Public Affairs Update

Public Affairs Update……………………………………………………..October 26, 2016

  • NAR Comments on Know Before You Owe Rulemaking

  • NAR Comments on GSE Reform Efforts

  • Could an Overhaul of Student Loan Programs Help Homeownership?

  • Deepening Roots: Homeowners Become Less Mobile

  • Pizza & Public Affairs Wednesday November 2, 2016 Noon to 1:00pm at BARA

  • In Case You Missed It


NAR Comments on Know Before You Owe Rulemaking

On October 18, 2016, NAR sent a letter to the Consumer Financial Protection Bureau (CFPB) commenting on its recent proposed rule amending the Know Before You Owe (KBYO) regulation, or “TRID.”


While KBYO has resulted in more transparency for consumers and better accountability of financial institutions, ongoing compliance issues remain, costing time and money for consumers and the industry. As a result of these concerns, NAR urged the CFPB to:


  • emphasize that lenders and title agents should share the CD with real estate agents, in accordance with existing privacy law and regulation;

  • ensure lenders are able to revise the CD to reflect valid changes in circumstances;

  • extend post-consummation timelines to correct minor KBYO errors; and

  • implement additional modifications to decrease consumer and industry uncertainty.


In requesting expedited rulemaking, NAR explained how consumers remain largely optimistic about attaining the benefits of homeownership and advocated that the CFPB implement thoughtful and effective regulation that does not unnecessarily burden the home buying process. [Source: NAR Update 10-20-2016]

October 19, 2016, Comment Letter to CFPB

KBYO One Year Anniversary Survey

NAR Issue Brief - CFPB Clarifies Sharing of CD



NAR Comments on GSE Reform Efforts

On October 12, 2016, NAR submitted comments to the Federal Housing Finance Agency (FHFA) on its request for input on credit risk transfer policy issues. In an effort to engage more private capital in the secondary mortgage market, Fannie Mae and Freddie Mac have been experimenting selling off portions of credit risk the entities normally retain and collect fees on.


In the letter to FHFA Director Mel Watt, NAR President Tom Salomone outlined principals for both housing finance reform and credit risk transfer transactions, which have been part of nearly all major housing finance reform efforts. NAR focused comments on a secondary market structure that:


  • Provides for continued flow of capital into the mortgage market

  • Is not driven by shareholders’ need to maximize profits or dividends, and

  • Provides for explicit government backing of a new entity(s) to instill confidence in potential investors of the entity(s)’ mortgage-backed securities (MBS).


NAR also provided prospective on both front-end and back-end credit risk transfer policies which:


  • Should not disrupt the GSEs mission to serve markets,

  • Should fully transfer risk, and

  • Prioritize mortgage accessibility and cost ahead of private profitability.

NAR also raised concern over the possibility lenders cherry picking specific loans and significant pricing fluctuation in times of stress. [Source: NAR Update 10-20-2016]

Read NAR's letter to FHFA


Could an Overhaul of Student Loan Programs Help Homeownership?

The CFPB suggests a massive overhaul of the student loan programs. What would these recommendations do for homeownership? READ MORE [Source: 10-19-2016]


Deepening Roots: Homeowners Become Less Mobile

What economic factors are contributing to homebuyers staying in their homes longer post-housing crisis and recession? READ MORE [Source: 10-18-2016]


Pizza & Public Affairs Wednesday November 2, 2016 Noon to 1:00pm at BARA

Guest Speaker: Chris Meschunk, Senior Planner, City of Boulder

Manager, Development-Related Impact Fees & Excise Taxes Project


What he will present: On November 15, 2016 the Boulder City Council will hold a public hearing to consider potentially significant new development-related impact fees and excise taxes on new residential and non-residential construction throughout the city. Chris will review the consultant’s findings and recommendations regarding the proposed fees and taxes as well as city project staff recommendations to City Council.


Fees and taxes under consideration for Council adoption include:

  • Impact fees for new public facilities costs

  • Transportation excise tax (multi-modal transportation capital and operating costs)

  • Housing excise tax (linkage fee on commercial development)

  •  Park and land acquisition and development excise tax

  • Education excise tax (public education facilities and services)


    Don’t miss this information packed event to learn how these new taxes and fees could impact growth and development in Boulder for years to come.

    RSVP Today!


    In Case You Missed It

·       Boulder County planning panel votes to reconsider Twin Lakes land-use proposals