HUD: FHA Calls on Lenders to Assist Federal Workers and Contractors Impacted by the Federal Government Shutdown
The Federal Housing Administration (FHA) today called on all approved mortgagees and lenders to be sensitive to the financial hardships experienced by borrowers as a result of the shutdown, including those borrowers subject to furlough, layoff, or a reduction in income related to the shutdown. Read FHA Commissioner Brian Montgomery’s letter to lenders and approved…
ABA: Report Shows Consumer Delinquencies Rise in Third Quarter 2018
Installment loan and bank card delinquencies resumed a slow return towards normal levels in the third quarter of 2018, but remain low by historical standards, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies rose in six of the 11 categories tracked by ABA while five categories showed improvement. The…
FHFA: Index Shows Mortgage Rates Increased in November 2018
Nationally, interest rates on conventional purchase-money mortgages increased from October to November, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.86 percent for loans closed in late November, up 11 basis points from 4.75 percent in October….
CFPB: Policy Guidance Announced on Disclosure of Home Mortgage Data
The Consumer Financial Protection Bureau (Bureau) today announced final policy guidance describing the Home Mortgage Disclosure Act (HMDA) data the Bureau intends to make available to the public beginning in 2019, including modifications to protect consumers’ privacy. HMDA requires lenders to collect, report, and publicly disclose loan-level data about their mortgage applications, originations, and purchases. …
FHFA: Fannie Mae and Freddie Mac’s Modified Underserved Markets Plan for Duty to Serve Program Published
The Federal Housing Finance Agency (FHFA) today published Fannie Mae and Freddie Mac’s (the Enterprises) modified Underserved Markets Plans for 2018-2020 under the Duty to Serve program. The Plans, originally published Dec. 18, 2017 became effective Jan. 1, 2018. FHFA requested public input in October 2018 on the Enterprises’ proposed Duty to Serve Plan modifications. FHFA…
SBA: Jihoon Kim Selected to Lead the Office of Financial Program Operations
Administrator Linda McMahon of the U.S. Small Business Administration (SBA) announced the selection of Jihoon Kim as the director for the SBA’s Office of Financial Program Operations (OFPO). In this role, Kim is responsible for overseeing SBA’s national lending operations, including 504 and 7(a) loan processing centers in Sacramento, Calif., and Hazard, Ky.; 504 and…
HUD: New FHA Loan Limits for 2019 Announced
Loan limits to increase in more than 3,000 counties The Federal Housing Administration (FHA) today announced the agency’s new schedule of loan limits for 2019, with most areas in the country to experience an increase in loan limits in the coming year. These loan limits are effective for FHA case numbers assigned on or after…
FHFA: Proposed Rule Issued on Validation and Approval of Credit Score Models
The Federal Housing Finance Agency (FHFA) is seeking public comment on a proposed rule that would establish standards and criteria for the validation and approval of third-party credit score models used by Fannie Mae and Freddie Mac (the Enterprises). This proposed rule is required by Section 310 of the Economic Growth, Regulatory Relief, and Consumer…