We are pleased to announced that REALTOR® and SBAOR member Sandi Pfister has been selected to join top REALTORS® around the country at the NAR 2010 Leadership Academy. The participants were chosen by a committee of peers based on an application that included their thoughtful consideration on trends and issues facing the industry as well as their leadership goals.
The first meeting of the Academy is during the Leadership Summit in Chicago this August - from there they will begin the process of expanding their leadership skills and knowledge of how NAR works. Read more about the program here.
Wednesday, July 29, 2009
Additional HVCC Guidance Released by FHFA, GSEs Called Good First Step by NAR
On July 22, 2009, the Federal Housing Finance Agency (FHFA) released a notice on the Home Valuation Code of Conduct (HVCC). The purpose of the notice is to clarify some misconceptions around the HVCC. The notice stressed that the Code provides for communications with appraisers about errors, additional needed information and unprofessional conduct. At the same time, Fannie Mae and Freddie Mac updated their Frequently Asked Questions for HVCC.
NAR President Charles McMillan said the FHFA notice and updated FAQs by Fannie Mae and Freddie Mac are a good first step in addressing concerns with the HVCC but more needs to be done. Mr. McMillan said "our members were experiencing delayed and lost sales because of poor appraisals conducted often by inexperienced appraisers who were not familiar with the area." NAR continues to call for an 18-month moratorium to further address the unintended consequences of the HVCC.
NAR's HVCC Page
NAR President Charles McMillan said the FHFA notice and updated FAQs by Fannie Mae and Freddie Mac are a good first step in addressing concerns with the HVCC but more needs to be done. Mr. McMillan said "our members were experiencing delayed and lost sales because of poor appraisals conducted often by inexperienced appraisers who were not familiar with the area." NAR continues to call for an 18-month moratorium to further address the unintended consequences of the HVCC.
NAR's HVCC Page
NAR Submits Letter to SBA Administrator Requesting SBA Eligibility for Real Estate Agents
On July 24, 2009 NAR sent a letter to SBA Administrator Karen G. Mills requesting that any restrictions be removed to real estate agent eligibility for SBA loans. The letter from NAR President Charles McMillan states that current SBA treatment of agent eligibility is unclear and amendments to regulations should be made to clarify that real estate agents are eligible for SBA loans.
NAR Letter to SBA Administrator
NAR Letter to SBA Administrator
Monday, July 20, 2009
Healthcare, REALTORS® and You
Healthcare is heating up with both the House and Senate making moves on this massive undertaking. On July 14, HR 3200, America’s Affordable Health Choices Act, was introduced in the House. This historic legislation which covers a wide swath of health care reforms, programming and spending, has been referred to a number of House Committees for consideration. NAR is monitoring the legislation’s progress very closely. The Ways and Means Committee passed the bill on July 17, with all Republicans and three Democrats opposing. This vote signals the potential close vote when the legislation moves to the full House.
Meanwhile, the Senate Health, Education, Labor and Pensions (HELP) Committee passed its version of healthcare legislation on July 15, on a party line vote. The Senate Finance Committee is expected to introduce their version of a healthcare bill this week, with consideration to follow shortly after.
NAR’s policy staff is currently reviewing the 1,000-plus pages of HR 3200 and is drafting a fact sheet for members. There’s a lot out there right now about healthcare, and many different positions and commentary. Visit www.realtor.org/healthreform for more information.
Meanwhile, the Senate Health, Education, Labor and Pensions (HELP) Committee passed its version of healthcare legislation on July 15, on a party line vote. The Senate Finance Committee is expected to introduce their version of a healthcare bill this week, with consideration to follow shortly after.
NAR’s policy staff is currently reviewing the 1,000-plus pages of HR 3200 and is drafting a fact sheet for members. There’s a lot out there right now about healthcare, and many different positions and commentary. Visit www.realtor.org/healthreform for more information.
Wednesday, July 8, 2009
Bill Seeks to Suspend Appraisal Code
U.S. Reps. Travis Childers (D-Miss.) and Gary Miller (R-Calif.) have teamed up to champion a bill that would put a moratorium on the new Home Mortgage Valuation Code of Conduct.
HVCC is an agreement between Fannie Mae, Freddie Mac, and the New York State Attorney General that went into effect earlier this year with the aim of improving the accuracy of appraisals, although it's come under criticism in the real estate industry for causing its own problems.
Although the agreement involves the New York AG, it's being applied nationwide to all the mortgages handled by Fannie Mae and Freddie Mac.
The bipartisan legislation directs the Federal Housing Finance Agency, which is the conservator of the two secondary mortgage market companies, to suspend the code for 18 months.
Among other things, the code has been criticized by the National Association of Mortgage Brokers for delaying residential property closings and costing its members business at a critical time. Group members also are up in arms about having to pay high fees to appraisal management firms.
Source: American Banker, 06/30/09
HVCC is an agreement between Fannie Mae, Freddie Mac, and the New York State Attorney General that went into effect earlier this year with the aim of improving the accuracy of appraisals, although it's come under criticism in the real estate industry for causing its own problems.
Although the agreement involves the New York AG, it's being applied nationwide to all the mortgages handled by Fannie Mae and Freddie Mac.
The bipartisan legislation directs the Federal Housing Finance Agency, which is the conservator of the two secondary mortgage market companies, to suspend the code for 18 months.
Among other things, the code has been criticized by the National Association of Mortgage Brokers for delaying residential property closings and costing its members business at a critical time. Group members also are up in arms about having to pay high fees to appraisal management firms.
Source: American Banker, 06/30/09
Failed Projects Turned Into Affordable Housing
Expensive cities like New York and Seattle are trying to find ways to change failed luxury projects into affordable housing for families with moderate incomes.
Seattle has a measure on the ballot in the next election that would create a fund to buy market-rate real estate developments. New York is studying a plan to subsidize unsold or half-built apartments to make them affordable for families earning between $55,000 and $158,000,
Cities need affordable housing for teachers, police, and firefighters, says Alan Berube, research director of the Brookings Institution's metropolitan policy program.
Source: USA Today, 07/01/2009
Seattle has a measure on the ballot in the next election that would create a fund to buy market-rate real estate developments. New York is studying a plan to subsidize unsold or half-built apartments to make them affordable for families earning between $55,000 and $158,000,
Cities need affordable housing for teachers, police, and firefighters, says Alan Berube, research director of the Brookings Institution's metropolitan policy program.
Source: USA Today, 07/01/2009
Subscribe to:
Posts (Atom)