FHFA: Final Rule Issued on Uniform Mortgage-Backed Security
The Federal Housing Finance Agency (FHFA) has issued a final rule that requires Fannie Mae and Freddie Mac (the Enterprises) to align programs, policies, and practices that affect the cash flows of “To-Be-Announced” (TBA)-eligible Mortgage-Backed Securities (MBS). The issuance of the final rule is a major step forward, significantly improving the predictability of cash flows…
FHFA: Fannie Mae and Freddie Mac Refinance Volume Decreases in Fourth Quarter 2018
Nearly 3.5 Million HARP Loans at Program Expiration The Federal Housing Finance Agency (FHFA) today reported that Fannie Mae and Freddie Mac completed 245,620 refinances in the fourth quarter of 2018, compared with 253,135 in the third quarter. FHFA’s fourth quarter Refinance Report also shows that 1,390 loans were refinanced through the Home Affordable Refinance Program…
HUD: Disaster Assistance and Foreclosure Prevention Announced for Alaska Earthquake Victims
Foreclosure protection offered to displaced families The U.S. Department of Housing and Urban Development (HUD) today announced it will speed federal disaster assistance to the State of Alaska and provide support to homeowners and low-income renters forced from their homes in areas affected by earthquake. On January 31st, President Trump issued a major disaster declaration…
FHFA: Indices Show Little Movement in Mortgage Interest Rates in December 2018
Nationally, interest rates on conventional purchase-money mortgages were nearly flat from November to December, 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 4.83 percent for loans closed in late December, down 3 basis points from 4.86 percent…
CFPB: Bureau Releases Sixth Annual Report from the Office of Servicemember Affairs
I am pleased to offer the sixth annual report from the Office of Servicemember Affairs (OSA) highlighting issues and emerging trends facing servicemembers, veterans, and military families (collectively referred to as “servicemembers” in this report). The Consumer Financial Protection Bureau (CFPB) and the OSA are committed to ensuring that servicemembers have high levels of financial…
CFPB: Assessments of Ability-to-Repay and Mortgage Servicing Rule Published
The Consumer Financial Protection Bureau (Bureau) today published a report under section 1022(d) of the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) assessing the effectiveness of the Bureau’s Ability to Repay and Qualified Mortgage Rule and a separate report assessing the effectiveness of the Bureau’s mortgage servicing rule issued under the Real Estate…
HUD: FHA Calls on Lenders to Assist Federal Workers and Contractors Impacted by the Federal Government Shutdown
The Federal Housing Administration (FHA) today called on all approved mortgagees and lenders to be sensitive to the financial hardships experienced by borrowers as a result of the shutdown, including those borrowers subject to furlough, layoff, or a reduction in income related to the shutdown. Read FHA Commissioner Brian Montgomery’s letter to lenders and approved…
FHFA: Index Shows Mortgage Rates Increased in November 2018
Nationally, interest rates on conventional purchase-money mortgages increased from October to November, 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 4.86 percent for loans closed in late November, up 11 basis points from 4.75 percent in October….
CFPB: Policy Guidance Announced on Disclosure of Home Mortgage Data
The Consumer Financial Protection Bureau (Bureau) today announced final policy guidance describing the Home Mortgage Disclosure Act (HMDA) data the Bureau intends to make available to the public beginning in 2019, including modifications to protect consumers’ privacy. HMDA requires lenders to collect, report, and publicly disclose loan-level data about their mortgage applications, originations, and purchases. …
FHFA: Foreclosure Preventions Surpass 4.2 Million in Third Quarter 2018
The Federal Housing Finance Agency (FHFA) today released its third quarter 2018 Foreclosure Prevention Report,which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 63,193 foreclosure prevention actions in the third quarter of 2018, bringing the total number of foreclosure prevention actions to 4,242,774 since September 2008. The report also shows that nearly 25…