FHFA: Final Rule Published on Enterprise Resolution Plans
The Federal Housing Finance Agency (FHFA) today published a final rule that requires Fannie Mae and Freddie Mac (the Enterprises) to develop credible resolution plans, also known as “living wills.” These resolution plans would facilitate a rapid and orderly resolution of the Enterprises should FHFA be appointed their receiver per the Housing and Economic Recovery Act of…
FDIC: FDiTech to Host Virtual Office Hours on Banking-Related Innovation
The Federal Deposit Insurance Corporation (FDIC) today announced that it will host a series of virtual ‘office hours’ to hear directly from a range of stakeholders regarding current and evolving technological innovations in the business of banking. Hosted by the FDIC’s tech lab, FDiTech, and FDIC Chief Innovation Officer Sultan Meghji, these hour-long, one-on-one sessions will…
FHFA: New Refinance Option Announced for Low-Income Families with Enterprise-Backed Mortgages
The Federal Housing Finance Agency (FHFA) announced today Fannie Mae and Freddie Mac (the Enterprises) will implement a new refinance option for low-income borrowers with Enterprise-backed single-family mortgages. Eligible borrowers will benefit from a reduced interest rate and lower monthly payment. FHFA estimates that borrowers who take advantage of the new refinance option could save…
CDFI Fund: FY 2021 Small Dollar Loan Program Round Opens for Applications
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2021 funding round for the Small Dollar Loan Program (SDL Program) today. SDL Program funding is intended to expand consumer access to financial institutions by providing alternatives to high cost small dollar lending. The SDL Program funding…
CFPB: Mandatory Compliance Date for General Qualified Mortgage Final Rule Delayed
Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is taking this action to help ensure access to responsible, affordable mortgage credit, and preserve flexibility for consumers affected by the COVID-19 pandemic and…
SBA: Supplemental Targeted Advance Launched for Small Businesses Hardest Hit by COVID-19
The U.S. Small Business Administration launched a new round of Economic Injury Disaster Loan (EIDL) assistance – called Supplemental Targeted Advances – on April 22, 2021 that will provide $5 billion in additional assistance to 1 million small businesses and nonprofit organizations that have been most severely affected by the economic effects of the COVID-19 pandemic. The…
EDA: $3.5 Million in CARES Act Recovery Assistance Invested for Infrastructure Improvements and Business Capital Support in New Mexico
Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding $3.5 million in CARES Act Recovery Assistance grants to help the state of New Mexico prevent, prepare for, and respond to coronavirus. “President Biden is committed to supporting New Mexico communities as they build back better from the…
FHFA: Extension of COVID-19 Related Loan Flexibilities Announced
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend some temporary loan origination flexibilities until May 31, 2021. All temporary flexibilities were originally set to expire on April 30, 2021. Alternative appraisals on purchase and rate-term refinance loans are among the flexibilities that will now be…
HUD: Federal Housing Administration Standard Single Family Servicing Policies Revised
Updates to Single Family Handbook policies strengthen loss mitigation approaches for struggling borrowers while streamlining key requirements for servicers The Federal Housing Administration (FHA) today announced the publication of its update to the Servicing and Loss Mitigation section of the FHA Single Family Housing Policy Handbook 4000.1. This update streamlines many standard operational requirements for mortgage servicers, including revising…
ABA: Report Shows Consumer Delinquencies Rose in Fourth Quarter of 2020
After two consecutive quarters of declines, consumer credit delinquencies rose in the fourth quarter of 2020 as the toll of the pandemic-induced recession weighed on the economy, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies rose in each of the 11 loan categories tracked by ABA. The composite ratio,…