HUD: The Federal Housing Administration Celebrates 90 Years of Making Homeownership Possible for American Families
June 27, 2024, marks the 90th anniversary of the creation of the Federal Housing Administration under the National Housing Act Today, the Federal Housing Administration (FHA) is recognizing the 90th anniversary of its creation under the National Housing Act of 1934, which was signed by President Franklin Delano Roosevelt. HUD celebrated today’s anniversary with an event…
OCC: Mortgage Performance Report for First Quarter 2024 Released
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the first quarter of 2024. The OCC Mortgage Metrics Report, First Quarter 2024 showed that 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, an increase…
CFPB: Interim Final Rule Issued to Extend Compliance Dates for Small Business Lending Rule Under Section 1071
Interim final rule extends compliance dates pursuant to court orders Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule to extend compliance deadlines for the small business lending rule. After the CFPB issued the small business lending rule on March 30, 2023, a federal court in Texas stayed the rule pending the Supreme Court’s decision in CFPB…
HUD: Disaster Aid Offered to Hawaii Storm and Flood Victims
Federal aid supports state and local recovery for April 2024 Hawaii storms, flooding, and landslides. The U.S. Department of Housing and Urban Development (HUD) announced the implementation of federal disaster assistance for the state of Hawaii and ordered Federal assistance to State and local recovery efforts in the areas affected by severe storms, flooding and…
OCC: Final Rule on Automated Valuation Models Approved
The Office of the Comptroller of the Currency today approved a final rule to implement quality control standards for automated valuation models used by mortgage originators and secondary market issuers in valuing residential real estate collateral securing mortgage loans. The rulemaking supports Acting Comptroller of the Currency Michael J. Hsu’s priority to reduce inequality and…
FHFA: Latest Non-Performing Loan Sales Report Released
The Federal Housing Finance Agency (FHFA) today released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through December 31, 2023. Borrower outcomes reflect NPLs sold through June 30, 2023. The sale of NPLs…
OCC: FFIEC 2024 “A Guide to HMDA Reporting: Getting It Right!” Released
The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised “A Guide to HMDA Reporting: Getting it Right!” (2024 guide). The 2024 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, its implementing regulation (12 CFR…
SBA: Extension of Moratorium Announced on 8(a) Eligibility Requirement for Small Disadvantaged Businesses
Bona Fide Place of Business Moratorium Extension Until Sept. 30, 2025, Will Increase the Opportunity for SDBs to Grow Their Businesses 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 the moratorium on the 8(a) Business Development Program’s Bona…
FHFA: Public Input Sought on Fannie Mae’s and Freddie Mac’s Proposed Duty to Serve Underserved Market Plans for 2025-2027
The Federal Housing Finance Agency (FHFA) today issued a request for input (RFI) on the proposed 2025-2027 Underserved Markets Plans (Plans) submitted by Fannie Mae and Freddie Mac (the Enterprises) under the Duty to Serve (DTS) program. The proposed Plans cover the period from January 1, 2025, to December 31, 2027. “Providing sustainable liquidity for affordable housing…
CFPB: Rule Proposed to Ban Medical Bills from Credit Reports
Rule would remove as much as $49 billion of medical debts that unjustly lowers credit scores for 15 million Americans The Consumer Financial Protection Bureau (CFPB) today proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from…