Regulatory Items

NNA is tracking and working on two important regulatory items for 2011. The new Dodd-Frank financial bill requires over 250 new regulations to be written over the next several months and some of these new regulations will impact the NNA membership. Also, given the need to stretch a continuingly decreasing federal dollar, NNA has begun work on creating more program efficiencies within the HOME program.

Dodd-Frank Regulations

The Dodd-Frank Wall Street Reform and Consumer Protection Act created several programs, and policies that will impact our membership. As rules are proposed, NNA's External Policy Committee will evaluate the impact on our membership and take appropriate advocacy action when necessary.

Currently most pressing is the proposed rule on the 5% risk retention provision included in the bill, that may require 20% down-payments on certain loans ("Qualified Residential Mortgages", or QRMs).

The rule is currently out for public comment (deadline August 1st) and NNA's External Policy and Lending Committee has begun work on advocacy efforts. NNA has partnered with the Coalition for Sensible Housing that includes the Center for Responsible Lending and the National Association of Realtors, to submit public comments on the QRM eligibility requirements.

NNA has also submitted its own comment letter: NNA QRM Comment Letter_Final

Click here for a white paper describing the impact of the QRM down-payment requirement. NNA has signed on its support for the position taken in the white paper.

See below for various analyses of the proposed Risk Retention rule and QRMs:

QRM Paper 2
QRM Paper 3
QRM Paper 4
QRM Summary

NNA will continue to track the implementation of the Dodd-Frank act. Stay tuned to this page and regular NNA News Blasts for updates.

HOME Regulations

NNA's External Policy Committee has created a subcommittee working group to address improving HOME regulations to improve efficiencies and stretch federal funding. NNA will work with HUD to implement these proposals. Click here for proposed changes: HOME Regs Draft Recommendations