To continue providing support to mortgage borrowers during the coronavirus pandemic, the Federal Housing Finance Agency announced that it would again extend certain previously announced loan processing flexibilities and the purchasing of qualified loans in forbearance until Oct. 31.
The share of current and performing first-lien mortgages in the second quarter of 2020 was 91.1%, down from 96.1% a year ago, according to the Mortgage Metrics Report released by the OCC today.
The American Bankers Association today welcomed the Consumer Financial Protection Bureau’s proposal to exempt certain higher-priced mortgage loans from escrow requirements under Regulation Z.
The mortgage market was “stable and robust” in the lead up to the coronavirus outbreak…
The American Bankers Association joined the Housing Policy Council and the Mortgage Bankers Association in a comment letter to the Department of Housing and Urban Development last week offering feedback on recent proposed changes to the servicing section of the Federal Housing Administration Single-Family Housing Policy Handbook.
The Department of Housing and Urban Development last week issued underwriting guidelines for borrowers who have been previously granted forbearance due to COVID-19 or other presidentially declared disaster.
In a comment letter to the CFPB yesterday, the American Bankers Association offered support for recent proposals that would make changes to the Qualified Mortgage rule and ultimately allow the temporary “GSE patch”—which grants QM status to loans eligible to be purchased or guaranteed by Fannie Mae and Freddie Mac—to expire once the changes take effect.
Fifty-one state bankers associations wrote to Federal Housing Finance Agency Director Mark Calabria today urging him to rescind the 50 basis point fee on refinance loans announced by Fannie Mae and Freddie Mac last week.
A group of Democratic senators today wrote to FHFA Director Mark Calabria raising concerns about a recent announcement that Fannie Mae and Freddie Mac will impose an “adverse market refinance fee” of 50 basis points for no-cash-out and cash-out refinance mortgages—a move strongly criticized by ABA and several other financial trade associations last week.
The Consumer Financial Protection Bureau today proposed to create a new category of “seasoned” qualified mortgages.