The Washington Report

April 1, 2024

Government-Sponsored Enterprises

NAR and MBA Urge GSEs and Regulators to Confirm Support for Buyer Financing

NAR along with the Mortgage Bankers Association sent a letter to the Federal Housing Finance Agency, Federal Housing Authority, Fannie Mae, and Freddie Mac seeking confirmation that homebuyers will continue to have access to mortgage credit after the proposed settlement is complete.  Specifically, NAR and MBA asked the regulators and GSEs to confirm that the custom of excluding seller’s payment of commissions for buyer’s agents will continue to be excluded from the limits on Interested Party Contributions. This confirmation is a critical piece of the post-settlement puzzle.

This letter continues NAR’s efforts to engage the GSEs and regulators to provide near-term clarity to the market and members.  This effort is one of several focused on supporting mortgage finance for buyers in the post-settlement environment.

Ken Fears, kfears@nar.realtor, 202-383-1066
Matt Emery, MEmery@nar.realtor, 202-383-1212

VA (Veterans Administration) Housing

NAR Submits Comments to Department of Veterans Affairs on Allowable Fees

The National Association of REALTORSĀ® (NAR) submitted a letter to the Department of Veterans Affairs (VA), urging them to revise its policies pertaining to fees veterans cannot pay when using their VA home loan benefit. Under VA policies, veterans using the home loan benefit are prohibited from compensating their professional representative directly. This puts VA buyers at a disadvantage in situations where offers of compensation are not offered from a seller, potentially forcing them to forego professional representation, choose a different loan product, or exit the market entirely.

NAR wants to ensure veterans maintain their access to the VA home loan program, which has been a significant tool in helping service members achieve the American dream of homeownership. NAR remains committed to working with the department to create solutions for those who served our country.

Jeremy Green, jgreen@nar.realtor, 312-329-8404