HR 3700 Signed Into Law – NMP Skip to main content

HR 3700 Signed Into Law

Aug 01, 2016
Without special ceremony or public comment, President Obama signed HR 3700, the Housing Opportunity Through Modernization Act, into law on Friday

Without special ceremony or public comment, President Obama signed HR 3700, the Housing Opportunity Through Modernization Act, into law on Friday.

Introduced last October by Rep. Blaine Luetkemeyer (R-MO), HR 3700 highlighted a relatively rare example of bipartisan cooperation on Capitol Hill: The legislation passed the House of Representatives in a 427-0 vote and later passed the Senate by unanimous consent. The legislation seeks to modify three areas of federal housing policy: The U.S. Department of Housing & Urban Development's (HUD) rental assistance and public housing programs, the Federal Housing Administration's (FHA) requirements for condominium mortgage insurance, and the Department of Agriculture's single-family housing guaranteed loan program.

HR 3700 was supported by industry trade groups, although the National Association of Realtors (NAR) took a highly proactive role in pushing for its passage. NAR President Tom Salomone stated that his organization’s members have “reason to celebrate,” calling the law’s passage “a long-awaited victory for NAR and for homebuyers for whom condos are an important and affordable option.”

About the author
Published
Aug 01, 2016
MISMO Launches AI Governance Framework For Mortgage Lenders

New FRAME toolkit gives lenders, servicers, and technology providers a roadmap for managing AI risk while supporting innovation

CFPB Tells Lenders Immigration Status Can Factor Into ATR Analysis

CFPB frames immigration status as a potential ability-to-repay factor when future U.S.-based income is at risk

UAD 3.6 Deadline Nears; First American Earns Verification

First American's ACI Sky Workbench gains verification ahead of the Nov. 2 implementation date for the GSEs' updated appraisal reporting requirements

MISMO Introduces New Loan Boarding Standard

Wrapper Files support standardized data transfers between origination and servicing systems, with potential savings of $60 to $160 per loan

The GLBA Compliance Gap Your AI Deployment Just Opened

Old statutes, new models, and the vendor contract you signed before machine learning became operational

FHA Keeps Tri-Merge Credit Reports While Expanding Approved Scoring Models

HUD says FHA lenders will continue using three-bureau credit reports even as the agency adopts newer scoring models aimed at increasing competition and modernizing mortgage underwriting