On Dec. 1, 2016, the Federal Housing Administration (FHA) released its 2017 Loan Limits. In high-cost areas the FHA national loan limit "ceiling" will increase to $636,150 from $625,500. The “ceiling is set at 150 percent of the national conforming limit of $424,100, which increased from $417,000 this year and was the first increase in the national conforming limit since 2006. FHA will also increase its "floor" to $275,665 from $271,050. The “floor” is set at 65 percent of the national conforming limit of $424,100. The standard loan limit for lower... Read More
The Internal Revenue Service announced this week procedures designed to aid as many homeowners as possible who are facing the year-end expiration of a tax provision that excludes from income mortgage debt forgiven in connection with the Principal Reduction Modification Program (PRMP) and the Home Affordable Modification Program (HAMP).
The Good News. The IRS notice offers clarity and assurance to homeowner-borrowers that if they are in the trial period of the PRMP or HAMP programs, or will enter into the trial period before the end of 2016, even if the debt... Read More
On November 28, 2016, NAR submitted a comment letter to the Federal Housing Administration (FHA) regarding proposed changes to FHA Condominium certification requirements. Many of the proposed changes align with areas REALTORS® have expressed a need for more lenience and reflects NAR advocacy on these matters. The NAR letter specifically asks FHA to:
NAR along with nine other trade associations submitted a letter opposed to draft data breach legislation in the House and attempting to move this year because it fails to 1) establish a uniform nationwide law; 2) provide reasonable data security standards; 3) maintain an appropriate FTC enforcement regime and 4) ensure that all breached entities have notice obligations.
NAR will continue to work in the new Congress on sensible data breach legisaltion that works for the real estate industry.
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On November 22, 2016, the U.S. District Court for the Eastern District of Texas issued a nationwide injunction prohibiting the Department of Labor’s (DOL) controversial overtime rule from going into effect as scheduled on December 1, 2016. The rule would have doubled the salary threshold (to $47,476) under which non-exempted workers are guaranteed time-and-a-half pay if they work more than 40 hours in a given week. The rule would have also indexed the threshold to inflation, every three years starting in 2020.
While there is relief in knowing the regulation... Read More