HUD: Disaster Aid & Financial Flexibility Announced for Kentucky Residents Impacted by Natural Disasters
The U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner announced the availability of federal disaster assistance to the Commonwealth of Kentucky to supplement recovery efforts in the areas affected by severe storms, straight-line winds, flooding, landslides and mudslides from Feb. 14, 2025 and continuing. “The best way to respond in the face…
OCC: Mortgage Performance for Fourth Quarter of 2024 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 fourth quarter of 2024. The OCC Mortgage Metrics Report, Fourth Quarter 2024 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, an increase…
HUD: Foreclosure Relief Extended to Californians Impacted by Los Angeles County Wildfires
HUD Secretary Scott Turner announces 90-day extension of foreclosure moratorium on Federal Housing Administration (FHA) single family mortgages in impacted areas Today, the U.S. Department of Housing and Urban Development (HUD) is announcing a 90-day extension of its foreclosure moratorium on Federal Housing Administration (FHA)-insured single family mortgages in the areas of Los Angeles County,…
ICBA: ICBA Strongly Supports Bipartisan ACRE Act Offering Lower-Cost Credit to Rural Americans
The Independent Community Bankers of America (ICBA) today expressed strong support for the introduction of the Access to Credit for our Rural Economy (ACRE) Act to support farmers, ranchers, and rural homeowners. The bipartisan bill introduced by Sens. Jerry Moran (R-Kan.) and Angus King (D-Maine) in the Senate and Reps. Randy Feenstra (R-Iowa) and Don…
CFPB: Report Finds Cash-Out Mortgage Refinance Borrowers Improve Credit Scores
Cash-out borrowers paid down credit card debt and auto loans Today, the Consumer Financial Protection Bureau (CFPB) published a report about financial outcomes for cash-out refinance mortgage borrowers. Cash-out borrowers had an initial sharp improvement in credit scores, followed by a gradually worsening of their scores. Scores in general, however, stayed above their pre-refinance levels….
HUD: FHA Options Updated to Help Homeowners Keep Their Homes
Revised Federal Housing Administration loss mitigation waterfall includes updates to tools for mortgage servicers helping borrowers who fall behind on their mortgage payments. Today, the U.S. Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), announced an updated set of permanent options for mortgage servicers to help borrowers with FHA-insured single-family mortgages keep…
CFPB: New Report Finds Hundreds of Thousands of Mortgages in Southeast and Central Southwest U.S. Likely Underinsured Against Flood Risk
Homeowners facing flooding from rivers and creeks more likely to be underinsured than coastal residents Today, the Consumer Financial Protection Bureau (CFPB) issued a new report that found significant differences in the likelihood that homeowners with a mortgage are adequately insured against flooding based both on location and on income and assets. According to findings,…
HUD: Aid Offered to California Disaster Victims
The U.S. Department of Housing and Urban Development (HUD) announced the implementation of federal disaster assistance for the state of California and ordered federal assistance for state, tribal, and local recovery efforts in areas affected by wildfires and straight-line winds beginning on January 7, 2025, and continuing.President Biden issued a major disaster declaration in the State of…
HUD: Financing Flexibility Increased for Multifamily Affordable Housing Development
Updates to Federal Housing Administration (FHA) Multifamily Mortgage Insurance helps lenders and developers increase the supply of affordable rental housing in America. The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA), announced updated requirements for several of its multifamily mortgage insurance programs. During the Biden-Harris Administration, FHA has prioritized…
FHFA: Third Quarter 2024 Foreclosure Prevention and Refinance Report Released
More than 7 million troubled homeowners helped during conservatorships The Federal Housing Finance Agency (FHFA) today released its third quarter 2024 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 43,459 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped…