SBA: Progress in Small Business Lending Announced with End-of-Year Capital Program Numbers
Agency has increased number and dollar amount of loans across several small business capital programs Today, ahead of the biggest shopping day of the year, U.S. Small Business Administrator Isabel Casillas Guzmanannounced that the SBA delivered $50 billion in capital, disaster relief, and bonding to small businesses and disaster-impacted communities across America in Fiscal Year 2023 (FY23). Under the Biden-Harris…
FHFA: Final Rule Announced Modifying Certain Provisions of the Enterprise Regulatory Capital Framework
Today, the Federal Housing Finance Agency (FHFA) published a final rule that amends several provisions of the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac (the Enterprises). “The Enterprise Regulatory Capital Framework is a critical tool to ensure the Enterprises responsibly manage their risks,” said FHFA Director Sandra L. Thompson. “Finalizing these…
CFPB: Report Issued Highlighting Consumer Protection Issues in Medical Debt Collection
Annual report on the Fair Debt Collection Practices Act also describes the CFPB’s and states’ efforts to end the collection of inaccurate medical bills that consumers may not even owe Today, the Consumer Financial Protection Bureau (CFPB) issued a report highlighting the challenges American families face when debt collectors pursue allegedly unpaid medical bills. Discussing the 8,500…
FHFA: 2024 Multifamily Loan Purchase Caps Announced for Fannie Mae and Freddie Mac
The Federal Housing Finance Agency (FHFA) announced today that the 2024 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $70 billion for each Enterprise, for a combined total of $140 billion to support the multifamily market. To ensure a strong focus on affordable housing and underserved markets, FHFA will…
Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions
The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements. By law, the agencies are required to adjust the thresholds annually based on…
Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400. The threshold amount will be effective January 1, 2024, and is based on the…
HUD: FHA Proposes Update to Home Equity Conversion Mortgage Assignment Claims Eligiblity to Strengthen Market Liquidity
Proposal posted for feedback will ensure long-term program viability and expanded availability for senior homeowners. The Federal Housing Administration (FHA) today announced it has posted for industry feedback a proposed update to its Home Equity Conversion Mortgage (HECM) assignment claims eligibility policy. The proposal enables certain categories of due and payable HECMs that were previously ineligible for…
HUD: FHA Extends Current Foreclosure Protections for Borrowers in Maui County, HI
To assist borrowers impacted by the August wildfires, mortgage servicers will be prohibited from initiating or completing foreclosure actions through May 6, 2024. The Federal Housing Administration (FHA) today announced it is extending its existing disaster-related foreclosure moratorium in Maui County, HI, through May 6, 2024, for borrowers with FHA-insured single-family mortgages, including seniors with Home Equity…
HUD: FHA Changes Appraisal Requirements for Certain Manufactured Homes to Enhance Financing Flexibility for Borrowers
Updated requirements for valuation of manufactured homes contribute to FHA’s efforts to increase the availability and affordability of manufactured housing as part of the Biden-Harris Administration’s Housing Supply Action Plan. The Federal Housing Administration (FHA) today announced the publication of updated appraisal requirements for the valuation of manufactured homes certified under Fannie Mae’s MH AdvantageTM and Freddie Mac’s…
SBA: Historic Step Taken to Expand Access to Capital and Fill Lending Gaps in Underserved Communities through the SBLC Program
New Licenses Mark Milestone Achievement in Biden-Harris Administration Efforts to Increase Access to Capital Today, Administrator Isabel Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, announced that the SBA has granted three new Small Business Lending Company (SBLC) licenses to lenders focused…