National REIA Legislative Update

legislative update from national REIA

Congress:  National REIA will be joining a coalition of housing groups to encourage the U.S. Senate to take up and pass H.R. 3700, the “Housing Opportunities Through Modernization Act of 2015,” which unanimously passed the House earlier this year.  This legislation will help reform federal housing programs, and strengthen public and private sector partnerships – such as streamlining the Section 8 (HCV) program.
CFPB Reform?  According to media reports the U.S. Consumer Financial Protection Bureau (CFPB) has acknowledged problems associated with its attempt last fall to add more transparency to the home loan closing process and is now seeking public input on how to fix them.  Title companies and real estate agents have complained about the confusion and inconsistency brought on by these new “Know Before You Owe” rules, which took effect last Fall.  Reform proposals will be published in the Federal Register and comments from the public will be considered.  Then, at some point, the CFPB will issue a “final rule” with the issues they chose to address.  Click here to read more.
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