| IN THIS EDITION - Top Stories H.R. 3700 Heading to President
NAR Comments on "Financial Choice Act"
NAR Leads Coalition Call for GSE Fee Reduction
ADA Lawsuit Bill Passes Committee
NAR Supports Student Loan Relief
NAR Supports Enhanced Credit Scoring Models & Reporting
FAA Releases Small UAS Rule
Housing Symposium for All - July 18-19, Washington, D.C.What's New for the Corporate Ally Program?
Marketing NewsNAR News
H.R. 3700 Heading to President
H.R. 3700, sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (R-MO) and through companion legislation, Senators Menendez (D-NJ) and Scott (R-SC), passed the Senate under unanimous consent and is on the way to the President for his signature. This legislation previously passed the House by a vote of 427-0. This legislation solves a number of concerns regarding FHA’s condo rules, provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service (RHS) loans, and makes reforms to federally assisted housing programs to streamline the programs. REALTORS® worked hard on this legislation, bringing it to Capitol Hill as part of the REALTOR® Legislative Meetings and Trade Expo, and with a Call for Action. (Read more)
NAR Comments on “Financial Choice Act”
On July 11, 2016, NAR sent a letter to U.S. House Financial Services Committee Chairman Jeb Hensarling (R-TX), thanking him for including several provisions of interest to NAR in the “Financial Choice Act” (FCA). This 500-page legislation makes a number of reforms to the Dodd-Frank Act aimed to increase transparency, accountability and fairness within the federal regulatory agencies. It also represents a significant shift in the Republican policy position regarding the Dodd-Frank Act (Act) which has generally called for a full repeal of the legislation. Of the provisions included in the FCA of interest to NAR, is a modification to the Truth in Lending Act’s (TILA) definition for “points and fees” to allow for greater consumer choice in mortgage and settlement services under the Ability to Repay/Qualified Mortgage (QM) rule. While the proposal is not expected to advance as a stand-alone bill this year, it will likely become a benchmark for future reforms. (Read more)
NAR Leads Coalition Call for GSE Fee Reduction
NAR, along with 24 other organizations, sent a letter to FHFA Director Mel Watt urging him to reduce loan level price adjustments (LLPAs) by Fannie Mae and Freddie Mac. This was an outstanding joint effort by consumer and industry groups, many of whom continue to collaborate on broader housing finance reform. In it, the coalition raises concerns with the GSEs double-charging consumers for assumed credit losses and capital levels that are already being assumed by existing g-fees and private mortgage insurance coverage. (Read more)
ADA Lawsuit Bill Passes Committee
The House Judiciary Committee marked up and voted to approve H.R. 3765, “The ADA Education and Reform Act of 2015”, sponsored by Rep. Poe (R-TX). This bill would ensure that the intent of Title III of the Americans with Disability Act (ADA), which prohibits discrimination in public accommodations and commercial facilities, is upheld, while curbing the practice of "drive-by" lawsuits - the practice of identifying technical, easily correctable violations to force a settlement consisting principally of attorneys' fees. It does this by creating a "notice and cure" provision within the ADA, allowing business owners to identify and correct ADA violations before engaging in costly court proceedings or settlements. NAR, along with IREM and CCIM, joined a coalition letter sent in support of the bill to the Judiciary Committee for the markup.
NAR Supports Student Loan Relief
NAR recently issued six letters of support for various legislative proposals aimed at addressing the issue of student loan debt. New research has raised concerns about student loan debt and its impact on homeownership and the overall economy. Based on the problems associated with student loan debt, NAR believes that monthly student loan payments and overall student debt is weighing heavily on prospective first-time homebuyers. As a result, the NAR Board of Directors adopted new policy at the 2016 REALTORS® Legislative Meetings and Trade Expo. (Read more)
NAR Supports Enhanced Credit Scoring Models & Reporting
In June, NAR sent a letter of support to Reps. Royce (R-CA) and Sewell (D-AL) for introducing H.R. 4211, the “Credit Score Competition Act of 2015.” The legislation would help many families achieve homeownership by instructing Fannie Mae and Freddie Mac to update their requirements so that lenders might be able to use other credit scoring models that are empirically derived and both demonstrably and statistically sound. Additionally, NAR issued a letter of support for H.R. 4172, the “Credit Access and Inclusion Act of 2015,” introduced by Reps. Ellison (D-MN) and Fitzpatrick (R-PA), and its Senate companion bill, S. 2355, the “Credit Access and Inclusion Act of 2015,” which was introduced by Sens. Kirk (R-IL) and Manchin (D-WV). Both pieces of legislation will help consumers achieve the American Dream by amending the Federal Fair Credit Reporting Act to allow providers like gas, electric and telecommunication companies to report consumers’ payment histories to credit reporting agencies. (Read more)
FAA Releases Small UAS Rule
On June 21, 2016, the FAA released the Small UAS Rule, which now permits widespread commercial use of unmanned aircraft systems (UAS). The rule addresses permitted activities for commercial operations of UAS that are 55 lbs or less, inclusive of payload. The rule will go into effect in August 2016. (Read more)
July 18-19: Housing For All Symposium, July 18-19, Washington, D.C.
Join NAR, REALTORS® and other affordable housing industry leaders and practitioners in Washington, D.C. on July 18-19 for Housing For All. During this free 1.5 day event you’ll hear from leaders making strides to fight homelessness and develop effective affordable housing solutions; share innovative ideas, partnerships and experiences; and formulate a plan of action in your community. Housing For All builds on NAR’s recently approved policy that urges state and local REALTOR® Associations to work with community stakeholders to develop innovative and proactive strategies to aid citizens experiencing homelessness or facing housing insecurity. Register today and share with your members!
What’s New for the Corporate Ally Program?
The Corporate Ally Program (CAP) has launched two new categories of investor opportunities in 2016—real estate brokerages and real estate technology business partners. Corporate Investor Council (CIC) Vice Chair Jim Imhoff kicked off the real estate brokerage soft money campaign in March with a bang, securing $160,000 in investments from some of the nation’s largest real estate brokerages. In partnership with NAR, eight state REALTOR® Associations have recently launched their own CAP broker soft money fundraising campaigns. 2016 Corporate Investor Council member David Charron and his industry colleague Gregg Larson have taken charge of the outreach to real estate technology business partners. David is the CEO, of MRIS one of the nation’s largest multiple listing services and Gregg is the CEO of Clareity Consulting, a real estate information and technology management firm. Since early May, they have been working email and phones on behalf of CAP, raising more than $40,000 in new soft money commitments to date. Corporate Ally Program soft dollar investments, made by corporate entities, can be used for independent expenditures to help elect REALTOR® Champions to public office, as well as to help advance issues we care about at all levels of government. For more information on how your corporate entity can become a Corporate Ally Investor, please contact CIC Chair Marbury Little, CIC Vice Chair Jim Imhoff or Paula Martino, Director of Corporate Fundraising, at 202-383-1156.
MARKETING NEWS
Tell Us How You’re Making a Difference with BGCA
E-mail us at narbgca@realtors.org. You could be featured on the NAR/BGCA website, along with other members already volunteering their time like agents from Keller Williams Cornerstone Real Estate in Northcentral, FL, who volunteered with their three local Clubs during the KW RED Day in April. Learn more.
NAR Members Still Have Short Term Health Insurance Options Prior to Open Enrollment
REALTORS® Insurance Marketplace has options for NAR members who missed open enrollment and may be in need of health insurance. The SMART Short Term Medical temporary health insurance plan can be a great option if NAR members need coverage until the end of the year. It is designed to be an affordable medical policy which can last from 30 days to 6 months, next day coverage is available if approved and qualification for coverage consists of only a few questions. Learn more.
The Summer of Safety
Be safe this busy season by utilizing the free resources available in the REALTOR® Safety Program. From the award-winning “Real Estate, Safety and You” video, to recently added articles, webinars and a list of safety products and apps, you’ll find everything you need to help you and your agents stay safe on the job. Learn more.
Can Consumers Find You?
The online world is crowded and competitive. Are you standing out among the competition? It’s easy with a customized .REALTOR web address. You can use your name, initials, locations served or a designation or certification, while also promoting your status as a REALTOR®. A .com site can’t do that. Be found.
NAR NEWS
Decruit Before You Recruit
Do you have an unproductive agent in your office? Attend David Knox’s session “Decruit Before You Recruit” at the 2016 REALTORS® Conference & Expo in Orlando to uncover the true cost of keeping unproductive agents in the office and how to respectfully terminate them. Learn more.
Audio: Mastering Your Recruiting Interview
Recruit the best of the best! Learn how to determine which candidates best match your recruiting goals. Then, get tips for structuring the interview, as well as how to best present the benefits of joining your company from this audio recording.
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