Volume 6, Issue 23: August 9, 2013
DNREC Sediment and Stormwater Program:
DNREC has finalized their Sediment and Stormwater Regulations, which will go into effect on January 1, 2013. You can read the finalized regulations and technical document HERE
. DNREC will be holding training sessions on these regulations in each county as follows:
New Castle County: Grass Dale Center, Delaware City on October 29, 2013
Kent County: Delaware National Estuarine Research Reserve (DNERR), Dover on November 6, 2013
Sussex County: Virden Center, UD Lewes Campus on November 13, 2013
FROM NAR: Housing Finance, Tax Reform and Flood Insurance Take Center Stage in August Recess: With the U.S. Congress on its “August Recess” this is an important opportunity for REALTORS® to directly engage with your lawmakers on your home turf. To maximize our home-field advantage, please use these talking points on FHA, Fannie May and Freddie Mac Reform; Tax Reform and Flood Insurance. Download Talking Points (660K PDF)
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Federal News In Case You Missed It:
Obama Backs 30-Year, Fixed-Rate Mortgage: President Barack Obama in his housing-focused economic speech yesterday URL to come in Phoenix makes it clear he envisions the 30-year-fixed rate mortgage as the centerpiece of any reformed mortgage system. As part of this, he wants the federal government to stay involved in the secondary mortgage market after the phase-out of Fannie Mae and Freddie Mac as a "catastrophic" insurer that steps in after private mortgage insurers have met their responsibilities. He also backs continued federal involvement in affordable mortgage financing through FHA, VA, and the Rural Housing Service (RHS), although he wants to see FHA loan limits decrease. He also continues to press to broaden his mortgage restructuring program to include underwater borrowers who don't have federally backed financing. NAR backs maintaining the 30-year,fixed-rate mortgage, maintaining a federal role in the secondary market, and continued direct federal backing of FHA, VA, and RHS loans. Access statement by NAR President Gary Thomas.
Community Outreach Now on Facebook: NAR has launched a Facebook page to make information available to you and your staff about its community outreach programs. The page also shares examples of how associations are using community outreach program resources to improve their communities. NAR's community outreach programs put resources into your hands so you can help your members play a leadership role on issues involving land use and smart growth, diversity, and workforce housing.
Simplify FHA Condo Process, NAR Says: FHA can improve its process for certifying and recertifying projects eligible for FHA condo financing, NAR says in a letter last week to the agency. The letter was sent in partnership with three other organizations, including the National Association of Home Builders, and recommends harmonizing FHA condo approval standards with those of Fannie Mae and Freddie Mac and lengthening the recertification timeframe. For more info contact Sarah C. Young, 202/383-1123.
NAR-backed FHA Reforms Pass Committee: A bill that would give FHA flexibility to improve its financial position while maintaining the agency's mission to make mortgage financing available to households passed a key committee last week and could be considered on the Senate floor this fall. NAR supports "The FHA Solvency Act of 2013," S. 1376, which passed the Senate Banking Committee last week in a bipartisan 21-1 vote. For more info contact Megan Booth, 202/383-1222.
QM Rule Reflects NAR Suggestions on Income: Self-employed mortgage loan applicants won't have to submit a credit report or have their business income assessed in unrealistic ways in a final qualified mortgage rule released last week by the Consumer Financial Protection Bureau. These and other changes were based on NAR recommendations to help ensure the rule, which takes effect early next year, enables lenders to meet the rule’s ability-to-repay requirements without unduly hindering qualified borrowers from getting financing. For more info contact Charlie Dawson, 202/383-7522.
FEMA Webinar Explains Flood Insurance Changes: In case you missed it: Your members can get a better understanding of changes to the federal flood insurance program, including changes to federal flood maps, in an August 13 webinar hosted by the Federal Emergency Management Agency (FEMA), which provides federal flood insurance. The webinar is at 3 p.m., Eastern Time.