Author: www.nar.realtor - Washington Report

The Federal Housing Administration (FHA) published a mortgagee letter clarifying its conflict-of-interest policy to detail what individuals and employees can be compensated on a single-family transaction.

The Inflation Reduction Act empowers and equips homeowners who want to make upgrades so they can save energy and reduce their energy costs.

NAR and the Manufactured Housing Institute (MHI) commend FHA for their commitment to addressing financing opportunities for manufactured homes.

NAR supports the protection of, and efforts to further secure, the right of real estate salespeople to work as independent contractors and for brokers to choose to classify real estate salespeople as independent contractors.

NAR supports a joint employer standard that clearly defines the employer-employee relationship and that provides predictability in business relationships.

Improving FHA’s policies to promote the use small balance loans is a strong step towards achieving NAR’s goal of supporting underserved communities and promoting homeownership.

NAR thanked the FHFA Director, Sandra Thompson, for her work on special purpose credit programs that include down payment assistance, which are two products that NAR supports.

NAR sent a letter to the Appraisal Foundation (TAF) to establish equivalency credit for education and experience in licensed and regulated fields involving valuation such as licensed real estate salespersons, real estate agents, and real estate brokers.

It is important that any data security standards be based on reasonableness, taking into account the diversity of different businesses covered by the regulation.

Please note that while the new HUD rule will significantly expand the flood insurance choices available to FHA borrowers, not all private policies will meet its definition of private flood insurance.