The National Association of Realtors (NAR) along with the Mortgage Bankers Association (MBA) sent a letter to the Federal Housing Finance Agency, the Federal Housing Authority, Fannie Mae and Freddie Mac seeking confirmation that homebuyers will continue to have access to mortgage credit after the proposed settlement in the Burnett et al and Moehrl et al cases is complete. Specifically, NAR and MBA asked the regulators and GSEs to confirm that the custom of excluding seller’s payment of commissions for buyer’s agents will continue to be excluded from the limits on Interested Party Contributions. The confirmation is a critical piece of the post-settlement puzzle. The letter continues NAR’s efforts to engage the GSEs and regulators to provide near-term clarity to the market and members. The effort is one of several focused on supporting mortgage finance for buyers in the post-settlement environment.
Source: Nar.realtor; 3/27/2024