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.
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.
Freddie Mac today announced plans to cap its purchase of single-family mortgages secured by investment properties and second homes to comply with recent changes to the stock purchase agreement governing the GSE’s federal conservatorship.
The Department of Veterans Affairs last week finalized a rule establishing a new COVID-19 Veterans Assistance Partial Claim Payment Program.
Approval rates for manufactured housing and chattel loans lagged behind those for site-built homes, according to a new report released by the CFPB today.
Ensuring that Fannie Mae and Freddie Mac have bank-like resolution plans in place in the event the Federal Housing Finance Agency is appointed receiver “enhances the integrity of the entire Dodd-Frank orderly resolution system,” FHFA Director Mark Calabria said today during remarks at a Brookings Institution event today.
The American Bankers Association yesterday offered several changes to a recent proposal by the Consumer Financial Protection Bureau 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.