Saddle Brook, NJ – May 15, 2023 – Last week, Greater Bergen REALTORS® (GBR) members travelled to Washington D.C. for the 2023 REALTORS® Legislative Meetings, from May 6-11th. The six day stretch of Legislative Meetings was an opportunity for REALTORS®, lawmakers, and industry leaders across the country to participate in critical public policy conversations to advance the real estate industry.
GBR’s association leaders came to the nation's capital to sit in on special issues forums like advocacy, debit limit and homeownership, and regulatory policy concerns. They also had the chance to join committee meetings, legislative activities, and experience the industry trade show. The event also attracted Federal Political Coordinators (FPCs) and other politically active members who communicate with congressional representatives on Capitol Hill.
Some of the key updates announced on the final day of the Legislative Meetings included NAR’s Board of Directors electing the 2024 Leadership Team members, as well as set policy on a range of issues including fair housing, diversity, equity, and inclusion (D.E.I.), election rules, financial wellness, conventional finance, legal action, federal financing and housing, business issues, and federal taxation. The National Association of REALTORS® also welcomed the Federal Housing Finance Agency's (FHFA) cancellation of the August 1 loan level pricing adjustment (LLPA) upfront fee increase on borrowers with debt-to-income ratios greater than 40 percent.
“We are pleased that our advocacy efforts on behalf of our 1.5 million members and their clients were successful. We applaud the FHFA for listening to the industry’s concerns by choosing to drop this fee on borrowers with higher debt-to-income ratios. It would have imposed a cost on borrowers at a time in the market when affordability is already stretched and only made them riskier," said NAR President, Kenny Parcell. “Likewise, the FHFA’s decision to release a request for information on the other changes is a great example of good governance. NAR has worked with the FHFA to shape the LLPAs since their inception in 2008. We look forward to a thoughtful and deliberate process for the public, industry, and the regulators to clarify misconceptions and to arrive at the best policy for home buyers and the market."
One of the highlights from the trip was the Real Estate Trade Expo with over 100 exhibitors, activities, and opportunities for real estate professionals to gain new tools and resources to use in their careers. The Expo floor included informal networking opportunities, short information presentations, and exhibitor product demonstrations.
GBR took over the REALTOR® National Block Party at Nationals Park on May 9th, where REALTORS® and FPCs from across the country brought congressional representatives to a grand reception on the field to learn, network, and connect. Leaders were able to experience key member initiatives of REALTORS® from every district. Greater Bergen REALTORS® shared the company of some of New Jersey's key congressional members, Congressman Josh Gottheimer, Congressman Tom Kean, and NAR CEO, Bob Goldberg.
“We were afforded the opportunity to discuss the ways our association drives real estate forward by protecting rights of our REALTOR® members, and homeownership rights of their clients,” said GBR Chief Operating Officer, Jorge Ledesma, “We look forward to the annual Legislative Meetings for the chance to collaborate with industry leaders and professionals across the country in efforts to better the real estate industry.”
To learn about upcoming events at Greater Bergen REALTORS®, visit our website: www.greaterbergenrealtors.com