Braving the pouring rain and chilly weather, a group of NAR leaders went through rigorous security to go to the Eisenhower Executive Office Building for a White House briefing. President Trump’s Special Assistants from the Office of Economic Policy, Office of Information & Regulatory Affairs, and the Office of Political Affairs gave us a picture of the progress with regards to the Administration’s priorities.
HUD and FHA are looking closely at the state of Reverse Mortgages which is losing 14B, funds that could be made available for regular mortgages. The review of the PACE program is important considering its problematic impact on sales due to its lien position which is currently superior to FHA mortgages. Condo lending to First-Time Homebuyers and Seniors is also in the works as well as the gargantuan task of modernizing HUD’s antiquated technology, a multi-year task.
I was pleased to hear that to date, 22 deregulatory actions have saved $8 billion in regulatory costs shifting inertia of regulatory policies to deregulation thereby alleviating unnecessary burdens on small businesses. The question was asked as to how NAR could help. According to Neomi Rao, Administrator for the Office of Regulatory Affairs, deregulation is hard work. NAR is encouraged to weigh in during the public comments period to help the process. Regulatory reforms improve Rule of Law and remove red tape providing relief to taxpayers.