OCC: Mortgage Performance for Third Quarter 2023 Reported
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2023. The OCC Mortgage Metrics Report, Third Quarter 2023 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, the same…
FHFA: Deemed-Issuance Ratio for Uniform Mortgage-Backed Security Announced for 2024
Ratio remains at 53 Percent Fannie Mae and 47 Percent Freddie Mac The Federal Housing Finance Agency (FHFA) today announced the deemed-issuance ratio for the 2024 calendar year in accordance with Internal Revenue Service (IRS) guidelines on the trading of the Uniform Mortgage-Backed Security (UMBS). The deemed-issuance-ratio will be used for diversification reporting on the bonds ultimately…
HUD: FHA Proposes Enhancements to Make Home Rehabilitation Program More Effective for Homebuyers and Homeowners
Proposed changes to the 203(k) Rehabilitation Mortgage Insurance Program are designed to expand FHA-insured mortgage financing for families purchasing or refinancing single family homes in need of repair or rehabilitation. Today, the Federal Housing Administration (FHA) posted proposed changes to its 203(k) Rehabilitation Mortgage Insurance Program for industry feedback. The 203(k) program is designed to help borrowers…
FHFA: Conforming Loan Limit Values for 2024 Announced
Baseline Conforming Loan Limit Value Will Increase to $766,550 The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of…
FHFA: Final Rule Announced Modifying Certain Provisions of the Enterprise Regulatory Capital Framework
Today, the Federal Housing Finance Agency (FHFA) published a final rule that amends several provisions of the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac (the Enterprises). “The Enterprise Regulatory Capital Framework is a critical tool to ensure the Enterprises responsibly manage their risks,” said FHFA Director Sandra L. Thompson. “Finalizing these…
HUD: FHA Helps Over 765,000 Families Buy Homes and Maintains a Strong Insurance Fund
Annual Report to Congress for fiscal year 2023 highlights impact of insurance premium reduction, assistance for approximately two million struggling homeowners, and a well-capitalized Mutual Mortgage Insurance Fund. The Federal Housing Administration (FHA) published today its annual report to Congress describing the work of its Single Family mortgage insurance programs in fiscal year 2023 and the performance…
FHFA: 2024 Multifamily Loan Purchase Caps Announced for Fannie Mae and Freddie Mac
The Federal Housing Finance Agency (FHFA) announced today that the 2024 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $70 billion for each Enterprise, for a combined total of $140 billion to support the multifamily market. To ensure a strong focus on affordable housing and underserved markets, FHFA will…
Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400. The threshold amount will be effective January 1, 2024, and is based on the…
HUD: FHA Proposes Update to Home Equity Conversion Mortgage Assignment Claims Eligiblity to Strengthen Market Liquidity
Proposal posted for feedback will ensure long-term program viability and expanded availability for senior homeowners. The Federal Housing Administration (FHA) today announced it has posted for industry feedback a proposed update to its Home Equity Conversion Mortgage (HECM) assignment claims eligibility policy. The proposal enables certain categories of due and payable HECMs that were previously ineligible for…
HUD: FHA Extends Current Foreclosure Protections for Borrowers in Maui County, HI
To assist borrowers impacted by the August wildfires, mortgage servicers will be prohibited from initiating or completing foreclosure actions through May 6, 2024. The Federal Housing Administration (FHA) today announced it is extending its existing disaster-related foreclosure moratorium in Maui County, HI, through May 6, 2024, for borrowers with FHA-insured single-family mortgages, including seniors with Home Equity…