Author: www.nar.realtor - Washington Report

FHA’s substantial capital reserves are 9.2% above what is required by Congress and 3% higher than their previous year’s reporting.

The current GTO is effective beginning, October 27, 2022 until April 24, 2023, and includes additional jurisdictions in Texas.

The FHFA announced that it will implement a framework for adopting two new credit scoring models by Fannie Mae and Freddie Mac.

The FHFA announced the elimination of certain loan level pricing adjustments (LLPAs) that it charges particular borrowers. Find out which categories of borrowers the FHFA is eliminating upfront fees for.

A three-judge panel for the U.S. Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB’s) independent funding stream from the Federal Reserve system was in violation of the Constitution’s Appropriations Clause and separation of powers principles.

Reducing the annual mortgage insurance premium and ending the life of loan requirement would help first-time homebuyers achieve homeownership.

The proposed rule does not impact the classification of real estate professionals as independent contractors under the Internal Revenue Code (26 U.S.C. §3508).

NAR recently wrote to the National Economic Council in support of proposals that will spur federal action and incentivize state and local governments, and private actors, to boost housing supply and affordability.

The legislation would double the capital gains exclusion for sales of principal residences from $250,000 to $500,000 for single filers and from $500,000 to $1 million for married couples filing a joint tax return.

President Biden signed a continuing government funding resolution that extends the National Flood Insurance Program (NFIP) until December 16, 2022.