HUD: FHA Finalizes Policies to Expedite Claims Processing for Home Equity Conversion Mortgages

New policies are expected to shorten the timeframe for mortgagees to receive Home Equity Conversion Mortgage assignment funds. Today, the Federal Housing Administration (FHA) is announcing new policies that will allow for faster payment of funds to mortgagees when they assign a Home Equity Conversion Mortgage (HECM), also known as a reverse […]

SBA: New Development and Improvements on Loan Program Modernization Announced to Expand Access to Capital for Small Businesses

Program Improvements will expand access to capital for small businesses, especially small-dollar loans, and increase protection against fraud as part of rulemaking finalized in April Today, following the recent finalization of two new rules aimed at closing gaps in capital access for America’s small business owners, Administrator Isabella Casillas Guzman, head of the U.S. […]

FHFA: Rescission of Enterprise Upfront Fees Based on Debt-to-Income (DTI) Ratio Announced

Agency to also issue Request for Input on the Enterprise single-family pricing framework The Federal Housing Finance Agency (FHFA) today announced that it has rescinded the upfront fees based on borrowers’ DTI ratios for loans acquired by Fannie Mae and Freddie Mac (the Enterprises). FHFA announced in March it would delay implementation […]

CFPB: New Report Highlights Costly Credit Cards and Loans Provided to Medical Patients

Financial companies work with healthcare providers to sign patients up for specialty credit cards and other targeted financing products Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the […]

CFPB: New Consumer Protections Proposed for Homeowners Seeking Clean Energy Financing

Proposed rule would guard against unscrupulous practices and prevent unnecessary mortgage foreclosures The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, […]

CFPB: Guidance Issued to Protect Homeowners from Illegal Collection Tactics on Zombie Mortgages

It is illegal for debt collectors to sue or threaten to sue to collect debts past the statute of limitations Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute […]

CFPB: Artificial Intelligence, Automated Systems and Advanced Technology Have the Potential to Result in Unlawful Discrimination

CFPB and Federal Partners Confirm Automated Systems and Advanced Technology Not an Excuse for Lawbreaking Behavior Four federal agencies jointly pledged today to uphold America’s commitment to the core principles of fairness, equality, and justice as emerging automated systems, including those sometimes marketed as “artificial intelligence” or “AI,” have become […]