EDA: $1.8 Million in CARES Act Recovery Assistance Invested to Create Revolving Loan Fund for Small Businesses in Cuyahoga County, OH
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.8 million CARES Act Recovery Assistance grant to the Urban League of Greater Cleveland, Inc., Cleveland, Ohio, to capitalize and administer a Revolving Loan Fund (RLF) to provide critical gap financing to small businesses located in…
FHFA: Adverse Market Refinance Fee Eliminated
Allows certain borrowers to save more money when refinancing Today, to help families reduce their housing costs, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will eliminate the Adverse Market Refinance Fee for loan deliveries effective August 1, 2021. To allow families to save more money, lenders will…
ABA: Report Shows Consumer Delinquencies Fell in First Quarter 2021
Consumer credit delinquencies fell in the first quarter of 2021 as the economy rebounded strongly, according to results from the American Bankers Association’s latest Consumer Credit Delinquency Bulletin. Overall, delinquencies fell in seven of the 11 loan categories tracked by ABA. The composite ratio, which tracks delinquencies in eight closed-end installment loan categories, fell 48…
OCC: First Anniversary of Project REACh Celebrated
Acting Comptroller of the Currency Michael J. Hsu today marked the first anniversary of Project REACh by hosting participants to celebrate the project’s accomplishments and to challenge them to set their sights even higher over the next two years. “Project REACh has generated a great deal of excitement and made great strides in its first…
Agencies Request Comment on Proposed Risk Management Guidance for Third-Party Relationships
The federal bank regulatory agencies today requested public comment on proposed guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology-focused entities. The proposed guidance is intended to assist banking organizations in identifying and addressing the risks associated with third-party relationships and responds to industry feedback requesting alignment…
FHFA: Policy Statement on Fair Lending Issued
FHFA also requiring the Enterprises to submit fair lending reports Today, the Federal Housing Finance Agency (FHFA) issued a Policy Statement on Fair Lending. The Policy Statement communicates FHFA’s commitment to comprehensive fair lending oversight of Fannie Mae, Freddie Mac (the Enterprises), and the Federal Home Loan Banks (together, the regulated entities) and provides a foundation…
CFPB: Consumer Complaint Bulletin Highlights Consumers’ Difficulties During Pandemic
Spotty Responses by Companies Undermine COVID-19 Consumer Relief Related to Evictions, Economic Income Payments, and Student Loans The Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin covering several areas of concern related to relief provided in response to the COVID-19 pandemic, including the Centers for Disease Control and Prevention (CDC) eviction moratorium. Some…
FHFA: Use of Interest Rate Reduction Expanded to Help Borrowers with a COVID-19 Hardship Reduce Their Monthly Mortgage Payment
Changes to loan modification terms will help borrowers stay in their homes Today, the Federal Housing Finance Agency (FHFA) announced changes to loan modification terms for COVID-19 impacted borrowers with mortgages backed by Fannie Mae or Freddie Mac (the Enterprises) needing payment reduction for successful home retention. The updated terms are specifically for borrowers with…
FHFA: New and Expanded Statistical Products Announced for the National Mortgage Databse
The Federal Housing Finance Agency (FHFA) today released a set of new and expanded statistical products from the National Mortgage Database (NMDB®). FHFA expanded the national statistics for new residential mortgage originations to include monthly, quarterly, and annual series for home purchase and refinance mortgages in all major market segments. FHFA also added a new…
FHFA: New Protections Announced After COVID-19 Foreclosure and REO Eviction Moratoriums End
Servicers of Enterprise-backed mortgages will be prohibited from making most first filings for foreclosure before new CFPB rules take effect August 31 Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) servicers will not be permitted to make a first notice or filing for foreclosure that would be…