CFPB: Research Finds Members of Reserves and National Guard Paying Millions of Dollars in Extra Interest Each Year
Companies can take steps to better respect military borrower rights and ease financial burdens, particularly in higher interest rate environment Today, the Consumer Financial Protection Bureau (CFPB) released research revealing that Reserve and National Guard members called to active duty are paying an extra $9 million in interest every year because they are not always…
ABA: Research Finds Credit Card Market Remained Strong but Softened Slightly in Second Quarter of 2022
Consumers continued to manage their credit well despite economic headwinds in the second quarter of 2022, according to the American Bankers Association’s latest Credit Card Market Monitor. The report found that credit card credit outstanding as a share of disposable income remained well below pre-pandemic levels in the second quarter while inflation-adjusted monthly credit card…
SBA: New Disaster Loans Offered with No Interest and No Payments for First Year
Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s 33 million small businesses, announced the Agency will waive the interest rate for the first year on new disaster loans and extend the initial payment deferment period automatically to 12 months. “We must ensure that communities…
HUD: New FHA Single Family Title II Forward and Home Equity Conversion Mortgage Loan Limits for 2023 Announced
Today, the Federal Housing Administration (FHA) is announcing new loan limits for calendar year 2023 for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) insurance programs. Loan limits for most of the country will increase in the coming year due to house price appreciation during the first half of 2022, which is factored into the…
HUD: Modernization of Indian Home Loan Guarantee Program Proposed to Provide More Homeownership Opportunities for Native American Families
Today, the U.S. Department of Housing and Urban Development (HUD) announced the release of a proposed rule for the Section 184 Indian Home Loan Guarantee Program, which will modernize the program regulations and encourage homeownership opportunities in Indian Country. The proposed rule expands and revises the existing program regulations and will codify program requirements, while…
FHFA: Conforming Loan Limits for 2023 Announced
Baseline Conforming Loan Limit Will Increase to $726,200 The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. In most of the United States, the 2023 CLL value for one-unit properties will be $726,200, an increase of…
HUD: Flood Insurance Options Increased for Homeowners with FHA Mortgages Living in Special Flood Areas
Federal Housing Administration to allow private flood insurance policies on insured single-family mortgages in special flood hazard areas The U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), is announcing today that effective December 21, 2022, it will allow homeowners with FHA-insured mortgage financing to obtain flood insurance policies that conform to…
FHFA: Report Issued on Enterprise Single-Family Guarantee Fees in 2021
The Federal Housing Finance Agency (FHFA) today issued its annual report on single-family guarantee fees charged by Fannie Mae and Freddie Mac (the Enterprises). Guarantee fees are intended to cover the credit risk as well as administrative and operational costs that the Enterprises incur when they acquire single-family loans from lenders. In particular, the report…
CFPB: Supervisory Examinations Find Credit Reporting Failures, Junk Fees and Mishandling of COVID-19 Protections
Agency examiners find legal violations across consumer financial products and services Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details key findings across consumer financial products and services, including how consumer reporting companies…
HUD: FHA Annual Report Showcases Continued Leadership Efforts in Affordable Housing Financing
Annual report to Congress highlights FHA’s leading role in supporting affordable home financing for first-time homebuyers and borrowers of color, providing assistance to struggling homeowners, and addressing housing supply and affordability. The Federal Housing Administration (FHA) today released its Annual Report to Congress on the financial status of its Mutual Mortgage Insurance Fund (MMI Fund), which is…