Author: www.nar.realtor - Washington Report

On June 15, the Federal Reserve’s Main Street Lending Program became operational to support small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.

NAR has created a new TRID Closing Disclosures Guide outlining questions related to the separation of buyer and seller Closing Disclosures (CDs) and what is shared with real estate professionals.

FHA mortgagee letter requires lenders to provide 20 percent indemnification for up to two years on borrowers who go into forbearance due to COVID 19.

President Trump recently issued an Executive Order (EO) to accelerate infrastructure investments in an effort to strengthen the economy and get people back to work.

NAR sent a letter to the White House urging further relief during the pandemic. The letter included a number of provisions to help REALTORS® and real estate remain a strong force in our economy.

The â€œPPP Flexibility Act” bill, passed by the U.S. Senate on June 3, amends the CARES Act to give more flexibility to PPP borrowers in how they can use their loan proceeds.

New bill introduced in the U.S. Senate will permit first time buyers who have gone through approved counseling to lower their FHA mortgage insurance premiums.

On Thursday, May 28, 2020, the House of Representatives just passed the “Paycheck Protection Program Flexbility Act,” which makes several amendments to the CARES Act to make PPP loans more helpful to small businesses by increasing flexibility. Find out what changes are included in the new legislation.

On May 12, 2020, the House of Representatives introduced H.R. 6800, the ‘‘Health and Economic Recovery Omnibus Emergency Solutions,” or HEROES Act.

NAR, as part of a coalition, sent a letter to federal agencies asking for a single central website for Information on Covid and mortgage finance.