PPAR Mission Statement:
“The Pikes Peak Association of REALTORS® helps its members to be ethical, professional and successful by providing quality services and protecting the free enterprise system and real property rights.”
PPAR Day at the Legislature – Jan 14, 2015
3% Cap Bill Passes House
On April 14, 2015, the House of Representatives passed H.R. 685, “The Mortgage Choice Act” by a vote of 286-140 with 45 Democrats joining the Republicans. H.R. 685 is bipartisan legislation introduced by Representatives Bill Huizenga (R-MI), Gregory Meeks (D-NY), Ed Royce (R-CA), David Scott (D-GA), Steve Stivers (R-OH), Mike Doyle (D-PA), David Joyce (R-OH), Betty McCollum (D-MN) and Stephen Fincher (R-TN) which makes two adjustments to the Truth in Lending Act’s definition of “points and fees” to ensure greater consumer choice in mortgage and settlement services under the CFPB’s Ability to Repay/Qualified Mortgage (QM) rule. Companion legislation is being worked on in the Senate by Senator Pat Toomey (R-PA). NAR continues to work with coalition partners to advance this important legislation in the Senate.
2014 NAR Legislative Year Review
Located just one block from the U.S. Capitol, the headquarters of the National Association of REALTORS® is perfectly positioned to make REALTORS®’ voices heard in Washington, D.C. NAR’s staff uses this physical proximity and its long-standing relationships with legislators to work closely with Congress and regulatory agencies to push forward issues that benefit REALTORS®, the real estate industry and consumers.
FHA Premium Reduction In Effect
On January 26, 2015, the Federal Housing Administration’s (FHA) 50 basis point mortgage insurance premium (MIP) reduction goes into effect. FHA expects a high volume of case number assignments beginning on the 26th, so lenders may experience slower than normal processing times. For additional information, the FHA has posted frequently asked questions about the MIP reduction as well as case number cancellation instructions on its website.