FHFA: 2019 Multifamily Lending Caps Announced for Fannie Mae and Freddie Mac
The Federal Housing Finance Agency (FHFA) today announced that the 2019 multifamily lending caps for Fannie Mae and Freddie Mac (the Enterprises) will be $35 billion for each Enterprise, unchanged from the 2018 caps. The caps are based on FHFA’s projections of the overall size of the 2019 multifamily originations market, which FHFA expects to…
BCFP & FHFA: National Survey of Mortgage Originations Dataset Released for Public Use
The Bureau of Consumer Financial Protection (BCFP) and the Federal Housing Finance Agency (FHFA) today released for public use a new loan-level dataset collected through the National Survey of Mortgage Originations (NSMO) that provides insights into borrowers’ experiences in getting a residential mortgage. The NSMO is a component of the National Mortgage Database (NMDB®), the…
FHFA: Indices Show Little Movement in Mortgage Rates in September 2018
Nationally, interest rates on conventional purchase-money mortgages were nearly flat from August to September, 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 4.62 percent for loans closed in late September, down 1 basis point from 4.63 percent in August….
HUD: FHA Announces Streamlined Claim Payment Requirements in Home Equity Conversion Mortgage Program
Action intended to speed reverse mortgage claim payments The Federal Housing Administration (FHA) today announced revised requirements for Home Equity Conversion Mortgage (HECM) servicers when they assign FHA-insured reverse mortgages to the agency for claim payment. Effective immediately, FHA-approved HECM servicers can use alternative supporting documentation in lieu of previously required materials that, in many…
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….