Howard County Association of REALTORS®
Legislative Update Center
Howard County Association of REALTORS® Legislative Update Center keeps you up-to-date on issues and pending real estate legislation that can impact both its members and the Howard County community. To view the current Federal, Maryland, or Howard County updates, click on the news items below and the links above.
2010 Legislative Issues that Affect YOU >>
(Login to Members Only required)
V I C T O R Y !
Deadlines Extended Until September 30, 2010
Homebuyer Tax Credit - Settlement Deadline Extended!
The Congress has passed H.R. 5623, the Homebuyer Assistance and Improvement Act, which extends the tax credit closing deadline until September 30, 2010. The extension applies to transactions in which the purchase contract was signed by April 30, 2010.
Flood Insurance Program Extension
The Senate has passed H.R. 5569 which extends the National Flood Insurance Program (NFIP) until September 30, 2010. The bill is retroactive from June 1, 2010 to the date of the extension. In addition, a Reform Bill which would include an NFIP extension to September 30, 2015 has been passed by the House of Representatives and awaiting action by the Senate.
HAFA (Short Sale) Rules Now in Effect
On April 5, the federal government's new standardized rules and forms for short sales took effect. All lenders participating in the government's Home Affordable Modification (HAMP) must now participate in the standardized short sale procedures.
Learn about the new rules in a 14-minute video with Jeff Lischer, NAR managing director of regulatory policy, and in more detail from a 50-minute webinar. This webinar will give you the information needed to make HAFA short sales a success!
Also Visit NAR's Short Sales Website, for HAFA Guidelines, Forms & FAQs >
Final RESPA Changes are in Effect
The purpose of the Real Estate Settlement Procedures Act ("RESPA") reform, according to HUD, is to improve the disclosure of the key loan terms and closing costs consumers pay when they buy or refinance their home. Every settlement service provider is affected by the RESPA reform, including the mortgage industry, the title insurance industry, real estate brokers and agents, and homebuilders. All components of the new Real Estate Settlement Procedures Act (RESPA) Rule are in effect as of Friday, January 1, 2010.
For the Summary Chart >>
| 
