Just 0.2% of mortgage loans exited COVID-19 forbearance programs with a status of foreclosure, short sale or deed in lieu, according to new metrics published by the CFPB today based on information reported by 16 mortgage servicers that together represent approximately one-third of the residential mortgage market.
As the Federal Housing Finance Agency considers how to transition to a new credit score model or models—as required by the 2018 S. 2155 law—ABA and several other financial trade groups urged FHFA to provide the industry with “additional data, a detailed transition plan that is subject to stakeholder input and ample time for any transition.”
Total household debt increased by 1.7% to $15.84 trillion in the first quarter of this year, the Federal Reserve Bank of New York reported.
Lending standards for business loans remained largely unchanged in the first quarter of 2022, according to the Federal Reserve’s senior loan officer opinion survey released today.
These challenges will affect all markets, but will have local distinctions that will be important for market participants to understand as they navigate the uncertain road ahead.
In a letter to FHFA, ABA commented on the re-proposed update to standards that mortgage lenders would have to meet to sell loans to or service loans on behalf of Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac will now require lenders to use the Supplemental Consumer Information Form, which collects information about the borrower’s language preference, if any, as well as information on any homebuyer education or housing counseling the borrower received, the Federal Housing Finance Agency announced.
The Federal Housing Finance Agency yesterday outlined how Fannie Mae and Freddie Mac will work to improve the distribution and availability of safe and sound residential mortgage financing in underserved markets between 2022 and 2024.
The Federal Housing Administration added a 40-year mortgage modification option to assist borrowers who are behind on their mortgage payments for FHA Title II forward mortgages, and hopes to make it permanent.
The Federal Housing Finance Agency has released its strategic plan for 2022-2026.