HUD: FHA Publishes Annual Report to Congress on the Single Family Mutual Mortgage Insurance Fund
Report shows a moderate gain in the MMI Fund’s capital ratio and successful continuation of FHA’s core mission focus in fiscal year 2020 The Federal Housing Administration (FHA) today released its fiscal year (FY) 2020 annual report covering the financial status of the Mutual Mortgage Insurance (MMI) Fund and its Single Family insurance programs. In addition to…
FHFA: COVID-Related Loan Flexibilities Further Extended
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until December 31, 2020. The changes are to ensure continued support for bor rowers during the COVID-19 national emergency. The flexibilities were set to expire on November 30, 2020. Extended flexibilities include: Alternative appraisals…
FEMA: Medocino and Stanislaus Counties in California Added to August Wildfire Disaster Declaration
Mendocino and Stanislaus counties have been approved for federal assistance to individuals and households, as well as for repairs or rebuilding of community infrastructure, as part of the major wildfire disaster declaration approved Aug. 22. The deadline to register for assistance with FEMA under Disaster 4558 is Nov. 21. FEMA’s individual assistance program provides grants…
HUD: Manufactured Housing Safety and Affordability Strengthened with Revised Minimum Payments for State Oversight Programs
Final rule published today provides more equitable HUD funding for State Administrative Agencies The Department of Housing and Urban Development (HUD) published today a final rule in the Federal Register which provides a revised structure for the payments HUD makes to states participating as State Administrative Agencies in the manufactured housing program. State Administrative Agencies in 33 states are…
HUD: Rental Assistance Demonstration Generates More Than $10 Billion in Construction Activity to Preserve Affordable Housing
Today, the U.S. Department of Housing and Urban Development announced a major milestone for the Rental Assistance Demonstration (RAD) program, which has now facilitated more than $10 billion in capital investment since the program’s inception to improve or replace 140,000 public housing units – the majority of which house extremely low-income families, seniors, and persons…
FHFA: Temporary Policy Allowing Purchase of Qualified Loans in Forbearance Extended
December 31, 2020 is new expiration date To support homeowners and mortgage lenders, the Federal Housing Finance Agency (FHFA) has approved an extension of the current temporary policy that allows for the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria as set by Fannie Mae and Freddie Mac (the Enterprises). The…
EDA: $500,000 in CARES Act Recovery Assistance Invested to Support Business Recovery and Resilience Efforts Across Texas
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $500,000 grant to the Texas Economic Development Council, Austin, Texas, to support economic recovery efforts through educational resources for local businesses responding to the coronavirus pandemic. The EDA grant is expected to create 225 jobs, retain 284 jobs, and spur $5 million…
ABA: Survey Shows Bank Customers Now Use Mobile Apps More Than Any Other Channel to Manage Their Accounts
For the first time ever*, bank customers are conducting their banking via mobile apps more often than any other method, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The national survey found bank customers preferred mobile apps both prior to and following the onset of the COVID-19…
FEMA: President Trump Approves Emergency Declaration for Florida
FEMA announced that federal emergency aid has been made available to the state of Florida to supplement state and local response efforts to the emergency conditions in the area affected by Hurricane Eta beginning on Nov. 7 and continuing. Federal funding is available to the state and local governments and certain private nonprofit organizations on a 75% federal cost-sharing basis for emergency protective measures limited to direct federal…
FHFA: Validation of Classic FICO for Use by Fannie Mae and Freddie Mac Announced
The Federal Housing Finance Agency (FHFA) today announced the validation and approval of the Classic FICO credit score model for use by Fannie Mae and Freddie Mac (the Enterprises). The validation and approval of Classic FICO by the Enterprises allows them to continue supporting the mortgage market while assessing more modern credit score models that…