As part of its ongoing effort to provide relief to mortgage borrowers during the coronavirus pandemic, the Federal Housing Finance Agency today announced that it would extend until May 31 several previously announced loan origination flexibilities for customers of Fannie Mae and Freddie Mac.
The Federal Housing Administration this week announced updates to its Single Family Housing Policy Handbook 4000.1 that address servicing and loss mitigation.
With the mortgage industry now using the redesigned Uniform Residential Loan Application, Fannie Mae and Freddie Mac today reminded lenders that as of May 1, the GSEs will no longer accept new loans submitted that use legacy formats.
In a letter to Treasury Secretary Janet Yellen and Federal Housing Finance Agency Director Mark…
In lender letters issued this week, Fannie Mae and Freddie Mac announced that any loans purchased by the GSEs after July 1, must conform to the requirements outlined in the Consumer Financial Protection Bureau’s recently finalized QM final rule—effectively signaling the end of the so-called “GSE-patch.”
Delaying the mandatory compliance date of the new QM rules could “foster disruptive market confusion and complicate bank compliance efforts considerably,” ABA said in a comment letter to the Consumer Financial Protection Bureau yesterday.
The Consumer Financial Protection Bureau today proposed to establish a temporary COVID-19 emergency pre-foreclosure review period under Regulation X that would prohibit servicers from making the first notice or filing required to initiate foreclosure until Dec. 31.
In a compliance bulletin issued today, the Consumer Financial Protection Bureau called on mortgage servicers to “take all necessary steps now”—including ensuring adequate staffing and resources—to be prepared to work with customers exiting COVID-19 forbearance programs this fall.
The share of current and performing first-lien mortgages in the fourth quarter of 2020 was 93.3%, down from 96.5% a year ago, according to the Mortgage Metrics Report released by the OCC today.
In two comment letters to the Federal Housing Finance Agency last week, the American Bankers Association weighed in on proposed changes to liquidity requirements for Fannie Mae and Freddie Mac, as well as proposed changes to resolution planning requirements for the two GSEs.