Recent Top Stories
You Might Have Missed
February 2016
Resources 
 
IN THIS EDITION - Top Stories
  • House Unanimously Passes Condo Bill
  • REALTORS� and the New Closing Process Survey
  • NAR Testifies on Veterans Housing
  • House Passes VA Loan Bill
  • WOTUS Override Vote Fails
  • FHA Announces Independent Dispute Resolution Process
  • New Ad Campaign Urges Consumers to "Get REALTOR�"
  • NAR 2016 Legislative & Regulatory Priorities
  • Marketing News
  • NAR News

 

House Unanimously Passes Condo Bill
On February 2, 2016, the House of Representatives passed H.R. 3700, "The Housing Opportunities through Modernization Act" with a unanimous vote of 427-0. This legislation sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (D-MO) includes three major provisions that NAR supports:

1) The legislation solves a number of concerns regarding FHA's condo rules:
  • Reduces owner occupancy ratio to 35%.
  • Directs FHA to streamline condo certification process.
  • Provides more flexibility for mixed use buildings.
  • Mirrors FHFA rules regarding private transfer fees.
2) The legislation provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service loans.

3) The legislation makes reforms to federally assisted rental housing programs to streamline the program.

NAR testified last year in support of H.R. 3700 before the U.S. House Financial Services Subcommittee on Housing and Insurance. The bill now moves to the Senate. (Read more)

REALTORS� and the New Closing Process Survey
The TILA-RESPA Integrated Documentation (TRID) or Know Before You Owe rules went into effect on October 3, 2015. Survey respondents indicate that since implementation:
  • 10.4% of transactions were delayed, but less than 1% canceled, while the typical delay is 8.8 days.
  • 54.5% of respondents had problems getting closing documents for transactions and half found errors when they did get access.
  •  REALTORS� were less likely to have access to closing documents in delayed settlements.
  • Missing concessions and incorrect names or addresses were the most frequently cited errors, but incorrect fees, commissions, and taxes were also reported.
  • E-settlement procedures had fewer errors and faster remediation.
NAR Testifies on Veterans Housing
On February 10, 2016, NAR 2016 Vice President Sherri Meadows testified before the House Veterans Affairs Subcommittee on Economic Opportunity at a hearing entitled, "A Review of VA's Loan Guaranty and Specially Adaptive Housing Grant Programs (SAH)."  The testimony focused on long-term REALTOR� support for the VA home loan guaranty and the benefits it provides our nation's veterans.  In the testimony, Sherri asked for 3 enhancements to the program, to make it even more useful for veterans: 
  • Increase the loan limits for VA. 
  • Ease restrictions on what the veteran can pay in the mortgage transactions. 
  • Incentivize lenders to offer an FHA 203k-type product for veterans
House Passes VA Loan Bill
Last week the House of Representatives passed legislation which included a provision to eliminate the cap on VA loan limits.  The bill, H.R. 3016, "Veterans Employment, Education, and Healthcare Improvement Act", sponsored by Rep. Wenstrup (R-OH), included an amendment added by Rep. Zeldin (R-NY) in Committee that would allow veterans to purchase a home in high cost areas, by eliminating the maximum loan amount on VA loans.  As stated in the accompanying report, "The Committee is confident VA's current strict underwriting standards and low foreclosure rates will ensure that veterans still have the required good credit and income to qualify for the loan, and that this change will not result in a significant increased amount of foreclosures."  NAR has long supported the VA home loan guaranty program, and believes that as an entitlement program, our nation's veterans should have the freedom to purchase a home wherever they choose to live.
WOTUS Override Vote Fails
In January there was significant activity related to the Waters of the U.S. rule, also known as WOTUS. On January 15, 2015, President Obama vetoed the Resolution of Disapproval that was passed by Congress.  This resolution was passed under the authority of the Congressional Review Act and would have prohibited the EPA from implementing the WOTUS rule. On January 20, 2015, the Senate attempted to override that veto, but that vote was unsuccessful. There will be other opportunities in this Congressional session to halt the WOTUS rule.  In addition, the judicial stay from the 6th Circuit Court of Appeals that stopped implementation nationwide of the rule is still in effect. NAR has opposed this rule from its inception and will continue to push for a legislative solution to determine which waters are considered to be under federal jurisdiction and which are not.
FHFA Announces Independent Dispute Resolution Process
On February 2, 2016, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have implemented an independent dispute resolution (IDR) process for resolving repurchase disputes. The program enables lenders to submit unresolved loan level disputes to a neutral third party arbitrator after the appeal and escalation processes have been exhausted. It was developed cooperatively by Fannie Mae, Freddie Mac and FHFA with input and support from the mortgage lending industry. This Independent Dispute Resolution (IDR) process is the final piece of a broader Representation and Warranty Framework that FHFA has been working on to increase clarity for lenders and ultimately improve access to mortgages for creditworthy borrowers. (Read more)
New Ad Campaign Urges Consumers to "Get Realtor�"
To communicate REALTOR� value in helping consumers succeed in all things real estate, NAR has launched a new advertising campaign, "Get Realtor�." The campaign targets hyper-connected and emerging generations of home buyers, sellers, owners and investors. The Get Realtor� campaign currently includes social, digital, print, and radio creative; NAR's media mix is shifting significantly from previous campaigns to the social and digital side for greater engagement with tech-savvy consumers who are increasingly going mobile, getting their content on demand, and sharing information across their social networks. Coinciding with the launch of the "Get Realtor�" campaign is a big change introducing a new identity on NAR's social channels. NAR's identity on Facebook, Twitter, and Instagram will now be consumer-facing and consumer-focused, and members who've previously followed NAR's @REALTORS social media handles will now see content from @NARdotREALTOR. (Read more)
NAR 2016 Legislative & Regulatory Priorities 
During the 114th Congress, the REALTOR� legislative and regulatory agenda has been focused on efforts to stimulate, stabilize, and strengthen real estate markets across the nation while protecting the business interests of members. NAR advocates policy initiatives that promote and protect a fundamentally sound and dynamic U.S. real estate market fostering vibrant communities. To view a list of the public policy initiatives NAR will be focused on in 2016 click here
MARKETING NEWS
Save up to 26% and earn rewards with FedEx
Every time you ship, you could be saving up to 26% on select FedEx Express� shipping services and up to 12% on FedEx Ground� shipping. Enroll by 2/26 and you'll also be automatically entered to win $10,000 or one of over 100 other prizes through the FedEx Get Ready Sweepstakes. Imagine how you could invest in the success of your business with these great prizes. Use passcode LCRS8p01. No purchase necessary. FedEx is NAR's exclusive shipping services provider and a REALTOR Benefits� Program participant. Get started.

Winter Safety Tips for REALTORS�
Winter weather is unpredictable. And since REALTORS� spend so much time on the road and in their cars, it's best to have a safety protocol in place specifically for snow and frigid temperatures. Share this article from the REALTOR� Safety Program and REALTORS� Land Institute with your members and help them stay safe this winter.

Major Milestone for Realtor.com� Impacts Agents, Brokers
In January, realtor.com� reached the 50 million unique user milestone, benefiting agents and brokers' online visibility. Learn more.

2016 NAR Member Orientation Video and Materials Available
NAR's 2016 Member Orientation Materials are now available for use by brokerages. NAR offers resources and tools to help brokers welcome new agents into the REALTOR� family, and its wealth of benefits and resources. Included is the new 2016 video about NAR benefits to show at new agent orientation. The member orientation materials are available at www.REALTOR.org/orientation.

NAR NEWS
2016 REALTORS� Conference & Expo Proposal Deadline Approaching
If you're an industry speaker ready for the national stage, submit a presentation for the 2016 REALTORS� Conference & Expo, Nov. 4-7 in Orlando, FL. Presentations should include timely, practical information and be submitted by Friday, Feb. 26.

REALTORS� Legislative Meetings & Trade Expo Registration Opens This Week
Registration for the REALTORS� Legislative Meetings & Trade Expo, taking place May 9-14 in Washington, DC, opens this Wednesday, February 17 at 12:00pm CT. Learn more about this free event for NAR members.

Audio: Mastering Your Recruiting Interview
Recruit the best of the best! Learn how to determine which candidates best match your recruiting goals. Then, get tips for structuring the interview, as well as how to best present the benefits of joining your company from this audio recording.

The Northern Fairfield County Association of REALTORS�

15 Stony Hill Road

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

Fx: (203) 792-9962

  
You have received this email from your local REALTORS� Association, NFCAR, as a benefit of your membership. If you wish for us to use a different email address, please email us at: [email protected]. If you wish to be permanently removed from all  NFCAR email distributions, please email us at: [email protected] 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.
 
Like us on Facebook     View our profile on LinkedIn    Find us on Pinterest