Mortgage

GSEs Issue New Seller, Servicer Eligibility Requirements

At the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac yesterday announced new standards that mortgage institutions would have to meet in order to sell loans to or service loans on behalf of the housing GSEs. The new standards include net worth, capital and liquidity requirements both for depository institutions and for nonbanks.

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N.Y. State Envisions Penalties for Foreclosure Delays

Noting that the average New York state foreclosure takes more than 900 days—twice the national average—and that foreclosures account for nearly three in 10 civil cases on court dockets, the New York Department of Financial Services today recommended that the state legislature take action to speed up the foreclosure process.

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ABA Survey: TILA-RESPA Compliance Systems Not Ready

Mortgage bankers preparing for the implementation of the TILA-RESPA integrated disclosures are uncertain that they and their vendors will be ready for the switchover to the new disclosure regime, which takes place for all mortgage applications starting Aug. 1, according to an ABA survey released today.

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FHFA to Revisit Affordable Housing Goals for FHLBs

After hearing from Federal Home Loan Banks that uncertainty about affordable housing goals is limiting their mortgage purchases from member institutions, the Federal Housing Finance Agency will revisit the goals, FHFA Director Mel Watt said today.

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Shelby’s Sweeping Financial Reform Bill Would Advance ABA Goals

Senate Banking Committee Chairman Richard Shelby (R-Ala.) today released a draft of a sweeping financial reform bill that would provide regulatory relief for banks of all sizes, tailor the regulatory structure for systemically important banks and begin restructuring within the Federal Reserve System and at Fannie Mae and Freddie Mac.

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