NAR Responds to OMB's Request for Information on Regulations to Ease

On May 12th, NAR sent a letter to the Office of Management and Budget in response to its request for input on “proposals to rescind or replace regulations that stifle American businesses and American ingenuity.” Specifically, the OMB sought, “comment from the public on regulations that are unnecessary, unlawful, unduly burdensome, or unsound.” 

NAR’s letter was wide ranging and included changes to regulations at Fannie Mae and Freddie Mac, as well as the FHA, USDA, VA and other agencies that would help housing and REALTORS®.  These regulations covered fees, bank capital rules, condo regulations, appraisal waivers and reviews, construction methods, rental reporting, VA compensation rules, and the independent contractor rule among other issues.