CFPB: Final Rule Issued to Help Mortgage Servicers Communicate with Certain Borrowers Facing Bankruptcy
The Consumer Financial Protection Bureau (Bureau) today issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The final rule gives mortgage servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy, as required by the Bureau’s 2016 mortgage servicing rule. The Truth in Lending Act requires mortgage…
FHFA: Proposed Rule Amending Federal Home Loan Banks’ Affordable Housing Program Regulation Issued
The Federal Housing Finance Agency (FHFA) is seeking comments on proposed amendments to its regulation on the Federal Home Loan Banks’ (FHLBanks) Affordable Housing Program (AHP). The proposed amendments would authorize the FHLBanks to redesign their project selection systems and create special targeted funds, which would allow the FHLBanks more flexibility to align their AHP…
FDIC: FFIEC Revises A Guide to HMDA Reporting: Getting It Right!
The Federal Financial Institutions Examination Council (FFIEC) has revised A Guide to HMDA Reporting: Getting It Right! to reflect the October 2015 Home Mortgage Disclosure Act (HMDA) final rule, as amended in 2017. This compliance resource should help financial institutions better understand the final rule’s requirements, including the data collection and reporting provisions. Statement of…
HUD: FHA Extends Foreclosure Moratorium for Hurricane Maria Victims
Additional 60-day relief to help struggling FHA-insured families in Puerto Rico & U.S. Virgin Islands WASHINGTON – For the second time since Hurricane Maria devastated Puerto Rico and the U.S. Virgin Islands, the Federal Housing Administration (FHA) today announced that the agency is extending its 180-day foreclosure moratorium for FHA-insured homeowners for an additional 60…
FHFA: Index Shows Mortgage Rates Increased in January 2018
Nationally, interest rates on conventional purchase-money mortgages increased from December to January, 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 4.12 percent for loans closed in late January, up 4 basis points from 4.08 percent in December….
OCC: Publication Focuses on Single-Family Rehabilitation Financing Programs
The Office of the Comptroller of the Currency (OCC) published the latest edition of its Community Developments Investments newsletter titled “Expanding Housing Opportunities: Single-Family Rehabilitation Financing Programs.” This edition of Community Developments Investments discusses how national banks and federal savings associations can help revitalize communities by establishing housing rehabilitation loan programs. The publication describes how…
HUD: FHA Expands Foreclosure Relief for Victims of 2017 Disasters
New options offered to struggling homeowners impacted by hurricanes, wildfires and mudslides WASHINGTON – The Federal Housing Administration (FHA) today announced expanded mortgage relief to FHA-insured homeowners who live or work in areas impacted by Hurricanes Harvey, Irma and Maria as well as California wildfires and subsequent flooding and mudslides. FHA is instructing mortgage servicers…
CFPB: Thinking About Buying a House in 2018? Here’s What You Need to Know
Are you thinking about buying a house this year? We’ve got tools and resources that will help you get your financial house in order as you prepare to look for that perfect place to call home—and shop for a mortgage that’s right for you. Just as in 2017, the supply of homes for sale is…
FHFA: Refinance Volume Increases in Fourth Quarter 2017
The Federal Housing Finance Agency (FHFA) today reported that Fannie Mae and Freddie Mac completed more than 446,295 refinances in the fourth quarter of 2017, compared with 362,934 in the third quarter. FHFA’s fourth quarter Refinance Report also shows that 6,309 loans were refinanced through the Home Affordable Refinance Program (HARP), bringing the total number…
HUD and Census Bureau: New Residential Sales Report for December 2017
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential sales statistics for December 2017: New Home Sales Sales of new single-family houses in December 2017 were at a seasonally adjusted annual rate of 625,000. This is 9.3 percent (±11.0 percent) below the revised November…