Consumer Financial Protection Bureau Director Rohit Chopra this week questioned the appropriateness of having an independent nonprofit set home appraisal standards across the country, suggesting regulators may want to take a closer look at the arrangement in the future.
Fannie Mae and Freddie Mac will reduce the upfront fee for commingled securities to 9.375 basis points starting April 1, the Federal Housing Finance Agency said this week.
The agency expects servicers to continuing using ‘all the tools at their disposal’ to keep consumers in their homes.
In a letter this week, the American Bankers Association and 18 industry and advocacy groups urged the Veteran’s Administration to expand the loss mitigation options available under the VA Home Loan Guaranty Program to help borrowers avoid foreclosure.
The notice is intended to communicate FHFA’s supervisory expectations for Fannie Mae and Freddie Mac “to establish and implement risk management policies and procedures for monitoring and valuing seller/servicers’ mortgage servicing rights.”
This draft also proposes updated appraisal review standards intended to provide mortgagees and appraisers with clarifying guidance regarding the quality of an appraisal report.
Fannie Mae and Freddie Mac today announced plans to transition legacy Libor loans and securities to the Secured Overnight Financing Rate, the Alternative Reference Rates Committee’s preferred Libor alternative.
Fannie Mae and Freddie Mac have sold 155,034 nonperforming loans as of June 30, with a total unpaid balance of $28.7 billion, according to the Non-Performing Loan Sales Report released today by the Federal Housing Finance Agency.
Of those who received multiple quotes, interest rate and monthly payment were the leading items homebuyers compared.
Lenders need assurances regarding legal and examination risk plus time for lenders to install or refine HMDA systems and achieve compliance.