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The most powerful lobbyers in DC

Posted by Andrew Kantor
Jun 11 2013 - 8:28am

File this under "got your back": Check out who’s spending the most money lobbying on Capitol Hill, courtesy of OpenSecrets.org:

image

That’s $8.5 million so far this year. In 2012, NAR spent a total of $41.5 million (and was also the number-two lobbying organization behind the US Chamber).

Buy a greener home, qualify for a better mortgage?

Posted by Andrew Kantor
Jun 10 2013 - 1:26pm

There are a handful of tax breaks for homeowners who improve the energy efficiency of their homes — essentially, the government reduces your taxes if you make your house greener.

Now a bill introduced in the Senate by senators Michael Bennet (D-Colo.) and Johnny Isakson (R-Ga.) would give a different kind of incentive — it would require lenders to take into account the energy-efficient features of a home when calculating a borrower’s income/expense ratio.

Essentially, it would allow buyers to qualify for a larger loan or a better rate if a home is energy efficient.

Government will subsidize flood insurance for another year

Posted by Andrew Kantor
Jun 10 2013 - 11:24am

The National Flood Insurance Program was in the black until Hurricane Katrina; since then it’s been in debt to the tune of about $20 billion. (Which, of course, illustrates why it’s a government program and not offered by private insurers.)

So in 2012 Congress reformed the program to try to keep it from bleeding money.

For example, homes built before 1968 — when the NFIP started — were given lower, "grandfathered" rates. Those are going to be phased out. And homeowners living where the danger of flooding is so extreme that insurance is unaffordable were given subsidies to pay for it. (Yes, that’s correct. People living in the most-flood prone areas were given lower insurance rates.) Those subsidies are also going to be removed.

New laws take effect July 1

Posted by Andrew Kantor
Jun 4 2013 - 11:16am

On July 1, a whole lotta Virginia’s new laws take effect, including a bunch that affect real estate and Realtors. Are you ready? Do you know what’s changing? (Hint: You’d better.)

imageWe’ve got you covered on our just-launched 2013 "New Laws Virginia Realtors Need to Know About" page. (Sorry — we couldn’t come up with a fancy name for it.)

Administration extends HAMP and HARP programs two years

Posted by Andrew Kantor
Jun 3 2013 - 12:50pm

The Obama administration has extended its Making Home Affordable program, which includes two sub-programs designed to help homeowners refinance so they can stay in their homes.

Making Home Affordable includes the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP). It was set to expire at the end of the year, but homeowners now have until December 31, 2015 to apply for modifications.

HAMP: Lenders are giving incentives from the federal government to modify homeowners’ mortgages.

CFPB loosens rules for smaller lenders

Posted by Andrew Kantor
May 31 2013 - 9:48am

Good news for small local banks and credit unions. After a several months of accepting comments from industry groups and the public, the Consumer Financial Protection Bureau made several changes to its ability-to-repay rules — changes that are a boon for smaller lenders.

Background

CFPB’s ability-to-repay rule is the standard that all loans must meet. It explains what a lender must consider when offering a mortgage. It’s to prevent lenders from offering loans to people who can’t afford them. (Click here for the Buzz post that explains it.)

Fair Housing & Blueprint

Date: 
June 27, 2013 - 10:00am - 5:00pm
Location: 
Virginia Tech Foundation Building, 902 Prices Fork Road, Room 3100, Blacksburg, VA 24061

CLICK HERE TO REGISTER
Join us for this informative and interactive seminar taught by Mahalia “Mally” Dryden-Mason, Consumer Education Coordinator and Fair Housing Training Specialist. Mally is approved by the Real Estate Board and the Fair Housing Board as a course provider whose seminars meet the requirements for real estate continuing education and fair housing certification. Her enthusiastic presentation will cover everything you need to know about Fair Housing in Virginia.

Good news: DPOR updates its license transfer process

Posted by Andrew Kantor
May 9 2013 - 2:58pm

Earlier today, all Virginia brokers received the following notification:

Fed-induced housing bubble? Flip a coin

Posted by Andrew Kantor
May 8 2013 - 11:01am

You may notice that we don’t run certain types of stories very often here. For example, "Experts predict…" pieces. Why not? Because expert predictions about economic matters are nonsense.

DPOR License Transfer Information

Video Banner - Transfer Update

In early March 2013, the Virginia Department of Professional and Occupational Regulation (DPOR) issued clarification about its real estate licensee transfer policy that created concern about when a transferring licensee is able to practice at his new firm. In response, VAR has been consistently working with DPOR staff and Virginia Real Estate Board members on a solution that will allow licensees to transfer seamlessly to a new firm.