FHFA: Index Shows Mortgage Rates Increased in October 2018
Nationally, interest rates on conventional purchase-money mortgages increased from September to October, 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 4.75 percent for loans closed in late October, up 13 basis points from 4.62 percent in September….
FHFA: Maximum Conforming Loan Limits for 2019 Announced
Fannie Mae and Freddie Mac Baseline Limit Will Increase to $484,350 The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2019. In most of the U.S., the 2019 maximum conforming loan limit for one-unit properties will be $484,350, an…
CFPB: Natural Disaster Assistance Is Reported on a Minority of Credit Records Among Potentially Affected Consumers
Today the Bureau of Consumer Financial Protection (Bureau) released the latest quarterly consumer credit trends report, this time focusing on the reporting of natural disasters in credit reports. This report explores how financial institutions furnish natural disaster assistance to credit reporting agencies, and summarizes trends in natural disaster reporting for consumers in the Greater Houston area…
FHFA: Final Rule Issued Amending Federal Home Loan Banks’ Affordable Housing Program Regulation
The Federal Housing Finance Agency (FHFA) has published a final rule amending its regulation for the Federal Home Loan Banks’ (FHLBanks) Affordable Housing Program (AHP). The final rule provides additional flexibility at the local level for the FHLBanks, in consultation with their Advisory Councils, to allocate their AHP funds and to design their project selection…
Joint Release: Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
The Bureau of Consumer Financial Protection, Federal Reserve Board of Governors, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2019 will increase from $26,000 to $26,700. The threshold amount will be effective Jan. 1, 2019, and is based…
CFPB: Three Ways to Enjoy the Holidays Without Going into Debt
The holidays are a time of giving, from traveling to see family and friends to shopping for gifts. For many people, all of this spending can add up quickly. During the 2017 holiday season, American credit card debt rose at the second-fastest pace in 10 years according to the Federal Reserve. You can ease some…
HUD: FHA 2018 Annual Report to Congress Released
Capital Reserves remain above statutory minimum for fourth straight year The Federal Housing Administration (FHA) today released its 2018 Annual Report to Congress on the economic condition of the agency’s Mutual Mortgage Insurance Fund (MMI Fund). FHA reports that at the end of Fiscal Year (FY) 2018, the MMI Fund had a total Economic Net…
FHFA: Fannie Mae and Freddie Mac Refinance Volume Decreases in Third Quarter 2018
The Federal Housing Finance Agency (FHFA) today reported that Fannie Mae and Freddie Mac completed 253,135 refinances in the third quarter of 2018, compared with 299,460 in the second quarter. FHFA’s third quarter Refinance Report also shows that 1,865 loans were refinanced through the Home Affordable Refinance Program (HARP), bringing the total number of HARP…
FHFA: 2018 Performance and Accountability Report Released
The Federal Housing Finance Agency (FHFA) today released its Performance and Accountability Report, which details FHFA’s activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2018. For the tenth consecutive year, FHFA received an unmodified audit opinion on its FY…
FDIC: Information on Small-Dollar Lending Requested
The Federal Deposit Insurance Corporation (FDIC) today announced that it is seeking public comment on issues related to small-dollar lending by FDIC-supervised financial institutions. The Request for Information (RFI) solicits comments on the consumer demand for small-dollar credit products, the supply of small-dollar credit products currently offered by banks, and what the FDIC can do…