Homeownership is a wonderful thing. After all, home is where we make memories, build our futures, and feel comfortable and secure. In addition to that, homeownership holds many financial benefits. This becomes increasingly clear each year leading up to April 15 - tax day. And for new homeowners preparing their taxes for the first time as a non-renter, the National Association of REALTORS®’ consumer website, HouseLogic, has put together a list of some of those important home tax deductions to keep in mind. HouseLogic covers some of the more well-known deductions, like the mortgage interest deduction, but also reminds homeowners of other important possibilities—such as the Nonbusiness Energy Tax Credit (for homeowners who have made energy-efficient upgrades) and the private mortgage insurance deduction. Read the entire article here.
The North Puget Sound Association of REALTORS® received the Lawrence Mabry for their consistently responding to the needs and support of RPAC and for going the 'extra mile' when called upon to act!
Give yourselves a round of applause, we couldn't do it without your support!
(Pictured: Bert Clay, RPAC Chair; Ron Wortham, Government Affairs Director; Mary Scollard, Exective Officer and Charlie Boon, 2016 State Legislative Steering Chair.)
October 2, 2015
By William Gilmartin, Marcia Salkin
The new TILA-RESPA Integrated Disclosure (TRID) rules for mortgage closings took effect for new loan applications on October 3. The Director of the Consumer Financial Protection Bureau, on behalf of the six federal financial regulatory agencies, provided written assurances that the early enforcement of the new rules will take into account the good faith efforts of supervised entities. The letter coincides with Director Cordray’s testimony on September 29 before the House Financial Services Committee that early enforcement efforts would be corrective and not punitive for a period of several months.
This letter is the result of NAR’s joining with numerous industry partners to request this written assurance so that lending institutions can proceed with closings under the new rule in a timely manner.