FHFA: Foreclosure and REO Eviction Moratoriums Extended
Today, to help borrowers at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least December 31, 2020. The foreclosure moratorium applies to…
CFPB: Analysis of 2019 HMDA Data Points Issued
Today the Consumer Financial Protection Bureau (Bureau) issued a new Home Mortgage Disclosure Act (HMDA) analysis of the 2019 HMDA Data. This data article is the second in a series and follows the first article published in June of this year. The Home Mortgage Disclosure Act (HMDA) is a data collection, reporting, and disclosure statute that was…
FHFA: Agency Extends Buying Loans in Forbearance & COVID-19 Loan Processing Flexibilities
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend buying qualified loans in forbearance and several loan origination flexibilities until September 30, 2020. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on August 31, 2020….
FHFA: $6 Billion in COVID Losses Projected at Fannie Mae and Freddie Mac
Low-Balance Refinances now Exempt; Adverse Market Refinance Fee Implementation now December 1 The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac (the Enterprises) to delay the implementation date of their Adverse Market Refinance Fee until December 1, 2020. The fee was previously scheduled to take effect September 1, 2020. FHFA is…
FDIC: Insured Institutions Reported Lower Profitability but Strong Liquidity and Higher Capital Levels in Second Quarter 2020
Aggregate Quarterly Net Income Declined Due to Continued Economic Uncertainty Net Interest Margin Compressed at Record Rate Deposits Expanded by More Than $1 Trillion for Second Consecutive Quarter Deposit Insurance Fund Increased to Record $114.7 Billion, while Reserve Ratio Falls to 1.30 Percent Due to Inflow of Deposits Community Banks Registered a 3.2 Percent Increase…
CFPB: Information Requested on the Impact of CARD Act Regulations on Small Entities and the Consumer Credit Card Market
The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act Rules). The Bureau is required under Section 610 of the Regulatory Flexibility Act to review certain rules within 10 years of…
CFPB: Comment Period Extended on Ways to Prevent Credit Discrimintation and Build a More Inclusive Financial System
The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for public comment on its Request for Information (RFI) on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit…
HUD: FHA Launches Technology Module for Single Family Appraisals
New electronic appraisal delivery technology uses cloud-based platform for forward mortgage appraisal submissions The Federal Housing Administration (FHA) today announced the upcoming release of its FHA Catalyst: Electronic Appraisal Delivery module on the FHA Catalyst platform. FHA Catalyst: Electronic Appraisal Delivery will allow lenders to electronically submit, track, and manage single family property appraisals. “Transforming FHA technology is the…
CFPB: New Category of Qualified Mortgages Proposed to Encourage Innovation and Access to Affrodable Mortgage Credit
The Consumer Financial Protection Bureau (Bureau) issued today a notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs) in order to encourage innovation and help ensure access to responsible, affordable in the mortgage credit market. To be considered a Seasoned QM under the proposal, loans would have to…
ABA: New Report Shows Closed-End Loan Delinquencies Rise in First Quarter at Onset of COVID-19
Credit card and HELOC loan delinquencies fall during first three months of 2020 Consumer credit delinquencies rose in the first quarter of 2020 as the onset of the COVID-19 pandemic triggered an abrupt economic slowdown, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies rose in all of the 11…