March 2016
| | IN THIS EDITION - Top Stories NAR Supports Senator Crapo's G-Fee Bill
NAR Joins FAA Working Group
FASB Issues New Lease Accounting Standards
Private Flood Insurance Update
House Committee Passes QCRE Bill
House Hearing on CRE Lending Regulations
HomeOwnershipMatters.Realtor: NAR's New Consumer Advocacy WebsiteMarketing NewsNAR News
NAR Supports Senator Crapo's G-fee Bill
On March 1, 2016, NAR sent a letter to the full Senate urging members to cosponsor S. 752, which would establish a scorekeeping rule to ensure that increases in guarantee fees (G-fees) of Fannie Mae and Freddie Mac will not be used to offset spending that increases the deficit. The bipartisan legislation, introduced by Senators Crapo (R-ID) and Warner (D-VA), recognizes that diverting revenue from these risk-based fees both places an additional burden on the backs of homeowners and is bad public policy. (Read more)
NAR Joins FAA Working Group
NAR is one of 26 industry groups invited to join the FAA Micro UAS Aviation Rulemaking Committee (ARC) which will meet during March 2016. NAR is the only real estate industry invited to participate in the working group, which must submit its report to the FAA by April 1, 2016. The rulemaking committee will develop recommendations for performance-based standards for the classification and operation of certain UAS that can be operated safely over people; identify how UAS manufacturers can comply with the requirements; and propose operational provisions based on the requirements. The FAA will draft a rulemaking proposal after reviewing the committee’s report. (Read more)
FASB Issues New Lease Accounting Standards
On February 25, 2016, The Financial Accounting Standards Board (FASB) released the final version of its updated lease accounting standards. The standards have been under revision for several years, and this week's document is the culmination of a great deal of work by the FASB and input by the business community. NAR has actively participated in the standards revision projects for several years working with several coalition partners from the banking and real estate community. The new standard on leases will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other organizations, the new standard will take effect for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. (Read more)
Private Flood Insurance Update
On March 2, 2016, the House Financial Services Committee voted 53-0 for the Flood Insurance Market Modernization Act (H.R. 2901). Sponsored by Reps. Dennis Ross (R-FL) and Patrick Murphy (D-FL), the bill encourages the development of private market options where property owners lack access to affordable coverage under the National Flood Insurance Program (NFIP). NAR supported the bill and worked with the committee to secure important improvements regarding insurer financial solvency as well as retaining important consumer disclosures. Committee passage is an important first hurdle in the legislation process. (Read more)
House Committee Passes QCRE bill
On March 2, 2016, the House Financial Services Committee, by a vote of 39-18, passed H.R. 4620, the Preserving Access to CRE Capital Act, sponsored by Rep. French Hill (R-AR). This bill makes modest changes to the commercial risk retention rules created by the Dodd-Frank Act, which are scheduled to go into effect on December 24, 2016. As written, these rules are overly-broad. They require that sponsors of asset-backed securities retain at least 5% of the credit risk relating to the assets that underlie them. Single asset/single borrower (SASB) commercial mortgage backed securities (CMBS) are not exempt, despite being low-risk, and not the type of transaction Dodd-Frank was intended to regulate. NAR sent a letter of support for H.R. 4620 to the Committee, and joined an industry coalition letter as well. (Read more)
House Hearing on CRE Lending Regulations
On February 24, 2016, the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing on "The Impact of the Dodd-Frank Act and Basel III on the Fixed Income Market and Securitizations." During the hearing, subcommittee members and witnesses discussed the effects that overly-broad and burdensome regulations for commercial real estate financing and lending institutions have on the economy. In addition to discussing the existing Basel III capital standards rules, they discussed the new commercial real estate risk retention rules scheduled to go into effect on December 24, 2016. NAR sent a letter to the Subcommittee thanking them for holding the hearing and stressing the cumulative detrimental effects such regulations have on access to capital for commercial real estate. NAR stressed the need for common-sense changes, such as widening the Qualified Commercial Real Estate (QCRE) exemption to the risk retention rules to allow for more low-risk CMBS transactions to be included in it. (Read more)
HomeOwnershipMatters.Realtor: NAR’s New Consumer Advocacy Website
HomeOwnershipMatters.Realtor, the flagship website of NAR’s Consumer Advocacy Outreach Program, offers brokers, agents and state and local associations, a comprehensive way to educate and engage consumers on homeownership-related public policy issues at the state, local and national levels. Consumers can get the latest information on public policies affecting home ownership, private property rights, community building and the free enterprise system as well as participate in national calls for action. Brokers and their agents are free to link to or use the content from HomeOwnershipMatters.Realtor on their personal or company websites and on social media to stay in touch with past and prospective clients. NAR brokers and members have free access to post information to or use HomeOwnershipMatters.Realtor video clips in their newsletters or use videos and content from the Broker Consumer Content Library (available early 2016).
MARKETING NEWS
Early bird pricing available for 2016 REALTOR® Broker Summit
Join NAR for the 2016 REALTOR® Broker Summit on June 9-10 in Denver, CO. Covering the most timely issues in the industry, including recruiting, culture, risk management, technology disruptors, this is an event for brokers of any size firm. Register by Apr. 8 to receive early-bird registration pricing! Visit the Broker Summit page to register and for event details.
New PSA Certification Launches on Center for REALTOR® Development
Pricing Strategy Advisor (PSA) is a new, official NAR certification and its core requirement is the Pricing Strategies: Mastering the CMA course, available in both classroom and online format. For more information about the online version of the course, please visit our new Center for REALTOR® Development at: www.onlinelearning.REALTOR.
Digital Branding Tips
Website. Email marketing. Blog. Social media. Apps. Infographics. SEO. Creating your digital brand doesn’t have to be overwhelming. These digital branding tips from .REALTOR will help you get started. Learn more.
What will you do with the extra cash?
Move your high-rate bank and retail credit card debt, with no balance transfer fee, to your personal or business REALTOR® Credit Card by 4/1/16 to secure super low rates through 2/1/17. The REALTOR® Credit Card is available to members of REALTORS® Federal Credit Union, a Division of Northwest Federal Credit Union. Visit REALTOR.org/REALTORCreditCard for more information.
Free Download Offers Tips on Closing the Leads You’ve Worked Hard to Generate
Take your business to the next level by brushing up on your conversion skills with these free tips from realtor.com®. Learn more.
NAR NEWS
Audio: Questions to Ask Before Starting a Team
Explore policies and procedures specific to teams via this audio recording. Understand the five areas of team interactions that can create the greatest conflict; and develop useful techniques, strategies and dialogues when interacting with team leaders or agents.
The Race for the White House in 2016: Bob Woodward's Perspectives
Hear insights from renowned Washington Post journalist Bob Woodward on everything from presidents of the past to who's currently leading the 2016 presidential primaries at the REALTORS® Legislative Meetings in Washington, DC. Learn more.
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