FHFA: Translated COVID-19 Resources Now Available in Six Langugages
COVID-19 Servicing Scripts and Mortgage Assistance Application translations now available To help limited English proficiency (LEP) borrowers who are experiencing mortgage-related difficulties due to the coronavirus national emergency, today the Federal Housing Finance Agency (FHFA) added new translations to the Mortgage Translations website. Site visitors can now choose English, Spanish, traditional Chinese, Vietnamese, Korean, or Tagalog when accessing…
OCC: Report Shows Mortgage Performance Remains Stable in First Quarter 2020
The Office of the Comptroller of the Currency (OCC) reported the performance of first-lien mortgages in the federal banking system remained stable during the first quarter of 2020. The OCC Mortgage Metrics Report, First Quarter 2020 showed 96.5 percent of mortgages included in the report were current and performing at the end of the quarter, compared to…
FHFA: Updated Minimum Financial Eligibility Requirements Re-Proposed for Fannie Mae & Freddie Mac Seller/Servicers
Due to recent market events, the Federal Housing Finance Agency (FHFA) announced today that it will be re-proposing the updated minimum financial eligibility requirements for Fannie Mae and Freddie Mac Seller/Servicers. FHFA has determined that it is prudent to work with the Enterprises to reassess and re-propose these requirements, including incorporating lessons learned from the…
FHFA: COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Extended Through July
The Federal Housing Finance Agency (FHFA) is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (the Enterprises) designed to help borrowers during the COVID-19 national emergency. Flexibilities extended until at least July 31st include: Alternative appraisals on purchase and rate term refinance loans; Alternative methods for verifying employment before loan…
HUD: FHA Announces Temporary Guidance for Insuring Single Family Homes in Forebearance
Temporary policy provides FHA insurance safeguards for borrowers and lenders Today, the Federal Housing Administration (FHA) announced a new, temporary policy that provides guidance for lenders to obtain FHA insurance endorsements on mortgages where the borrower has requested or obtained a COVID-19 forbearance. This policy will ensure that the safeguards of the FHA program continue to work…
CFPB: Bureau Takes Steps to Facilitate LIBOR Transition
The Consumer Financial Protection Bureau (Bureau) today took steps to facilitate the transition away from LIBOR for consumers and regulated entities. The Bureau released an updated Consumer Handbook on Adjustable Rate Mortgages (CHARM) to help consumers better understand adjustable rate mortgage loan products. The Bureau also released a Notice of Proposed Rulemaking (NPRM) concerning the…
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 information about NPLs sold through December 31, 2019 and reflects borrower outcomes on NPLs sold through June 30, 2019 and reported through December 31,…
ABA: Foundation Highlights Housing Relief Resources in Recognition of American Housing Month
In the wake of the COVID-19 pandemic, millions of Americans have found themselves facing financial hardship and struggling to make monthly housing payments. While relief options are available to homeowners and renters alike, it can be difficult to know where to look for information. To help consumers navigate this challenging situation, and in recognition of…
FHFA: Fannie Mae and Freddie Mac Announce New LIBOR Transition Resources
Joint Enterprise LIBOR Transition Playbook and Frequently Asked Questions Now Online Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have launched new websites that provide key resources for lenders and investors as the Enterprises transition away from the London Interbank Offered Rate (LIBOR). LIBOR is expected to…
FHFA: Refinance and Home Purchase Eligiblity for Borrowers in Forbearance Announced
Agency also extends the Enterprises’ ability to buy loans in forbearance Today, to support borrowers and mortgage servicers, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have issued temporary guidance regarding the eligibility of borrowers who are in forbearance, or have recently ended their forbearance, looking to refinance…