HUD: FHA Announces Updated Single Family Loan-Level Certification Form
Streamlined form capstones efforts to provide certainty for FHA Single Family program participants The Federal Housing Administration (FHA) today announced the completion of its revised and streamlined loan-level certification form required from lenders when originating a single family mortgage intended for FHA insurance endorsement. The updated form eliminates unnecessarily dense language while remaining consistent with pertinent statutes…
FHFA: Notice of Proposed Rulemaking Issued on Enterprise Resolution Plans
Proposed rule would require Enterprises to submit “living will” resolution plans The Federal Housing Finance Agency (FHFA) today announced that it is seeking comment on a notice of proposed rulemaking that would require Fannie Mae and Freddie Mac (the Enterprises) to develop credible resolution plans, also known as living wills. These resolution plans would facilitate…
HUD: FHA Extends Options for Single Family Borrowers Financially Impacted by COVID-19
Extensions ensure borrowers can continue to seek assistance and avoid eviction and foreclosure while maintaining temporary policy flexibilities for lenders and servicers Today, the Federal Housing Administration (FHA) announced it is extending the foreclosure and eviction moratorium for single family FHA-insured mortgages for an additional two months, through February 28, 2021. The FHA is also extending through…
FHFA: Third Quarter 2020 Foreclosure Prevention and Refinance Report Released
The Federal Housing Finance Agency (FHFA) today released its third quarter 2020 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 539,451 foreclosure prevention actions in the third quarter of 2020, bringing to 5.2 million the number of troubled homeowners who have been helped during conservatorships. Of…
HUD: FHA Achieves Full FHA Catalyst Digitial Claim Submission Capabilities for Single Family Forward Mortgages
Latest FHA Catalyst: Claims Module expansion eliminates paper submission processes for all forward mortgage claim types Today, the Federal Housing Administration (FHA) implemented additional functionality in its FHA Catalyst: Claims Module, achieving full, digital submission capabilities for all FHA Single Family Title II forward mortgage claim types and the elimination of manual, labor intensive paper-based…
OCC: Report Shows Decline in Mortgage Performance in Third Quarter 2020
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 third quarter of 2020. The OCC Mortgage Metrics Report, Third Quarter 2020 showed that 92.5 percent of mortgages included in the report were current and performing at the end of the quarter, compared…
FHFA: Report on Non-Performing Loan Sales Released
The Federal Housing Finance Agency (FHFA) today released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through June 30, 2020 and reflects borrower outcomes on NPLs sold through December 31, 2019 and reported through…
FHFA: 2019 Report to Congress on Guarantee Fees Issued
The Federal Housing Finance Agency (FHFA) today released its annual report on single-family guarantee fees charged by Fannie Mae and Freddie Mac (the Enterprises). The Housing and Economic Recovery Act of 2008 requires FHFA to conduct an ongoing study of the guarantee fees charged by the Enterprises and to submit a report to Congress each…
FHFA: COVID-Related Loan Flexibilities Further Extended Until January 31st
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until January 31, 2021. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on December 31, 2020. Extended flexibilities include: Alternative appraisals on…
CFPB: Two Final Rules Issued to Promote Access to Responsible, Affordable Mortgage Credit
Today, the Consumer Financial Protection Bureau (Bureau) issued final rules related to qualified mortgage (QM) loans. Lenders are required under the law to determine that consumers have the ability to repay mortgage loans before lenders make those loans. Loans that meet legal standards for QM loans are presumed to be loans for which consumers have…