From State Houses to Federal Agencies — Working Together to Curtail Private Transfer Fees

Several years ago, NAR launched a program to assist state associations in fighting private transfer fees.  Today, 37 states ban them.  Last month, NAR’s pressure at the federal level paid off as the Federal Housing Finance Agency (FHFA) issued a rule prohibiting the fees on mortgages handled by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. FHA already bans the fees.  The FHFA rule in conjunction FHA’s, builds on the state bans by ensuring the fees aren’t imposed on any loans with federal government involvement in all 50 states.  Curtailing these burdensome fees is a REALTOR^® Party victory that was built from the state houses to the federal agencies.  The REALTOR^® organization has long been opposed to private transfer fees since there is virtually no oversight on where or how fee proceeds can be spent and how long the fee may be imposed.  This often places an inappropriate drag on the transfer of property.

• Read REALTOR Magazine article about NAR and State success in fighting private transfer fees
• Read NAR news release on FHFA rule
• Read article in Silicon Valley Community Newspaper