The share of current and performing first-lien mortgages in the first quarter of 2021 was 94.2%, down from 96.5% a year ago, according to the Mortgage Metrics Report released by the OCC today.
As expected, the Consumer Financial Protection Bureau today finalized a rule to facilitate streamlined loan modification efforts and establish a temporary COVID-19 emergency pre-foreclosure period under Regulation X that would prohibit servicers from making the first notice or filing required to initiate foreclosure until Dec. 31.
The Supreme Court ruled today that the structure of the Federal Housing Finance Agency is unconstitutional, given that it has a sole director who may only be removed by the president for cause, not at will.
After advocacy by ABA, the Consumer Financial Protection Bureau issued a statement last night on mortgage closing delays that might have been caused by the abrupt enactment of the new Juneteenth federal holiday, observed yesterday.
Despite urgent requests from ABA and others, the Consumer Financial Protection Bureau has thus far indicated to ABA staff that it has no plans to issue guidance on how the newly enacted Juneteenth holiday—being observed today, June 18—affects the timing of disclosures required for mortgage transactions in process
With post-pandemic effects hindering many traditional CRE markets, developers are turning to multifamily housing to meet demand.
The Federal Financial Institutions Examination Council today released the 2020 Home Mortgage Disclosure Act data on mortgage lending transactions at 4,475 financial institutions.
Amid ongoing pandemic-related economic uncertainties, the nation’s banks maintained the flow of credit by continuing to make residential mortgage loans, according to an article published in the FDIC Quarterly.
In the Federal Housing Finance Agency’s annual report to Congress, the agency requested the authority to examine third-party service providers to identify practices that could pose safety and soundness risks to Fannie Mae and Freddie Mac.
As the federal banking agencies undertake a mandated review of the “qualified residential mortgage” definition and related provisions of the credit risk retention rule, the American Bankers Association and several other financial and housing groups yesterday emphasized their strong support for the “continued alignment of the QRM and [Qualified Mortgage] frameworks,” in light of the CFPB’s recently finalized QM rule, noting that not doing so would unnecessarily restrict credit, particularly to low- to moderate income borrowers.