FHA Updates Condominium Rules
The Federal Housing Administration issued a final rule today providing greater flexibility for individual condominium owners to obtain an FHA-insured mortgage.
Browsing: Mortgage
FHFA Finalizes New Requirements for Validating, Approving Credit Score Models
As expected, the Federal Housing Financial Agency issued a final rule—as directed by the S. 2155 regulatory reform law—establishing new requirements for the validation and approval of credit score models by Fannie Mae and Freddie Mac.
Household Debt Continues to Climb
Outstanding household debt increased by 1.4% in the second quarter of 2019, rising by $192 billion to land at $13.86 trillion, the Federal Reserve Bank of New York reported today.
FHFA to Remove Language Preference Question From URLA
The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to make several changes to the Uniform Residential Loan Application, including the removal of a question asking applicants to indicate their preferred language
ARRC Releases White Paper on Using SOFR Average for ARM Products
The Alternative Reference Rates Committee yesterday released a white paper that shows how to use an average of the Secured Overnight Financing Rate to structure adjustable-rate mortgages in a way that’s comparable to current ARM loans.
FHFA Publishes Methodology for ‘PMMS+’ Index
As expected, the Federal House Finance Agency today published in the Federal Register its methodology for calculating the new “PMMS+” index.
ABA, MBA Support Making Single-Family Loan Sale Program Permanent
ABA joined the Mortgage Bankers Association in a comment letter to the Department of Housing and Urban Development last week offering feedback on the Federal Housing Administration’s single-family loan sale program.
FHFA Publishes Replacement Index for Mortgage Rates
In response to advocacy by ABA, the Federal Housing Finance Agency today published new data that banks may use in place of its Monthly Interest Rate Survey, which many lenders had used to benchmark interest rates on various mortgage products.
Trade Groups Weigh in on Changes to Lender Certification Requirements
In a comment letter to the Department of Housing and Urban Development last week, the American Bankers Association joined three other industry groups offering feedback on a recent proposal to make changes to the Federal Housing Administration’s loan-level certification statement and defect taxonomy.
OCC: Mortgage Performance Improved in Q1
The share of current and performing first-lien mortgages in the first quarter of 2019 was 96.2%, up from 95.8% a year ago, according to the Mortgage Metrics Report released today by the OCC.