Industry News

FHFA: Key Updates Announced for Implementation of Enterprise Credit Score Requirements

Use of “bi-merge” credit reporting to occur simultaneously with implementation of new credit score model requirements The Federal Housing Finance Agency (FHFA) today announced updates to the implementation of new credit score requirements for single-family loans acquired by Fannie Mae and Freddie Mac (the Enterprises). Following extensive stakeholder engagement and input, FHFA is aligning the…

Agencies Host 2024 National Interagency Community Reinvestment Conference

The federal bank regulatory agencies and the Federal Reserve Banks of San Francisco and Chicago will host the 2024 National Interagency Community Reinvestment Conference in Portland, Oregon, March 4 to 7. The biennial conference offers participants the opportunity to learn about the Community Reinvestment Act (CRA) and to discuss best practices, innovations, and emerging challenges…

HUD: Treasury & HUD Extend Initiatives to Finance the Construction and Rehabilitation of Affordable Rental Homes for Low-Income Families

Extension of risk-sharing initiative will create or rehabilitate more than 38,000 new rental homes over the next 10 years for low-income families, seniors, and persons with disabilities. Today, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury (Treasury) announced that they will indefinitely extend the Section 542(c) Housing Finance…

HUD: CDC, EPA & HUD Announce Interagency Commitments to More Robust Collaboration on Addressing Risks of Exposures to Lead

Agreements Solidify Agencies’ Dedication to a Whole of Government Approach to Preventing Lead Poisoning The U.S. Department of Housing and Urban Development (HUD), the Environmental Protection Agency (EPA), and the Department of Health and Human Services (HHS) today announced two complementary agreements to further their “whole of government” approach to strengthen these agencies’ shared work…

SBA: Statutory Increases Announced for Surety Bond Guarantee Program

Change Will Give Small Businesses Access to Projects up to $9 Million and Federal Contracts up to $14 Million Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s cabinet for America’s more than 33 million small businesses, announced that for the first time since 2013, the SBA is increasing the…

HUD: Final Four Teams Announced in 2024 Innovation in Affordable Housing Student Design and Planning Competition

Graduate student teams at UC-Berkeley, UMD-College Park, and Harvard University advance in HUD design challenge The U.S. Department of Housing and Urban Development (HUD) is pleased to announce the four finalist student teams that will present their final projects as part of HUD’s eleventh annual Innovation in Affordable Housing Student Design and Planning Competition (IAH). For the…

HUD: FHA Launches New Option to Help Struggling Borrowers Keep Their Homes

The new offering, called the Payment Supplement, will help borrowers bring their mortgage payments current and avoid foreclosure. FHA will also extend its full suite of loss mitigation options for all borrowers through April 30, 2025. The Federal Housing Administration (FHA) today announced a new loss mitigation home retention option for borrowers with FHA-insured single family forward…

ABA: Virginia Teen Named Grand Prize Winner for National “Lights, Camera, Save!” Video Contest

Grant Parsons, an 18-year-old student at West Potomac High School in Alexandria, Va., is the national winner of the American Bankers Association Foundation’s Lights, Camera, Save! teen video contest for his entry, “Don’t Burn That Bread.” The ABA Foundation announced the national contest winners today via a video posted to ABA’s Instagram page. Lights, Camera, Save! is a…

SBA: Updated Equity Action Plan Unveiled to Advance Commitment to Investing in Equity

Updates Focus on Providing Access to Capital and Entrepreneurial Support Services, Creating Economic Opportunities, and Advancing our National Economy Today,  Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses and startups, announced the SBA’s updated 2023 Equity Action Plan outlining actionable steps the…

HUD: 2023 Update to Equity Action Plan Released, Outlining New Commitments to Advance Equity

The U.S. Department of Housing and Urban Development (HUD) today released the 2023 Update to its Equity Action Plan, in coordination with the Biden-Harris Administration’s whole-of-government equity agenda. This Equity Action Plan is part of the Department’s efforts to implement the President’s Executive Order on “Advancing Racial Equity and Support for Underserved Communities Through the Federal Government,” which…