OCC: Public Appraisal Subcommittee Hearing on Appraisal Bias Scheduled for February 13th
The Office of the Comptroller of the Currency (OCC) will host a public hearing of the Appraisal Subcommittee (ASC) on appraisal bias on February 13, 2024, from 10:00 a.m. to 1:00 p.m., at its headquarters, 400 7th Street SW, Washington, D.C. Acting Comptroller of the Currency Michael J. Hsu will provide opening remarks. The subcommittee panel…
SBA: Further Action Announced to Help PPP and COVID EIDL Borrowers
SBA Introduces 60-Day Goodwill Exception Period, Expands Hardship Accommodation Plans The U.S. Small Business Administration (SBA) has announced expanded flexibility and accommodations for COVID EIDL and PPP borrowers to help bring them into compliance and avoid the repercussions of defaulting on a government loan. For COVID EIDL and PPP borrowers with loans under $100,000, the SBA has…
CFPB: Report Identifies Challenges Faced by Borrowers in Resumption of Student Loan Payments
CFPB oversight identifies long hold times, inaccurate billing statements, and processing delays The Consumer Financial Protection Bureau (CFPB) published an issue spotlight today on the CFPB’s oversight of student loan servicing practices in the early months of the resumption of federal student loan repayments after over three years of a payment pause due to the…
FHFA: Third Quarter 2023 Foreclosure Prevention and Refinance Report Released
The Federal Housing Finance Agency (FHFA) today released its third quarter 2023 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 43,356 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,861,827 since the start of conservatorships in September…
FEMA: $150 Million Announced to Help Underserved Communities Receive Low-Interest Loans for Disaster Resilence Projects
Announcement Triples Amount Available for the Bipartisan Infrastructure Law-funded Safeguarding Tomorrow Revolving Loan Fund Grant Program As FEMA launches 2024 as its “Year of Resilience”, the agency is announcing the second funding opportunity for the Safeguarding Tomorrow Revolving Loan Fund (RLF) grant program to make communities safer from natural hazards. This program, funded by the Bipartisan Infrastructure Law, provides capitalization…
OCC: Mortgage Performance for Third Quarter 2023 Reported
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2023. The OCC Mortgage Metrics Report, Third Quarter 2023 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, the same…
OCC: Annual Report for 2023 Issued
The Office of the Comptroller of the Currency (OCC) today published its 2023 Annual Report. The OCC Annual Report provides Congress with an overview of the condition of the federal banking system, discusses the OCC’s strategic priorities and initiatives, and shares the agency’s financial management and condition. In 2023, the OCC marked its 160th anniversary of…
OCC: Guidance Issued on “Buy Now, Pay Later” Lending
The Office of the Comptroller of the Currency (OCC) today issued guidance to national banks and federal savings associations to address the risks associated with “buy now, pay later” lending. The guidance focuses on the risk management of buy now, pay later (BNPL) loans, which are payable in four or fewer installments and carry no…
HUD: FHA Proposes Enhancements to Make Home Rehabilitation Program More Effective for Homebuyers and Homeowners
Proposed changes to the 203(k) Rehabilitation Mortgage Insurance Program are designed to expand FHA-insured mortgage financing for families purchasing or refinancing single family homes in need of repair or rehabilitation. Today, the Federal Housing Administration (FHA) posted proposed changes to its 203(k) Rehabilitation Mortgage Insurance Program for industry feedback. The 203(k) program is designed to help borrowers…
FHFA: Conforming Loan Limit Values for 2024 Announced
Baseline Conforming Loan Limit Value Will Increase to $766,550 The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of…