CFPB: Fall 2018 Rulemaking Agenda
The Bureau’s general purpose, as specified in section 1021 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), is to implement and enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial…
FHFA: Mortgage Translations Clearinghouse Launched to Help Borrowers with English Language Barriers
The Federal Housing Finance Agency (FHFA), Freddie Mac (OTCQB:FMCC), and Fannie Mae (FNMA/OTC) together announce the launch of Mortgage Translations – a centralized clearinghouse of online resources to assist lenders, servicers, housing counselors, and other real estate professionals in serving limited English proficient (LEP) borrowers. LEP borrowers make up a growing share of today’s mortgage…
HUD: Disaster Assistance Including Foreclosure Protection Announced for Florida Storm Victims
Foreclosure protection offered to displaced families U.S. Housing and Urban Development today announced HUD will speed federal disaster assistance to the State of Florida and provide support to homeowners and low-income renters forced from their homes due to Hurricane Michael. Yesterday, President Trump issued a major disaster declaration for Bay, Franklin, Gulf, Taylor, and Wakulla…
FDIC: Interpretive and Procedural Rule on Partial Exemption from HMDA Requirements
FDIC FIL-58-2018 Home Mortgage Disclosure Act (HMDA): Bureau of Consumer Financial Protection Interpretive and Procedural Rule on Partial Exemptions from HMDA Requirements Printable Format: FIL-58-2018 – PDF (PDF Help) Summary: The Bureau of Consumer Financial Protection released an interpretive and procedural rule to implement and clarify amendments to HMDA made by the Economic Growth, Regulatory Relief,…
HUD: FHA to Require Second Appraisal for Certain Reverse Mortgages
New policy designed to reduce ‘appraisal inflation’ WASHINGTON – The Federal Housing Administration (FHA) today announced that it will begin requiring lenders originating new Home Equity Conversion Mortgages (HECMs), commonly referred to as reverse mortgages, to provide a second property appraisal under certain circumstances. FHA is instructing lenders to provide a second independent property appraisal…
FHFA: Index Shows Mortgage Rates Increased in August 2018
Nationally, interest rates on conventional purchase-money mortgages increased from July to August, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.63 percent for loans closed in late August, up 3 basis points from 4.60 percent in July….
FHFA: Foreclosure Preventions Near 4.2 Million in FHFA’s Second Quarter 2018 Report
The Federal Housing Finance Agency (FHFA) today released its second quarter 2018 Foreclosure Prevention Report,which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 70,945 foreclosure prevention actions in the second quarter of 2018, bringing the total number of foreclosure prevention actions to 4,179,581 since September 2008. The report also shows that 25 percent…
FHA: House Price Index Up 0.2 Percent in July 2018
U.S. house prices rose in July, up 0.2 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). The previously reported 0.2 percent increase in June was revised upward to 0.3 percent. The FHFA monthly HPI is calculated using home sales price information from mortgages…
OCC: Mortgage Performance Unchanged in Second Quarter 2018
Performance of first-lien mortgages remained largely unchanged during the second quarter of 2018 compared with a year earlier, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgages. The OCC Mortgage Metrics Report, Second Quarter 2018, showed 95.6 percent of mortgages included in the report were current and performing at…
FHFA: Notice of Proposed Rulemaking on Uniform Mortgage-Backed Security
The Federal Housing Finance Agency (FHFA) is issuing a proposed rule to require Fannie Mae and Freddie Mac (the Enterprises) to align programs, policies, and practices that affect the prepayment rates of “To-Be-Announced” (TBA)-eligible mortgage-backed securities (MBS). The objective of the proposed rule is to enhance the overall liquidity of Enterprise TBA-eligible MBS by supporting…