County Wide Open House October 12th!

UPDATE

UPDATE .....

           

FROM:           NAR Government Affairs

RE:                 HUD Policy on Dual Agency Agreements

DATE:            23 September 2013

As reported earlier this week, NAR Government Affairs informed you that on October 1st HUD would be implementing a new policy that would have prevented dual agency agreements in FHA pre-foreclosure transactions.  

NAR has been working with HUD closely to modify the policy.  This afternoon HUD reported to NAR that they will reissue the July Mortgagee Letter and remove all dual agency language (Part Three of the PFS Participation Requirements). 

The result is that the dual agency policy will not be implemented on October 1, 2013 allowing NAR to continue the dialog with agency officials on a formal solution.

HUD announced the policy change in response to fraud and abuse detected by the HUD Inspector General in the pre-foreclosure sales process.

HUD's New Policy on Dual Agency...

TO:                 State and Local Association Executives

FROM:           NAR Government Affairs

RE:                 HUD’s New Policy on Dual Agency Agreements in Short Sale Transactions

DATE:           23 September 2013

On October 1^st HUD will implement a new policy which prevents dual agency agreements in FHA pre-foreclosure transactions. HUD announced this policy was implemented because the HUD Inspector General detected fraud and abuse in the pre-foreclosure sales process.

NAR is working closely with HUD on this policy and is in discussions with agency officials seeking clarification of the rule. NAR submitted a letter to FHA Commissioner Galante expressing our concerns with this new policy and how it will directly impact homeowners. Particularly, we noted that this new policy will put homeowners at greater risk of falling into foreclosure if they cannot find a real estate agent, especially one who is knowledgeable about the short sale process, to list their homes.

To assist in NAR’s ongoing discussions, we are asking that each President send comments to HUD on this new policy and the disruptive effect its implementation would have on communities across the nation.

TO:                 State and Local Association Executives

FROM:           NAR Government Affairs

RE:                 HUD’s New Policy on Dual Agency Agreements in Short Sale Transactions

DATE:           23 September 2013

On October 1^st HUD will implement a new policy which prevents dual agency agreements in FHA pre-foreclosure transactions. HUD announced this policy was implemented because the HUD Inspector General detected fraud and abuse in the pre-foreclosure sales process.

NAR is working closely with HUD on this policy and is in discussions with agency officials seeking clarification of the rule. NAR submitted a letter to FHA Commissioner Galante expressing our concerns with this new policy and how it will directly impact homeowners. Particularly, we noted that this new policy will put homeowners at greater risk of falling into foreclosure if they cannot find a real estate agent, especially one who is knowledgeable about the short sale process, to list their homes.

To assist in NAR’s ongoing discussions, we are asking that each President send comments to HUD on this new policy and the disruptive effect its implementation would have on communities across the nation.