FHFA: Results of Fannie Mae and Freddie Mac Dodd-Frank Stress Tests Announced
Today, the Federal Housing Finance Agency (FHFA) released reports providing the results of the 2020 and 2021 annual stress tests Fannie Mae and Freddie Mac (the Enterprises) are required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Dodd-Frank Act, as amended in 2019, requires certain financial institutions that are regulated by a…
FHFA: Inclusion of Rental Payment History in Fannie Mae’s Underwriting Process Announced
To expand access to credit in a safe and sound manner, the Federal Housing Finance Agency (FHFA) today announced that Fannie Mae will consider rental payment history in its risk assessment processes. With the update to Fannie Mae’s systems, future borrowers will have the benefit of a positive rental payment history being included in an…
CFPB: Interpretive Rule Issued on Certain Mortgage and Disclosure Timing Requirements for the 2021 Juneteenth Federal Holiday
Interpretive Rule will Help Mortgage Industry Determine How to Handle the June 19, 2021 Holiday The Consumer Financial Protection Bureau (CFPB) today released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower…
HUD: FHA Extends Single Family Eviction Moratorium
Today’s announcement extends the eviction moratorium through September 30 for foreclosed borrowers and other occupants and notes expiration of the foreclosure moratorium on July 31. The Federal Housing Administration (FHA) on July 30, 2021, announced an extension of its moratorium on evictions for foreclosed borrowers and their occupants through September 30, 2021, and noted the expiration of the foreclosure moratorium on…
CFPB: Effective Date for Debt Collection Final Rules Confirmed as January 29, 2022
The Consumer Financial Protection Bureau (CFPB) today announced that two final rules issued under the Fair Debt Collection Practices Act (FDCPA) will take effect as planned, on November 30, 2021. The CFPB issued a proposal in April 2021 that, if finalized, would have extended the effective dates to January 29, 2022. The CFPB has now determined that…
CDFI Fund: Application Demand for FY 2021 Round of Small Dollar Loan Program Released
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today the application data for the fiscal year (FY) 2021 round of its Small Dollar Loan Program (SDL Program). The SDL Program is a new program authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Pub. L….
CFPB & FHFA: Updated Data from the National Survey of Mortgage Originations Released for Public Use
Data Highlights Borrowers’ Experiences Obtaining a Mortgage The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data provide insights into borrowers’ experiences obtaining residential mortgages. Since 2014, FHFA and CFPB have sent surveys…
SBA: Opening of Paycheck Protection Program Direct Forgiveness Portal Announced
New portal will streamline applications for loans $150K or less for over 6.5 million businesses The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA. “The SBA’s new streamlined application portal will simplify forgiveness for…
CFPB: Research Shows Credit Applications Have Mostly Recovered to Pre-Pandemic Levels
The Consumer Financial Protection Bureau (CFPB) today published an issue brief showing that consumer applications for auto loans, new mortgages and revolving credit cards had mostly returned to pre-pandemic levels by May 2021. Prime and near-prime consumers are driving this recovery as applications remain down from borrowers with subprime and deep subprime for all types…
HUD: FHA Additional COVID-19 Recovery Options for Homeowners Announced
Streamlined COVID-19 Recovery “waterfall” includes broader payment reductions for those most in danger of losing their homes due to COVID-19 financial hardships The Federal Housing Administration (FHA) on July 23, 2021 announced streamlined COVID-19 Recovery options to help homeowners with FHA-insured mortgages who have been financially impacted by the COVID-19 pandemic bring their mortgage current and remain…