HUD: FHA to Require Use of Supplemental Consumer Information Form
Information will support a greater understanding of borrower language preferences and use of housing counseling or homebuyer education offerings. Today, the Federal Housing Administration (FHA) is announcing that it will require lenders to use the Supplemental Consumer Information Form (SCIF) when originating mortgages for FHA insurance. The SCIF (Fannie Mae/Freddie Mac Form 1103) is an industry-recognized form…
FHFA: House Price Index Up 0.7 Percent in April 2023; Up 3.1 Percent from Last Year
U.S. house prices rose in April, up 0.7 percent from March, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI®). House prices rose 3.1 percent from April 2022 to April 2023. The previously reported 0.6 percent increase in March was revised downward to 0.5 percent. For the nine census divisions, seasonally adjusted monthly…
EDA: $3 Million Invested to Establish Business Industrial Park in Vineland, NJ
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $3 million grant to the city of Vineland, New Jersey, to support business growth and job creation through the development of a new industrial park. The EDA grant will provide support for infrastructure improvements, including a new service…
EDA: $1.6 Million Invested to Support Manufacturing Growth on Tribal Land in Louisiana
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1.6 million grant to the Tunica-Biloxi Tribe of Louisiana, located in Marksville, Louisiana, for construction of a multi-enterprise manufacturing facility that will support the growth of the region’s manufacturing sector and create new jobs. This grant will support…
OCC: Improvement in Mortgage Performance for First Quarter 2023 Reported
The Office of the Comptroller of the Currency (OCC) reported an improvement in the performance of first-lien mortgages in the federal banking system during the first quarter of 2023 compared to the previous quarter. The OCC Mortgage Metrics Report, First Quarter 2023 showed that 97.6 percent of mortgages included in the report were current and performing at…
FHFA: First Quarter 2023 Foreclosure Prevention and Refinance Report Released
The Federal Housing Finance Agency (FHFA) today released its first quarter 2023 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 58,268 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,771,101 since the start of conservatorships in September…
Agencies Release List of Distressed and Underserved Nonmetropolitan Middle-Income Geographies for 2023
Federal bank regulatory agencies today made available the 2023 list of distressed or underserved nonmetropolitan middle-income geographies. The Community Reinvestment Act (CRA) encourages banks to help meet the credit needs of their local communities, including low- and moderate- income communities, in a safe and sound manner. Distressed or underserved nonmetropolitan middle-income geographies are census tracts…
HUD: Office of Manufactured Housing Programs Announced as New, Independent Office Within Housing
Office now reports directly to the Assistant Secretary for Housing Today, the U.S. Department of Housing and Urban Development’s (HUD) Office of Housing is announcing that it has created a new Office of Manufactured Housing Programs as an independent office reporting directly to Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. The Office…
Interagency Notice of Proposed Rulemaking Issued on Quality Control Standards for Automated Valuation Models
The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Federal Housing Finance Agency (collectively, the agencies) are proposing a rule designed to implement quality control standards for…
CDFI Fund: New CDFI Certification Subcommittee Established
Recognizing the importance of Certification as a Community Development Financial Institution (CDFI) and the Community Development Financial Institutions Fund’s (CDFI Fund’s) efforts to revise the CDFI Certification Application, the Chair of the Community Development Advisory Board recently established a subcommittee to provide current members of the Advisory Board an opportunity to remark on these efforts….