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…
CFPB: Report Issued Highlighting Supervisory Findings of Wide-Ranging Violations of Law in 2020
Examiners found violations in areas including consumer reporting accuracy, redlining, foreclosure, and Public Service Loan Forgiveness The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting legal violations identified by the Bureau’s examinations in 2020. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in 2020 resulting in more…
OCC: New Report Indicates Mortgage Performance Declined in First Quarter 2021
The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the first quarter of 2021. The OCC Mortgage Metrics Report, First Quarter 2021 showed that 94.2 percent of mortgages included in the report were current and performing at the end of the quarter, compared…
CFPB: Rules Issued to Facilitate Smooth Transition as Federal Foreclosure Protections Expire
Regulations Will Help Prevent Surge of Foreclosures and Protect American Economy The Consumer Financial Protection Bureau (CFPB) today finalized amendments to the federal mortgage servicing regulations to reinforce the ongoing economic recovery as the federal foreclosure moratoria are phased out and which will help protect mortgage borrowers from unwelcome surprises as they exit forbearance. The…
HUD: FHA Introduces More Measures to Help Homeowners Struggling Due to COVID-19
One-month extension of foreclosure and eviction moratoria, expanded initial forbearance request timeframes, and new outreach to struggling homeowners provide expanded recovery help. The Federal Housing Administration (FHA) on Friday announced more measures to help homeowners with FHA-insured mortgages who are struggling financially due to the COVID-19 pandemic. These measures will provide additional, immediate relief while also expanding…