Interagency Notice of Proposed Rulemaking Issued on Quality Control Standards for Automated Valuation Models
The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Federal Housing Finance Agency (collectively, the agencies) are proposing a rule designed to implement quality control standards for…
HUD: FHA Launches New Resources to Remove Language Barriers for Borrowers
Multi-language translations of single family mortgage documents offer new resources for lenders and servicers when working with borrowers with limited English proficiency. Today, the Federal Housing Administration (FHA) is making available in Chinese, Korean, Spanish, Tagalog, and Vietnamese more than 30 single family mortgage documents and related resources used in the origination of FHA-insured mortgages….
HUD: Native American Homebuyers to Save an Average of $500 in the First Year on Mortgage Payments through Fee Reductions
Reductions in Section 184 Indian Home loan fees supports the Biden-Harris Administration’s goal to make homeownership more affordable and accessible for families. The Department of Housing and Urban Development (HUD), through the Office of Native American Programs, announced reductions to both the Upfront Loan Guarantee fee and the Annual Loan Guarantee fee charged to homebuyers…
Interagency Guidance Proposed on Reconsiderations of Value for Residential Real Estate Valuations
Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions. The proposed guidance advises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified…
Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule
Six federal regulatory agencies today requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations. In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real estate collateral securing…
HUD: FHA Proposes Innovative Approach to Keep Struggling Homeowners in their Homes
In consideration of steeply increased interest rates, FHA seeks input on new approach to help its borrowers Today, the Federal Housing Administration (FHA) posted for feedback a proposal for a new home retention option to help struggling homeowners meet their mortgage obligations. The new option, called the Payment Supplement Partial Claim, would allow mortgage servicers to use…
FHFA: Input Requested on Multifamily Tenant Protections
Today, the Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) on tenant protections at multifamily properties with mortgages backed by Fannie Mae and Freddie Mac (the Enterprises). Through their role as secondary market participants in the multifamily housing market, the Enterprises have a public mission to support the availability of safe, decent…
HUD: FHA Finalizes Policies to Expedite Claims Processing for Home Equity Conversion Mortgages
New policies are expected to shorten the timeframe for mortgagees to receive Home Equity Conversion Mortgage assignment funds. Today, the Federal Housing Administration (FHA) is announcing new policies that will allow for faster payment of funds to mortgagees when they assign a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, to HUD. The changes…
FHFA: Input Requested on the Enterprises’ Single-Family Pricing Framework
Today, the Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) on Fannie Mae and Freddie Mac’s (the Enterprises) single-family pricing framework. The RFI solicits public feedback on the goals and policy priorities that FHFA should pursue in its oversight of the pricing framework. FHFA also seeks input on the process for setting…
FHFA: Rescission of Enterprise Upfront Fees Based on Debt-to-Income (DTI) Ratio Announced
Agency to also issue Request for Input on the Enterprise single-family pricing framework The Federal Housing Finance Agency (FHFA) today announced that it has rescinded the upfront fees based on borrowers’ DTI ratios for loans acquired by Fannie Mae and Freddie Mac (the Enterprises). FHFA announced in March it would delay implementation in order to engage with…