brokerage's Risk in a Digital Age
This audio recording will help you decrease your real estate brokerage's risk related to social media. Learn about the laws that regulate the use of social media by real estate licensees, and uncover how developing a social media policy will protect all interests in a transaction. Learn more.

Activate Your 2014 REALTORS� Conference Audio Recordings Subscription
Need a refresher of what you learned at the 2014 REALTORS� Conference & Expo, or want to share all the great content with your agents? Premier Access registrants can access their complimentary session audio recordings subscription on an as-needed basis for one year at www.playbacknar.com. Simply login to the Playback Now website with your name and registration ID number. Those who weren't registered as Premier Access registrants can purchase recordings there, too.

The Northern Fairfield County Association of REALTORS�

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Bethel, CT 06801
Ph: (203) 744-7255    

Fx: (203) 792-9962

  
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