FHFA: Enterprise Reconsideration of Value Policies Announced
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) published new Reconsideration of Value (ROV) policies after months of collaboration with FHFA and the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration. A Reconsideration of Value is a request to an appraiser to re-assess the…
FHFA: New Division of Public Interest Examination Announced
The Federal Housing Finance Agency (FHFA) today announced the creation of a new Division of Public Interest Examination (DPIE), which will be responsible for supervisory oversight of the Agency’s regulated entities in the areas of affordable housing, community development, diversity and inclusion, consumer protection, and fair lending. FHFA serves as regulator and conservator of Fannie Mae…
CFPB: Guidance Issued to Combat Junk Fees by Mortgage Servicers
Homeowners forced to pay for “services” that were prohibited or unauthorized The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending…
HUD: Multifamily Insurance Deductibles Updated to Address Rising Costs of Wind and Storm Coverage
Revisions will reduce costs for owners while continuing to ensure that properties have adequate insurance coverage – a key element of HUD’s work to address insurance costs and ensure communities recover from disaster Today, the U.S. Department of Housing and Urban Development, through the Federal Housing Administration (FHA), updated its policies for wind and named storm insurance…
FHFA: Housing Mission Report for 2023 Released
The Federal Housing Finance Agency (FHFA) today released its annual Housing Mission Report, describing the activities taken by Fannie Mae and Freddie Mac (the Enterprises) and the Federal Home Loan Banks (FHLBanks) in 2023 to promote access to financing for affordable, sustainable, and equitable housing and targeted economic development. “FHFA maintains a keen focus on…
FHFA: New Product Notice Published for Freddie Mac Second Mortgage Proposal
Today, the Federal Housing Finance Agency (FHFA) sent to the Federal Register a notice of a proposed new product from Freddie Mac to begin purchasing certain single-family closed-end second mortgages. “The proposed activity is intended to provide homeowners with a cost-effective alternative for accessing the equity in their homes,” said FHFA Director Sandra L. Thompson….
FHFA: State Financial Regulators and FHFA Enter Into Mortgage Market Information Sharing Agreement
The Conference of State Bank Supervisors (CSBS) and the Federal Housing Finance Agency (FHFA) yesterday entered into a formal agreement designed to facilitate information sharing with respect to nonbank mortgage companies. The memorandum of understanding establishes substantive information sharing protocols between state financial regulators and FHFA, improving the ability to coordinate on market developments, identify…
CFPB: New Report Finds More Americans Are Paying Upfront Fees Seeking to Lower Interest Rates on Mortgages
“Discount points” have uncertain value for borrowers The Consumer Financial Protection Bureau (CFPB) issued a new report today finding that more borrowers paid “discount points” upfront as overall interest rates rose. The percentage of homebuyers paying discount points roughly doubled from 2021 to 2023. The increase was even greater among borrowers with lower credit scores. While…
HUD: Disaster Assistance Announced for California Disaster Survivors
The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster assistance for the State of California to assist supplement state, tribal and local recovery efforts in areas affected by a severe storm and flooding from January 21 to January 23, 2024. President Biden issued a major disaster declaration to affected individuals…
HUD: Disaster Assistance Announced for Alaska Disaster Survivors
The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster assistance for the Wrangell Cooperative Association to assist areas in the Tribal Nation’s affected by a severe storm, landslides, and mudslides on November 20, 2023. On March 15, 2024, President Biden issued a major disaster declaration. Effective immediately, HUD is: