OCC: Proposed True Lender Rule Issued
The Office of the Comptroller of the Currency (OCC) today proposed a rule that would determine when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a partnership between a bank and a third party. Banks’ lending relationships with third parties can facilitate access…
HUD: FHA Proposes Streamlined Single Family Servicing Policies
Proposed overhaul focuses on expediting homeowner assistance and achieving operational efficiencies that reduce the cost of servicing The Federal Housing Administration (FHA) today published proposed revisions to its Single Family servicing policies that are designed to remove unnecessary barriers for homeowners seeking mortgage payment relief, achieve operational consistency with industry standard best practices, and reduce…
FHFA: COVID-Related Loan Processing Flexibilities Extended Through August
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until August 31, 2020 to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on July 31, 2020. Extended flexibilities include: Alternative appraisals on purchase and…
HUD: FHA Expands Home Retention Measures for Homeowners Financially Impacted by COVID-19
Streamlined loss mitigation options will help more homeowners avoid foreclosure The Federal Housing Administration (FHA) today announced additional home retention measures to help homeowners with FHA-insured single family mortgages who are financially impacted by the COVID-19 pandemic to bring their mortgage current at the end of their COVID-19 forbearance. Effective immediately, mortgage servicers will be able to…
Federal Reserve: New Examination Procedures for CARES Act Released
The Board of Governors of the Federal Reserve (Board) recently developed the attached examination procedures for the credit reporting and mortgage servicing provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)1. The CARES Act was signed into law on March 27, 2020, to provide relief to those who are impacted by the…
CFPB: Tech Sprints Will Empower Consumers, Reduce Regulatory Burden
The Consumer Financial Protection Bureau (Bureau) today announced its first-ever Tech Sprints to reduce regulatory burden and improve consumer understanding of financial services. The Bureau’s Tech Sprints program will bring together regulators, technologists, software providers, consumer groups, and financial institutions to develop technological solutions to shared compliance challenges. The first Tech Sprint will kick off…
FFIEC: Availability of 2019 HMDA Data on Mortgage Lending Announced
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage market…
CFPB: FFIEC Announces Availability of 2019 HMDA Data on Mortgage Lending
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage market…
FHFA: First Quarter Foreclosure Prevention and Refinance Report Released for the Enterprises
The Federal Housing Finance Agency (FHFA) today released its first quarter 2020 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 26,910 foreclosure prevention actions in the first quarter of 2020, bringing to 4.4 million the number of troubled homeowners who have been helped during conservatorships. Of…
CFPB: Interpretive Rule Issued on Method for Determining Underserved Areas
The Consumer Financial Protection Bureau (Bureau) today issued an interpretive rule to provide guidance to creditors and other persons involved in the mortgage origination process about the way in which the Bureau determines which counties qualify as “underserved” for a given calendar year. The Bureau’s annual list of rural and underserved counties and areas is…