The Consumer Financial Protection Bureau today proposed to exempt certain higher-priced mortgage loans from a requirement under Regulation Z to establish escrow accounts for those loans, as required by the S. 2155 regulatory reform law.
The Federal Housing Finance Agency today announced that Fannie Mae and Freddie Mac will extend forbearance agreements for multifamily property owners with enterprise-backed mortgages for up to three months, for a total forbearance of up to six months.
The Consumer Financial Protection Bureau today granted flexibility under Regulation X for servicers to offer deferral options to borrowers as they transition from forbearances for financial hardships due to the coronavirus pandemic.
The Consumer Financial Protection Bureau today took a significant step to revise its Qualified Mortgage rule, issuing a proposal to replace the use of the 43% debt-to-income ratio as a QM qualification standard with a price-based approach.
Home purchase applications have begun to rebound from April lows, reaching the second highest weekly level of the year in mid-June, Freddie Mac said yesterday in its quarterly forecast.
The share of current and performing first-lien mortgages in the first quarter of 2020 was 96.5%, up slightly from 96.2% a year ago, according to the Mortgage Metrics Report released by the OCC today.
Testifying before the Senate Banking Committee today, FHFA Director Mark Calabria said that he has been “encouraged” by incoming data on the state of the mortgage markets, including forbearance rates, as the coronavirus pandemic persists in the U.S.
The Federal Housing Administration yesterday announced a temporary policy for lenders to obtain FHA insurance endorsements on mortgages where the borrower has requested or obtained a COVID-19 forbearance.
Freddie Mac today issued a bulletin providing temporary guidance for underwriting mortgage borrowers whose income is derived from self-employment during the coronavirus pandemic.
To help financial service providers assist struggling borrowers during the coronavirus pandemic, the Consumer Financial Protection Bureau toady issued two no-action letter templates that are intended to help institutions make their own NAL applications for certain consumer financial products and services, as allowed under the CFPB’s innovation policy.