The leaders of NAR’s Real Property Valuation Committee explain REALTORS®’ position on appraiser independence and appraisal management companies. They also respond to a working paper released by the Federal Housing Finance Agency that says AMC appraisals don’t result in overvaluation more than other types of appraisals.
Source: Statista
Traditionally in most cultures, it is the man which would spend the most hours each day at work and, as analysis from MenCare’s ‘State of the World’s Fathers’ report shows, this is still generally the case in most parts of the world. There can though, be a difference between being ‘at work’ and ‘working’. For many people, ‘working’ doesn’t entail going to the office or the factory, but staying at home or in the local community as a caregiver. This kind of work doesn’t usually come with a financial benefit, of course, and according to the UN this unpaid care can include “meal preparation, cleaning, washing clothes, water and fuel collection and direct care of persons (including children, older persons, persons with disabilities, as well as able-bodied adults)”.
As this infographic shows, it is the world’s women that are putting in the largest amount of these unpaid hours and in every region, the total amount of time spent working, paid or unpaid, is higher for women than it is for men. With the exception of East Asia & the Pacific, where it is an almost 50:50 split, the majority of women’s time spent working is unpaid.
Washington, D.C. – May 22, 2018 (nar.realtor) The U.S. House passed bipartisan legislation today that the National Association of Realtors® believes will bring much-needed bank regulatory relief and consumer protections and is a step in the right direction for the industry.
S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act contains several favorable provisions for housing, including easing mortgage credit through reduced regulatory burdens on smaller community banks and credit unions. Ahead of today’s vote, NAR sent a letter to the House of Representatives (link is external) urging for their support.
NAR believes having mortgage credit available from small, local lenders is critical to a robust housing market and supports relief from overly burdensome compliance regulations for small, community banks and credit unions to ensure they can continue to offer safe, affordable mortgage credit.
“We commend members of Congress for passing this bipartisan legislation to level the lending playing field for community banks and credit unions,” said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. “This bill provides appropriate consumer protections while going a long way toward removing undue regulatory burdens on small lenders, which will help keep them strong, so they can help keep communities strong.”
The legislation also requires Fannie Mae and Freddie Mac to evaluate and consider credit innovations, such as adopting alternative credit scoring models. Fannie and Freddie are the largest mortgage purchasers in the nation but rely on credit score models that do not take into account simple factors like whether borrowers have paid their rent or utility bills on time. NAR believes utilizing newer, more predictive and inclusive credit scoring models will responsibly expand access to mortgage credit and homeownership to first-time borrowers and those who lack access to traditional forms of credit because of ‘thin’ credit files.
S. 2155 also holds Property Assessed Clean Energy, or PACE, loans more accountable by giving the Bureau of Consumer Financial Protection the authority to regulate PACE lenders and require them to corroborate a homeowners’ ability to repay loans that are levied as tax assessments on their homes. While energy efficiency upgrades are positive home improvements, these loans are not required to conform to ability-to-repay standards or certain consumer home mortgage disclosures, and as a result, some borrowers may enter into contracts without fully understanding the impact on the future resale of their property.
The bill also clarifies which commercial acquisition, development or construction loans require banks to hold higher levels of capital. Additionally, it improves access to manufactured housing by excluding manufactured housing retailers and sellers from the definition of a loan originator as long as they don’t receive compensation for the loan application.
S. 2155 now heads to President Trump for his signature.
The National Association of Realtors® is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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