For the most part most Americans do not fully understand that National Association of Realtors (NAR) is constantly working hard to ensure that people can achieve home ownership and invest in real estate. Each year they work to fight off expensive and burdensome regulations that would make owning a home difficult for many. In 2014 NAR achieved several accomplishments and set the foundation for many important issues moving forward.
“Homeowner Flood Insurance Affordability Act” was signed into law which curbs flood insurance rate hikes for homes and commercial properties.
NAR successfully worked with Congress to pass “The Tax Increase Prevention Act of 2014” which extended of several expired tax provisions, including tax relief for mortgage debt forgiveness.
The proposed QRM rule would have required a 20 percent down payment on mortgage loans along with strict debt to income limits. This bill would have meant that many people each year would not be able to buy a home. REALTORS® were among the most vocal opponents and helped form the Coalition for Sensible Housing Policy in which nearly 50 organizations. The coalition gathered the support of 44 Senators and 282 House members to remove the large down payment requirement and provide sensible debt ratios.
Rural Communities Protected Through 2020
NAR’s work with Congress over the last three years has helped more than 900 communities that were at risk of losing access to federal rural housing programs.
Elimination of FHA “Prepayment Penalty”
NAR urged FHA and Ginnie Mae to remove their prepayment penalty as the policy placed an" unreasonable burden on consumers who already face high housing and closing costs." The charge was eliminated on January 21, 2015
Maintaining Fannie Mae and Freddie Mac Loan Limits
NAR fought to prevent the Federal Housing Finance Agency (FHFA) from reducing loan limits for Fannie Mae and Freddie Mac. This bill would have greatly reduced financing opportunities for home buyers.
EPA’s introduced “Waters of the U.S.” Rule which would greatly expand the EPAs authority over bodies of water and increase EPA regulation on privately owned property. NAR fought to have the now passed “The Waters of the U.S. Regulatory Overreach Protection Act” to prevent the EPA from moving forward with the proposed rule.
Thank you National Association of REALTORS® for your hard work protecting the public interest.