As the largest professional trade association in the United
States, the NATIONAL ASSOCIATION OF REALTORS® represents
nearly 1.1 million members involved in all facets of residential and commercial
real estate as brokers, salespeople, property managers, appraisers and
counselors. NAR advocates policy initiatives that will result in the return of
a fundamentally sound and dynamic U.S. real estate market fostering vibrant
communities in which to live and work.
During
the 111th Congress, the REALTOR® Legislative and
Regulatory Agenda has been focused on efforts to stimulate, stabilize and
strengthen real estate markets across the nation while also protecting the
business interests of members. NAR has made significant progress on both
fronts. The issues highlighted here represent a portion of the activity
conducted on behalf of REALTORS®.
PROTECTING REALTORS®’ BUSINESS INTERESTS AND ACTIVITIES
A. BANKS IN REAL ESTATE
After 8 years of
continuous struggle to convince Congress that real estate is not financial in
nature and banks should not be allowed in the real estate brokerage business,
NAR achieved its objective. On March 11, 2009, the Omnibus Appropriations Bill,
H.R. 1105, was signed into law, and with it a declaration that, going forward,
neither real estate brokerage or real estate management can be classified as a
financial activity.
B. WALL STREET REFORM AND CONSUMER FINANCIAL PROTECTION
On July 21, 2010, President Obama
signed into law the Dodd-Frank Wall Street Reform and Consumer Financial
Protection Act of 2010. This comprehensive reform of the nation’s financial
services sector is the most sweeping since the financial reforms ushered in
during the Great Depression. NAR worked with both Democrat and Republican
members of the House and Senate committees responsible for the legislation to
secure a “real estate professional exclusion” ensuring that the daily business
of REALTORS® was not negatively impacted by this historic piece of legislation.
www.REALTOR.org/government_affairs/consumer_protection_act?finalcountdown
C. MORTGAGE REFORM
Since the creation
of the NAR Subprime Working Group in 2005, NAR has been a strong advocate for
responsible mortgage reform. Title XIV of the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010 focuses on the reformation of mortgage lending,
specifically lending activities that were deemed predatory. Seller-financing
was severely impacted by the initial draft of the legislation. NAR worked with
a bipartisan set of members to reduce the bill’s impact on seller-financing and
ensure that consumers would have this tool at their disposal.
www.REALTOR.org/government_affairs/consumer_protection_act?finalcountdown
D. FANNIE MAE/FREDDIE MAC - THE GSEs
In September 2008, the
Government-Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, were
placed into conservatorship to ensure that the residential secondary mortgage
market continued to function. Since that time, NAR has convened a GSE Presidential
Advisory Group (PAG) to determine the best approach for reforming the functions
that these organizations perform that are vital to the viability of the housing
industry. NAR recommends a government-chartered, non-shareholder-owned
structure, which federally guarantees mortgage backed securities, that would
assure the availability of mortgage lending in all types of markets throughout
the country. NAR has worked diligently to communicate the REALTOR®
recommendations to Congress, the Obama Administration, and our Industry
Partners via face-to-face meetings, participation in housing finance symposiums
and through responding to request for input from the government. To date, the
REALTOR® recommendations have been hailed as the best to promote a smooth,
seamless transition from the current to any future housing finance system.
www.REALTOR.org/GSES
E.
RESPA GFE/HUD-1 DISCLOSURES
Provisions of HUD’s final Real
Estate Settlement Procedures Act (RESPA) rule went into effect in 2009 after
NAR successfully urged HUD to make significant changes to the proposed rule
including:
•
Elimination of the “closing script”
•
Creation of a 30-day cure period
•
Improved uniform formatting of GFE/HUD-1
NAR held a number of education
sessions and webinars for its members and led in efforts to seek additional
clarifications from HUD on the rule throughout 2009 and 2010.
F. RESPA GUIDANCE
NAR secured guidance from HUD on the
issue of “admin fees” charged by brokers under RESPA. The guidance helped clear
up longstanding concerns on the appropriateness and the manner in which these
can be charged and should be disclosed.
In addition, NAR and industry
partners secured guidance on the sale of home warranty contracts. A 2008
informal letter by a HUD staff attorney through the entire industry into
disarray and led to class action lawsuits. The 2010 HUD guidance makes clear
that agents and brokers can be paid on a per transaction basis and that each
sale of a contract must be reviewed on a case by case basis. However, the
guidance leaves many questions unanswered and has caused confusion. NAR
continues to work with industry partners to address these questions.
G. SHORT SALES
NAR continues to urge servicers,
mortgage investors, and regulators to improve the short sales process, through
both the Home Affordable Foreclosure Alternatives Program (HAFA) and
proprietary programs of the servicers and lenders. Keeping families in their
homes is a top priority for REALTORS®. But if our loan modification and other
programs are not able to help a family stay in their home, HAFA or another
short sale program can give that family a “graceful exit” and allow them to
avoid foreclosure.
www.REALTOR.org/shortsales
H. MEETINGS WITH LARGE LENDERS
Starting in the summer of 2010,
NAR’s elected leadership initiated a series of meetings with large lenders and
servicers to discuss issues of concern for REALTORS®. The topics included
origination issues (underwriting standards, appraisal issues, credit policy,
condo financing); short sales; bank-owned properties; and the impact of the
Dodd- Frank Wall Street Reform and Consumer Protection Act. NAR and the banks
are discussing how we can work together to make significant improvements in all
of these areas. The goal is to increase our mutual success and help support
market recovery.
I. FORECLOSURE PROBLEMS
Starting in September 2010, several
lenders suspended foreclosures in two dozen states, and one did so for all 50
states, due to questions about whether foreclosures were being processed
consistent with applicable state law requirements. As they completed their
reviews, banks started the process of resuming foreclosures in October. On
October 12, 2010, NAR wrote to Treasury Secretary Geithner, HUD Secretary
Donovan, and Acting Director of the Federal Housing Finance Agency DeMarco to
convey REALTOR® concerns about the resulting confusion and uncertainty. NAR
called on lenders to assess the situation and correct any problems as soon as
possible, in order to restore confidence in the system and minimize damage to
the housing recovery. Lenders must not only assure the protection of the rights
of borrowers, but also remove doubt that buyers may have about whether the
seller is able to convey clear title. NAR also urged the lending industry to
place additional resources into processing loan modifications and short sales
which are far better than a foreclosure for all involved.
J. HEALTH INSURANCE REFORM
NAR successfully raised the profile of the challenges
that face the self-employed and small employers, including REALTORS®,
throughout the 111th Congress’ debate over health care reform. As a result, the
underwriting and rating reforms in the final bill - guaranteed issue policies,
ban on pre-existing condition exclusions, limited age rating, etc. - are in line with NAR’s policy principles and
will give the self-employed access to insurance with most of the
characteristics of a group plan. In addition, individual affordability credits
and tax credits for small employers will help to make health insurance more
affordable for many NAR members who are currently uninsured.
K. DEDUCTIBILITY OF HEALTH INSURANCE
PREMIUMS FOR PAYROLL TAX PURPOSES
As the result of provisions
championed by NAR in the Small Business Jobs and Credit Act of 2010,
self-employed persons will be allowed to deduct health premiums when
calculating their self-employment tax payments for 2010. For many years,
self-employed individuals have been permitted to deduct the cost of any health
insurance premiums they pay for themselves and their family from their self-employment
(Schedule C) income when calculating their income tax obligation. However, the
health insurance premium was NOT permitted as a deduction when computing
payroll taxes, so the self-employment payroll tax base included the full amount
of the premium. As a result, the self-employed have been required to pay an
additional 15 percent in self-employment tax on the very sizeable healthcare
premiums they pay. With the enactment of the Small Business Act, this
additional tax burden is eliminated. While the change is only effective for the
2010 tax year, NAR will advocate for an extension or making this provision
permanent.
SUSTAINING HOUSING OPPORTUNITIES
A. FIRST-TIME HOMEBUYER TAX CREDIT
H.R. 1, the “American Recovery and
Reinvestment Act of 2009,” was signed by the President on February 17, 2009.
Included in the provision, at the urging of NAR, was a tax credit for
first-time homebuyers. Between 2008 and 2010, NAR conducted numerous Calls for
Action and two special fly-ins seeking enactment, expansion and extensions of
the credit. In addition, extensive advocacy advertising supported each
initiative.
• February
2009: A
$7,500 tax credit for first-time homebuyers enacted in 2008 was increased to
$8,000 and extended through November 30, 2009. The extension applied only to
first-time homebuyers.
• November
2009: The
$8,000 credit was again extended and expanded. The legislation:
v
Extended $8,000 credit for first-time purchasers through
April 30, 2010. Those under contract by April 30 retained eligibility for the
credit, so long as the transaction closed before July 1, 2010.
v
Created an additional credit of up to $6,500 for current
homeowners purchasing a new or existing home between November 7, 2009, and
April 30, 2010. Repeat buyers were also subject to the July 1, 2010 settlement
requirement.
• June
2010: Many
purchasers who had signed contracts on or before April 30 were unable to close
their transactions, particularly in short sales. At NAR's urging, Congress
extended the closing date requirement through September 30, 2010.
B. PROTECTING THE MORTGAGE INTEREST
DEDUCTION
The Administration’s proposed
budgets for Fiscal Years 2010 and 2011 included a recommendation that health
insurance reform be “paid for” by limiting the value of the mortgage interest
deduction (MID) and other itemized deductions for upper income taxpayers. The
limitation proposal was based on an individual’s tax bracket. Itemized
deductions for individuals in tax brackets above 28% would have not have
received the value of their higher tax brackets. Rather, the “value” of
itemized deductions would have been limited to 28 cents on the dollar, rather
than the 33 cents or 35 cents to which they would have otherwise been entitled.
NAR aggressively and successfully fought off changes to the MID through
grassroots, advertising and similar advocacy tools.
C. MORTGAGE CANCELLATION RELIEF
In 2007, Congress provided relief so
that individuals in short sales, foreclosures and mortgage restructuring
arrangements would not be required to pay income tax on any portion of mortgage
debt that a lender forgave. The relief provision was the result of NAR efforts
that had begun in 1995, set aside during the boom years and then renewed more
vigorously when the market began to turn in 2006. NAR was the sole advocate of
this relief during its formative stages. Enactment came as NAR members
successfully educated Congress about the hardships in the market that began in
2006.
The mortgage cancellation relief was
scheduled to expire at the end of 2009. In February 2009, the economic stimulus
legislation included a provision that extended that relief through the end of
2012.
D. CARRIED INTEREST
NAR, in conjunction with a large
number of real estate and other industry organizations, succeeded in assuring
that so-called “carried interest” legislation was not enacted. That legislation
would have changed the tax treatment of the profits interest that many general
partners in real estate investment entities (including LLCs, partnerships and
other pass-through arrangements). Those profits have generally been taxed as
capital gains at the time the underlying property was sold. The carried
interest proposal would have taxed those profits interests as ordinary income.
The proposal would have applied to both existing and new entities.
E. LEASEHOLD IMPROVEMENTS
The special provisions that
permit a cost recovery period of 15 years for leasehold improvements expired
December 31, 2009. While that provision (as well as about 40 other expired
provisions) has not been renewed, a small business bill enacted in September
2010 will allow small investors to deduct (rather than depreciate) the expenses
incurred for leasehold improvements placed in service during 2010. The
provision, like its predecessor, is temporary and is available only for 2010
expenditures.
F. FHA REFORM
NAR worked with Congress and
the Administration to strengthen FHA and maintain its continued viability.
These changes ensure the financial stability of FHA while protecting consumers
by keeping the program affordable. Specifically, NAR successfully defeated
proposals to increase FHA’s downpayment requirement and proposals to prohibit
the financing of premiums.
G. FHA AND GSE LOAN LIMITS
NAR successfully advocated
for legislation to once again extend the temporary higher loan limits for FHA
and the GSEs in both 2009 and 2010. Had the limits expired, NAR estimates that
more than 612 counties in 40 states and the District of Columbia would be
negatively impacted, with an average decline in loan limits of more than
$50,000. The current limits (at the greater of $271,050 [for FHA] and $417,000
[for the GSEs] or 125% of local area median up to $729,750) are now in place
through September 30, 2011.
H. FHA AND GSE CONDOMINIUM POLICY
NAR has continued to work
with the FHA on changes to its condominium rules. In November 2009, FHA
unveiled new condominium rules, including temporary enhancements addressing
NAR’s concerns. These rules, which currently remain in effect through December
31, 2010, increase FHA concentration requirements to 50 percent, eliminate
vacant and REO property from the calculation of the owner-occupancy percentage,
and reduce the pre-sale requirement to 30 percent.
I. FHA MULTI-FAMILY LOAN LIMITS
Although not yet law, NAR
has been instrumental in the passage of language in the House to increase the
FHA multi-family loan limits in multi-story (elevator) buildings. The current
FHA multi-family loan limits prevent the financing of rental housing in many
urban areas. Although NAR has been successful in raising the base limits and
high cost factors over the last several years, the limits still don’t account
for high-rise construction costs. Companion legislation is pending in the
Senate, and NAR will continue to work for final passage.
J. RURAL HOUSING
NAR was successful in
advocating for legislation restoring funding to the Section 502 single-family
rural housing program. This program ran out of funding (due to higher than
usual demand) in the summer of 2010. NAR championed legislation to restore
funding to the program and make the program self-sustaining, with minimal
impact to consumers. In FY09, the 502 program guaranteed 116,000 rural
families’ affordable, safe home loans.
SUSTAINING COMMERCIAL REAL ESTATE
OPPORTUNITIES
A. ECONOMIC STIMULUS
H.R. 1, the “American Recovery and
Reinvestment Act of 2009,” was signed by the President on February 17, 2009.
Those provisions of the bill most helpful to commercial real estate relate to:
green building and energy efficiency, business tax incentives, and investment
in transportation and infrastructure. Some of the most important tax provisions
included in the bill would be the extension of the 50 percent bonus
depreciation provision through the end of 2009 and the cancellation of debt
income provision that provides tax relief for businesses that discharge debt
obligations from 2009 through 2014.
B. TALF
The “Financial Stability Plan”
announced in early 2009 by Treasury Secretary Geithner included a major
expansion of the Term Asset-Backed Securities Loan Facility (TALF) program to
include commercial mortgage-backed securities (CMBS). To further ensure the
stability and recovery of the commercial credit markets, NAR was successful in
advocating for the extension of TALF loans from 3 years to 5 years, as well as
having the TALF program extended through 2010.
C. SMALL BUSINESS LENDING FUND
On September 27, 2010, the Small
Business Jobs and Credit Action of 2010 (H.R. 5297) was signed into law. Under
this bill, which NAR supported, the U.S. Treasury is authorized to lend up to
$30 billion to interested community banks to further expand lending to small
businesses. As an incentive for community banks to participate and increase
small business lending, participating banks' interest rate would be adjusted
relative to the amount of their small business lending activity. It is
estimated that community banks could use the $30 billion lending fund to
leverage up to $300 billion in new loans to small businesses. Additionally, NAR
successfully worked to include provisions in the legislation that enhance Small
Business Administration (SBA) programs and provide $12 billion in tax relief
for commercial real estate practitioners and small businesses.
D. SURPLUS LINES
In September 2009, The U.S. House of
Representatives passed H.R. 2571, the Nonadmitted and Reinsurance Reform Act, a
bill that seeks to modernize the insurance regulatory system by providing a
uniform approach to regulating the commercial surplus lines market. More than
25 percent of commercial insurance in the United States is placed in the
surplus lines market, also known as the nonadmitted insurance marketplace. This
legislation is a key component in overhauling insurance regulation and will
help ensure the availability of nonadmitted and surplus lines of coverage in
areas of the country where admitted property and casualty coverage has grown
costly and may even be unavailable.
ELIMINATING BARRIERS TO HOMEOWNERSHIP
A. DEVELOPMENT OF NAR CREDIT POLICY
The Conventional Financiering and
Lending Committee is planning to propose a NAR Credit Policy for consideration
by the Board of Directors in November 2010. The proposed policy calls for the
lending industry to reassess and amend its credit policies to increase mortgage
liquidity for qualified home buyers, including low-and moderate-income families
and first-time home buyers. The policy
also includes specific recommendations.
www.REALTOR.org/government_affairs/GApublic/FinCredIssues
B. FLOOD INSURANCE
NAR secured a full one-year
extension through September 2011 of National Flood Insurance Program (NFIP)
authority, after supporting legislation which twice broke the congressional
stalemates that lead to multi-week shutdowns of the program. Without the
program, thousands of property owners in tens of thousands of communities
across the U.S. were not able to obtain the insurance necessary for them to
obtain a mortgage in federal-designated floodplains.
NAR successfully worked with FEMA to
ensure that, as the flood maps were updated and modernized, the best available
local information and data was utilized to develop the new flood maps.
www.REALTOR.org/government_affairs/natural_disaster
C. ENERGY EFFICIENCY INCENTIVES
NAR successfully fought to eliminate
time-of-sale energy efficiency requirements from H.R. 2454: the American Clean
Energy and Security Act before passing the House of Representatives. Those
provisions would have prescribed energy audits and recording, public disclosure
and MLS listing. NAR also succeeded in exempting existing residential and
commercial buildings from state building labeling programs in the bill. The
House bill also includes additional funding and guidelines for state
governments to offer financial and other incentives to property owners who
voluntarily improve the energy efficiency of homes.
When H.R. 2454 stalled in the
Senate, NAR successfully worked to retain the energy labeling exclusions in
successor legislation which would offer tax rebates for voluntary home star
energy improvements. NAR was able to get clarification that energy efficiency
standards prescribed in the GREEN Act for federally assisted housing programs
did not apply to FHA or GSE loan programs. Congress failed to enact these
bills.
NAR successfully delayed the
implementation of a voluntary building labeling program (part of the larger
Recovery Through Retrofit program) developed by the federal Department of
Energy (DOE); and pressured the DOE to emphasize the voluntary nature of the
program for homeowners.
D. HOME VALUATION CODE OF CONDUCT (HVCC)
The government sponsored enterprises
(GSE), Fannie Mae and Freddie Mac, updated and coordinated their HVCC
frequently asked questions (FAQ). NAR had previously called on both GSEs to
coordinate their FAQs and codify them into existing appraisal policy. Both GSEs
state that while there may be some differences with two sets of FAQs in terms
of style or structure, they present no substantive differences in
interpretation or implementation of HVCC. Nor do they impose any different
operational requirements. The FAQs include new questions and are also organized
by subject area. As a result of the enactment of the Dodd-Frank Act, HVCC
sunset in October 2010.
E. APPRAISAL REFORM
On July 21, 2010, the President
signed into law HR 4173, the Dodd-Frank Wall Street Reform and Consumer
Protection Act. The legislation includes the first major appraisal reforms in
more than a generation. NAR worked with Congress on this legislation, which
regulates appraisal management companies (AMCs), establishes new appraisal
independence standards, and regulates automated valuation models (AVMs) and
broker price opinions (BPOs). The legislation also sunsets the Home Valuation
Code of Conduct (HVCC). NAR is currently working with the Federal Reserve on
the implementation of regulations related to appraisal independence, which must
be implemented within 90 days of enactment of the legislation.
F. FANNIE MAE APPRAISAL ISSUES
Fannie Mae’s Selling Guide Updates
and Additional Guidance on Appraisal-Related Policies, Announcement
SEL-2010-09, addresses many concerns raised by NAR regarding HVCC and the
appraisal policies of the GSEs. The announcement addresses geographic
competency, lender changes to the appraisal report, communication with
appraisers under HVCC, and the use of short sales and foreclosures as
comparable sales. NAR had previously called on the GSEs to provide additional
guidance on these issues.
G. FEDERAL HOUSING ADMINISTRATION (FHA)
APPRAISALS
In 2009, FHA unveiled appraisal
rules to may make HVCC and AMCs easier to cope with in the industry. In a
letter to FHA in September 2009, NAR recommended that FHA adopt components of
HVCC and supported the new FHA appraisal rules because of the fee disclosure,
the transfer rules now in place, and because FHA explicitly states that AMCs do
not have to be used by lenders.
H. VALUATION SUMMIT
NAR hosted a Valuation Summit in
October 2010 to discuss policy issues of all methods of valuing real property.
NAR volunteer and industry leaders discussed current market trends and the
critical role played by valuations in the recovery of the real estate markets.
President Vicki Cox Golder presided and 2010 President Elect Ron Phipps and
First Vice President Moe Veissi participated in the event. NAR’s CEO Dale
Stinton also attended. The day was filled with an open conversation about
Valuation Issues. Speaker highlights were Congressional Staffer Todd Harper,
Senior Director, House Financial Services Committee and FHA Commissioner Dave
Steven who gave the keynote luncheon speech.
I.
“GREEN” ENERGY TAX CREDITS
The February 2009 economic stimulus
legislation extended many temporary tax credits for both residential and
investment/commercial property through the end of 2010. These included: green
building and energy efficiency credits, business tax incentives, and investment
in transportation and infrastructure. Other credits were extended to provide
individuals with incentives for retrofits to enhance energy efficiency in their
homes.
J. CLEAN WATER ACT EXPANSION
NAR successfully opposed legislation
that would have expanded federal permitting authority under the Clean Water Act
to real estate with non-navigable waters.
K. AFFORDABLE PROPERTY INSURANCE
NAR advanced the debate by securing
committee passage of two bills — one to offer federal reinsurance to fiscally
viable state programs and another to offer optional wind coverage under the
National Flood Insurance Program.
L. RADON IN HOUSING
NAR eliminated time-of-sale
requirements from draft legislation to fund state grant, research, outreach and
education programs for radon in housing. Originally, the bill would have
required radon inspections for approval of FHA-backed mortgage loan and
disclosure of radon tests.
M. FHA FLIPPING RULE
NAR was successful in lobbying for
an extension of the waiver to the flipping rule (which prohibits resale of a
home with FHA within 90 days) for HUD-owned homes, new homes sold by builders,
and homes being sold by relocation companies and the property owner’s employer
as part of a job relocation.
In addition, NAR successfully
lobbied for an expansion of this waiver for investors and entities that
purchase foreclosures either singly or in bulk for resale. Under the waiver,
homes that were foreclosed on and are being sold by the bank or on its behalf
may be purchased by FHA borrowers without regard to the 90-day seasoning
period.
N. FHA ELECTRONIC SIGNATURES
On April 8, 2010, Commissioner Dave
Stevens announced that, effective immediately, FHA will begin accepting
electronic signatures on “third party documents originated and signed outside
of the lender’s control, such as real estate contracts.” This change, which NAR
has long advocated, is the first in a series of changes that eventually will
permit more real estate transaction documents to contain electronic signatures,
thus improving the efficiency of FHA mortgage transactions.
O. IMPLEMENTATION DELAY AND COMPLIANCE
EDUCATION FOR THE LEAD PAINT RENOVATION RULE
NAR was successful in pushing for a
delay in the implementation of EPA’s new lead paint Renovation, Repair and
Painting Rule. The delay gave contractors additional time to get trained and
certified so that they could comply with the new rule. NAR also developed an
education and compliance Web page on REALTOR.org to help REALTORS®
understand and comply with this new rule.
P. FORECLOSURE PREVENTION AND RESPONSE
PROGRAM
In March 2009, NAR launched a new
program to provide grants to state and local REALTOR® associations for a
variety of education and community action projects. Projects were screened and
evaluated by a national review panel composed of senior volunteers, after
collaboration between state and local associations. Totaling $2.56 million, NAR
has provided funding for 156 state and local grants. This program expires at
the end of 2010.
www.REALTORS.org/foreclosure
R. REALTOR® NEIGHBORHOOD STABILIZATION
PROJECT
Working in partnership with the
National Community Stabilization Trust, NAR has worked with eight targeted
states with the highest foreclosure impacts to educate and assist REALTORS® in
direct engagement with local governments and other community organizations for
the purpose of developing revitalization strategies and engaging in marketing
of foreclosed properties and the neighborhoods which have been impacted by
foreclosures. Activities have included statewide webinars, on-site training,
one-on-one technical assistance, all designed in close collaboration with state
and local REALTOR® association staff and members.
www.REALTORS.org/foreclosure
EDUCATIONAL MATERIALS
A. NAR WEBINARS WITH HUD
On March 29, 2010, NAR
kicked off the first in a series of Webinars between REALTORS® and the U.S.
Department of Housing and Urban Development (HUD). Topics for these webinars
have included: A conversation with Federal Housing Administration (FHA)
Commissioner David H. Stevens; and Credit Policy Enhancements with Deputy
Assistant Secretary for Singe Family Housing with Vicki Bott. These provide
REALTORS® with unprecedented access to HUD officials to discuss policy issues
and concerns.
B. VA TOOLKIT
The Veterans Affairs Toolkit
is an interactive education piece designed for REALTOR® members with little
previous experience in using products offered by VA, or members who have not
worked with veterans as clients in recent years. The toolkit provides an
overview
of VA’s Home Loan Guaranty
Program, detailed information on VA products and resources to address common
misconceptions about the VA Loan Guaranty.
Using the toolkit, REALTORS®
will understand how the VA’s Home Loan Guaranty Services programs help families
become homeowners by lowering some of the costs of their mortgage loans.
C. TALKING TO HOME BUYERS ABOUT FLOOD RISK AND FLOOD INSURANCE
NAR worked with FEMA to
create two flyers — one for REALTORS® and one for home buyers — that talks
about flood risk and flood insurance. For REALTORS®, the flyer clarifies what
they should know about flood risk and flood insurance, and how they can talk
about it with their customers. For home buyers, the flyer is designed to be
used in discussions with their insurance
agent by serving as a checklist for the home
buyer to ensure their new
investment is adequately protected. You can view the
flyer online:
www.REALTOR.org/government_affairs/gapublic/flood+brochures+for+members
D. LEAD PAINT RENOVATION COMPLIANCE GUIDE
This online compliance guide
provides information for REALTORS® on the EPA’s new
Renovation, Repair and
Painting Rule. The guide describes the new lead-based paint
safety practices established
by the rule and what steps real estate agents, brokers and
property managers need to
take to comply with the new procedures.
The guide includes a short
introduction, two narrated presentations and two sets of
frequently asked questions
answered by EPA officials and regulatory experts. There is
one video available for real
estate agents and brokers, and one available for property
managers. You can view the
guide online:
www.REALTOR.org/government_affairs/lead_paint_main
E. SHORT SALES
NAR makes extensive information
about short sales available on its website at:
www.REALTOR.org/shortsales
You can find links to
guidelines for the Home Affordable Foreclosure Alternatives Program (HAFA) and
HAFA FAQs, brochure, video webinars and other information prepared by NAR.
