Fannie, Freddie Profits See Big 2014 Drop
Fannie Mae’s and Freddie Mac’s combined annual income dropped to $21.9 billion in 2014 from $132.7 billion in 2013, the Federal Housing Finance Agency reported today.
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FHFA: Fannie, Freddie G-Fees Will Remain at Current Levels
The guarantee fees that Fannie Mae and Freddie Mac charge will remain at current levels with “modest adjustments,” the Federal Housing Finance Agency said on Friday.
CFPB Issues Guidance on Housing Counseling Disclosure
The Consumer Financial Protection Bureau today issued an interpretive rule intended to help lenders comply with the requirement in its mortgage servicing and high-cost mortgage rules to provide a list — shortly after a borrower applies for a mortgage — of Department of Housing and Urban Development-approved housing counselors nearby.
House Passes ABA-Backed Points and Fees Bill
By a bipartisan 286-140 vote, the House today passed H.R. 685, a bill introduced by Rep. Bill Huizenga (R-Mich.) that would provide needed clarifications on the Qualified Mortgage rule’s points and fees test as part of ABA’s Agenda for America’s Hometown Banks.
OCC Updates Guidance on RESPA Compliance
The OCC today updated its Comptroller’s Handbook guidance on complying with the Real Estate Settlement Procedures Act and Regulation X.
CFPB Releases Customer Guide to Accompany TILA-RESPA Forms
The Consumer Financial Protection Bureau yesterday released a new toolkit to “help consumers take full advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August.”
ABA Welcomes Proposed Rules for Small Creditors, Suggests Tweaks
ABA on Monday welcomed the Consumer Financial Protection Bureau’s proposed changes — many previously advocated by ABA — that will increase the number of banks able to benefit from the bureau’s small creditor and rural or underserved area exemptions in its mortgage rules.
OCC: Mortgage Performance Continues Improving
Some 93.2 percent of mortgages were current and performing at the end of 2014, up slightly from 93 percent in the third quarter and up from 91.8 percent a year before, according to the Mortgage Metrics Report released on Friday by the OCC.
ABA Endorses Digital Reverse Mortgage Platforms from Reverse Mortgage Funding
Through its Corporation for American Banking subsidiary, ABA today endorsed the reverse mortgage program from Reverse Mortgage Funding LLC.
ABA, Groups Urge Congress Not to Fund Eminent Domain Seizures
ABA and several trade groups wrote to congressional appropriators on Friday urging them to maintain the prohibition on federal funds being used to facilitate the seizure of underwater mortgages through eminent domain, as has been contemplated by several cities.