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The housing industry isn’t the economic driver it once was and doesn’t have much pull in monetary policy decision making, Federal Reserve Chair Jerome Powell told the House Financial Service Committee July 17 as he delivered the semi-annual monetary policy report, HousingWire reported.
Some Fed districts reported moderate improvements in the residential real estate sector, but their reports on commercial activity revealed largely stagnant conditions, the Federal Reserve reported July 18 in its newest Beige Book.
The nation’s largest professional association of real estate appraisers today announced its opposition to proposed federal legislation that would reduce the requirements for appraisals in major Small Business Administration loan programs.
The U.S. Court of Appeals for the Fifth Circuit ruled July 16 that the Federal Housing Finance Agency's leadership structure is unconstitutional, HousingWire reported. The court found that the FHFA is too "isolated," and ruled that its director's possible removal only for cause violates the U.S. Constitution's separation of powers.
The Trump administration on July 10 said the Federal Housing Administration will scale back its use of the False Claims Act so that banks that previously shied away from offering FHA loans due to concerns about violations and settlements are more certain about offering those types of loans, HousingWire reported.
Illinois Gov. Bruce Rauner on July 13 signed Public Act 100-0604 (enacted as SB 2617), legislation that amends Appraisal Management Company Registration Act requirements for AMC registration and oversight. It also authorizes the Illinois Department of Financial and Professional Regulation to participate in a multistate appraiser licensing and renewal system.
The Appraisal Institute joined 29 real estate industry organizations, representing more than 10 million jobs, today in announcing a ground-breaking collaboration to highlight the diverse career paths within the real estate sector.
Alternative dispute resolution – including negotiation, mediation and arbitration – is a growing area in need of skilled real estate valuation professionals, according to a study published this week in The Appraisal Journal.
Freddie Mac announced June 28 that consumers who purchase a condo or refinance an existing condo mortgage might be eligible for its automated collateral evaluation appraisal waiver. The ACE program, which launched in 2017 for single-family homes, gives eligible borrowers the opportunity to forgo a traditional appraisal.
Pennsylvania Gov. Tom Wolf on June 29 signed HB 863, legislation that allows the state’s real estate brokers, associate brokers and salespeople to provide broker price opinions. The law takes effect Aug. 28 and places significant restrictions on those allowed to perform BPOs and limits the situations under which they may be performed.
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