• Modernizing AVM Oversight – The FHFA and bank regulators announced a final rule codifying best practices for the use of Automated Valuation Models. AVMs are increasingly used by banks to value their assets and as an alternative to a traditional appraisal. NAR has urged the standardization of the practice and enhanced protections are important for consumers and REALOTRS®. • WOTUS Rulemaking – In May 2023, the U.S. Supreme Court ruled in Sackett v. EPA, that only wetlands with a continuous surface connection to traditional navigable waters are federally protected. This significantly narrowed the scope of federal jurisdiction under the Clean Water Act. Wetlands must now directly abut jurisdictional waters to qualify as WOTUS. EPA Administrator Lee Zeldin confirmed plans to revise the WOTUS rule. The agency aims to match future rulemaking with the Sackett decision while balancing environmental protection and regulatory clarity. Both the Sackett case and EPA's proposed revisions to the existing WOTUS rule align with NAR's policy of reducing regulatory burdens on housing creation while protecting water quality. • Fannie Mae and Freddie Mac Will No Longer Enforce CARES Act 30-day Notice to Vacate – Fannie Mae and Freddie Mac announced that they will no longer enforce the Coronavirus Aid, Relief, and Economic Security (CARES) Act 30-day notice to vacate requirement on enterprise-backed mortgages. The CARES Act 30-day notice to vacate started during the COVID pandemic and required states to give 30 days after nonpayment of rent before filing for eviction. Enforcement of this provision contributes to financial loss for affordable housing providers, especially mom-and-pop landlords, piling debt for renters, and locks up rental housing supply. In April, NAR joined a coalition letter to the White House advocating for this change and supporting the Respect for State Housing Laws Act which would remove this provision from the CARES Act and allow states to make their own policies on evictions. For more information on this change, see Fannie Mae’s guidance. https://mfguide.fanniemae.com/node/23046?view=recent_guide_communication
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