HUD: FHA Takes New Step to Explore Increasing Availability of Small Balance Mortgages
Request for Information published today seeks industry input as a starting point to encourage greater origination of small balance mortgages for FHA insurance. The Federal Housing Administration (FHA) is announcing today the publication of a Request for Information (RFI) in the Federal Register seeking input on ways it can facilitate increased access to smaller balance mortgages through its Single…
ABA: National Survey Finds U.S. Consumers Are Overwhelmingly Happy with Their Bank and Financial Industry “Highly Competitive”
Survey also found consumers highly value credit card rewards programs and don’t want the federal government to put them at risk Nine in 10 Americans with a bank account (86%) say they are “very satisfied” or “satisfied” with their primary bank, and 95% rate their bank’s customer service as “excellent,” “very good” or “good,” according…
HUD and Census Bureau: New American Housing Survey Released
2021 Survey Provides Insights on Housing From the Height of the Pandemic In general, 2020 and 2021 were good for homeowners but presented challenges for many renters. That’s according to the new 2021 American Housing Survey released today by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. Every two…
CFPB: Violations of Federal Law by Student Loan Services and University-Owned Lenders Found
Blanket withholding of academic transcripts to pressure borrowers to pay cited as unlawful Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights on recent examination findings covering the practices of student loan servicers, and schools that lend to students directly. The exams found that these schools had improper blanket policies of withholding…
HUD: Disaster Assistance Announced for Puerto Rico
The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster assistance, including a new package of waivers offering regulatory and administrative relief, to supplement Commonwealth and local recovery efforts in areas of Puerto Rico affected by Hurricane Fiona beginning on September 17, 2022, and continuing. As Puerto Rico endures…
EDA: $53 Million in American Rescue Plan Funds and CARES Act Recovery Assistance Invested Last Week
Last week, the following grants were made under the American Rescue Plan Funds and CARES Act Recovery Assistance programs: September 28, 2022 – U.S. Department of Commerce Invests $1.2 Million in American Rescue Plan Funds to Boost Tourism by Making Recreational Infrastructure Improvements in Portland, Oregon September 27, 2022 – U.S. Department of Commerce Invests $5 Million…
HUD: FHA Expands Access to Homeownership for First-Time Homebuyers Who Have Positive Rental History
Addition of positive rental payment history in TOTAL Mortgage Scorecard assessment criteria supports greater opportunity for first-time homebuyers to qualify for affordable FHA-insured mortgage financing. The Federal Housing Administration (FHA) is announcing today that it will begin to permit inclusion of a first-time homebuyer’s positive rental payment history as an additional factor in the credit assessment performed…
CDFI Fund: FY 2022 Small Dollar Loan Program Awards Announced
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded more than $11.4 million in grants to Community Development Financial Institutions (CDFIs) today through the fiscal year (FY) 2022 round of the Small Dollar Loan Program (SDL Program). The awards will help expand consumer access to financial institutions by providing alternatives…
FHFA: Second Quarter 2022 Foreclosure Prevention and Refinance Report Released
More than 6.5 million troubled homeowners helped since conservatorship The Federal Housing Finance Agency (FHFA) today released its second quarter 2022 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 96,945 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to…
CFPB: New Effort Launched to Spur New Opportunities for Homeowners in the Mortgage Market
Agency seeks information on refinances, mortgage products to promote competition and support household financial stability The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for…