By Tyler Warner, DABR Director of Government Affairs
Local Legislative News
At the end of May, the Dayton Area Board of REALTORS® was pleased to host a Q&A session with Ohio Secretary of State Jon Husted. Mr. Husted covered a wide range of topics, from economic development and health care to changes in his office’s administrative process and the opioid epidemic in Ohio. It was a unique opportunity for REALTORS® to speak with a state official and we appreciate Mr. Husted spending time exclusively with our members.
State Legislative News (source: Ohio Association of REALTORS®)
The week of June 19 featured OAR giving testimony on House Bill 211, which is currently being heard in the Ohio House of Representatives’ Economic Development, Commerce and Labor Committee. House Bill 211 creates licensing requirements for housing inspectors, OAR Treasurer Anjanette Frye provided testimony in support of House Bill 211, saying, “The home inspection process is a critical component in the residential real estate transaction that remains completely unregulated. Inspectors’ unlicensed opinions are often times the key determining factor on homeownership dreams. The home inspection report is one of the important components in determining the value and condition of the property at the time of sale. Licensing home inspectors will provide consumers with a minimum basic level of protection in the largest investment they will make in their lifetimes.
“I currently hold a Brokers real estate license. In my 25 years’ experience I have had the opportunity to witness, firsthand, the unraveling of a home owner’s dream when a major issue went undetected by a home inspection that lead to financial hardship. Licensing requirements bring a high level of consistency to home inspection reporting and ensures the quality of each inspector by setting minimum standards.
“The Ohio consumer is often unaware that home inspectors are not licensed in our state. Therefore, when an Ohio home inspector does not perform well, the buyer and seller are both harmed. Homeownership the most expensive decision the public makes. Not having a licensed inspector well-versed with training, education, and a guideline of minimum standards is an issue that needs addressed. We have a unique opportunity to be the 31st state to enact home inspector licensing, and it is my hope you will choose to vote in favor of this legislation.”
DABR will provide an update as this legislation moves forward.
National Legislative News (source: National Association of REALTORS®)
Real Estate Coalition Statement Submitted for Tax Reform Hearing
On June 1, 2017, a coalition of twenty-two national real estate organizations submitted statements to the House Ways & Means Committee and Senate Finance Committee. Tax reform legislation will further evolve, and we will need to revisit our analysis as pending proposals change. However, today’s statement is a well-reasoned and fact-based response to the major tax reform concepts under consideration. The comments focus on ensuring that real estate can continue to support and advance the health of the U.S. economy, retirement savings, local communities, and job growth.
House Holds Flood Insurance Hearing
On June 7, 2017, the House Financial Services Committee held a hearing entitled “Flood Insurance Reform: A Taxpayer’s Perspective.” NAR submitted detailed comments on six reform bills released by the Committee on May 25. A markup of a series of bills began Wednesday, June 14. NAR will keep members posted. You can read the letter NAR sent to the committee last week here and watch the hearing here.
NAR Welcomes 50% Fannie Debt-to-Income
NAR President Bill Brown credited Fannie Mae for an upcoming change that will allow borrowers with higher debt get a home loan, a move that reflects borrowers’ strengthened credit profiles and is consistent with NAR’s effort to increase homeownership among first-time buyers. Fannie Mae has also eased underwriting constraints to help buyers carrying heavy student loan debt. Charlie Dawson of NAR Government Affairs sits down with Jonathan Lawless of Fannie Mae in this video to discuss the company’s increase in its debt-to-income ratio to 50 percent, up from 45 percent, and changes to make it easier for homebuyers carrying student loan debt to qualify for a home mortgage loan.
Letter to VA Secretary Shulkin Regarding Revisions to the VA Loan Guaranty Allowable Changes and Fees
On June 12, 2017 NAR sent a letter to Secretary of Veterans Affairs, David J. Shulkin. The letter thanks the Secretary for the opportunity to comment on revisions to the allowable charges and fees associated with the Department of Veterans Affairs (VA) Loan Guarantee Service. NAR strongly believes veterans and active-service members should be able to negotiate the terms of their home purchase contracts, including the payment of fees and charges, in the same manner as borrowers using non-VA financing.
