HUD: FHA Revised Title I Policies Published to Further Future Financing of Manufactured Homes
The Federal Housing Administration (FHA) on Tuesday announced the publication of significantly revised and enhanced policies under its Single-Family Title I Manufactured Home Loan Program for lenders to provide loans for the financing of manufactured homes, including those titled as personal property, and the lots on which these homes will reside. The enhanced policies provide updated guidance…
CFPB: Action Taken to Stop False Identification in Background Screens by Consumer Reporting Companies
Mistaken identity matching undermines housing and labor market recoveries The CFPB today issued an advisory opinion affirming that consumer reporting companies, including tenant and employment screening companies, are violating the law if they engage in shoddy name-matching procedures. Regulators are concerned about the significant harms caused by false identity matching, where an applicant is disqualified…
SBA: $44.8 Billion through Signature Small Business Lending Programs Announced
In fiscal year 2021, 7(a) and 504 loan programs provided more than 61,000 loans, but gaps in access to capital for underserved communities remain Today, U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced the agency reached $44.8 billion in funding to small businesses through more than 61,000 traditional loans for fiscal year (FY) 2021. “In the midst…
ABA: Credit Market Expectations for Businesses and Consumers Confirm Solid Economic Outlook
The chief economists of North America’s largest banks expect credit conditions to continue improving for both consumers and businesses over the next six months, according to the American Bankers Association’s latest Credit Conditions Index released today. The latest summary of ABA’s Credit Conditions Index examines a suite of indices derived from the quarterly outlook for credit markets…
FHFA: Two Measures Advancing Housing Sustainability and Affordability Announced
Expands Eligibility for Fannie Mae’s and Freddie Mac’s Refinance Programs for Low- and Moderate-Income Borrowers and Restores Desktop Appraisal Flexibility The Federal Housing Finance Agency (FHFA) today announced two measures to sustainably advance the affordability of homeownership for mortgage borrowers across the nation, especially those in underserved communities. “Expanding eligibility for low- and moderate-income families to refinance…
ABA: New Accenture and ABA Report on State of Digital Lending Provides Roadmap for Digitial Transformation at Banks
A new report released today by the American Bankers Association and Accenture provides a roadmap to help bankers speed up their ongoing digital transformations to meet rising customer expectations for hybrid experiences, bridging online and person-to-person options. The report, titled “The State of Digital Lending,” includes key considerations for banks, including how to identify pain points, select…
FHFA: 2022 Multifamily Loan Purchase Caps for Fannie Mae and Freddie Mac Announced
The Federal Housing Finance Agency (FHFA) today announced that the 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market. The 2022 caps, which increased from $70 billion for each Enterprise in 2021,…
CDFI Fund: Public Comments Requested on Small Dollar Loan Program Application
The U.S. Department of the Treasury, as part of a continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act (PRA) of 1995, 44 U.S.C. 3506(c)(2)(A). Currently, the Community Development…
EDA: $2 Million in CARES Act Recovery Assistance Invested to Capitalize a Revolving Loan Fund to Serve Small Businesses in Aroostook and Counties, ME
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $2 million CARES Act Recovery Assistance grant to the Northern Maine Development Commission, Caribou, Maine, to capitalize and administer a Revolving Loan Fund, providing gap financing to small, local businesses in Aroostook and Washington counties. This…
CFPB: Report Finds Declines in Credit Card Debt, New Applications and Increase in Digitial Engagement in 2020
The Consumer Financial Protection Bureau released its fifth biennial report to Congress today on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. In reviewing the market for potential consumer harm, the report presents the latest research on consumer card use, cost, and availability. From…