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  • FHA Proposes Changes to Reverse Mortgage Program

    On May 19, 2016, the Federal Housing Administration (FHA) published a proposed rule concerning its Home Equity Conversion Mortgage (HECM) program, Strengthening the Home Equity Conversion Mortgage Program (FR-5353-P-01). The proposed rule would:

    • Codify previously implemented requirements;
    • Make certain that HECM counseling occurs before a mortgage contract is signed;
    • Require lenders to fully disclose all HECM loan features;
    • Cap lifetime interest rate increases on all adjustable rate HECM loans to 5%;
    • Reduce the cap... Read More
  • Commercial lending hearing in Senate

    On Thursday, May 19, the Senate Banking Committee held a hearing on "Improving Communities’ and Businesses’ Access to Capital and Economic Development."  One of the bills discussed at the hearing was H.R. 4620, the Preserving Access to CRE Capital Act (Rep. Hill, R-AR).  This bill provides important, common-sense relief from overly-broad commercial risk retention rules scheduled to go into effect on December 24, 2016.  As written, the "Qualified Commercial Real Estate" (QCRE) exemption to the commercial risk retention rules  only... Read More

  • Dept of Treasury Releases Report

    In May 2016, the Department of Treasury released a white paper, Opportunities and Challenges in Online Marketplace Lending. The white paper was written in response to a request for information that came out last summer, to which NAR responded. There is particular highlight of the opportunities available to small businesses for capital raising, and the availability of credit to traditionally non-credit-worthy... Read More

  • New Lead Risk Reduction Credit

    The EPA that the United States Green Building Council’s (USGBC) Leadership in Energy and Environmental Design (LEED) Pilot Credit program has announced a newly available “Lead Risk Reduction Pilot Credit.”  Its intent is to reduce adverse health impacts and environmental pollution in buildings through the implementation of improved maintenance and lead-safe work practices, and to provide staff with the necessary information they need to promote lead-safe practices.  It specifically focuses on lead paint in dust, soil, and water.  In order to qualify for the... Read More

  • Letter to FHA on Student Debt

    On May 2, 2016, NAR President Tom Salomone sent a letter to the Department of Housing and Urban Development (HUD) with concerns about the Federal Housing Administration’s (FHA) recent guidance on calculating student loan payments. The letter thanks HUD and FHA for implementing NAR’s previous ask that monthly obligations be calculated using 1% of the outstanding student loan debt rather than 2%, but also raises the concern that borrowers with income-based repayment plans may be unfairly treated under the new calculation method. 

    ... Read More

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