FHFA: 2024 Generative AI in Housing Finance TechSprint Announced
The Federal Housing Finance Agency (FHFA) today announced its second TechSprint, an in-person team-based problem-solving event hosted by its Office of Financial Technology. FHFA’s Generative Artificial Intelligence (AI) in Housing Finance TechSprint will bring together technology, regulatory, housing, and consumer finance experts to identify use cases (or specific scenarios) and associated control measures to support…
HUD: HUD Cares Tour Launches to Highlight Key Agency Milestones
This campaign will be comprised of a multi-city tour to showcase the agency’s accomplishments. Today, the Department of Housing and Urban Development officially launched the HUD Cares Tour, a multi-city tour that will highlight the agency’s key milestones and accomplishments since the beginning of the Biden-Harris administration as well as priorities for 2024. “Over the…
OCC: Mortgage Performance Reported for Fourth Quarter 2023
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 2023. The OCC Mortgage Metrics Report, Fourth Quarter 2023 showed that 97.2 percent of mortgages included in the report were current and performing at the end of the quarter, an increase…
HUD: For the First Time in 15 Years, FHA Increases Loan Limits to Expand Financing for Manufactured Homes
Newly increased loan limits for Title I Program supports the Biden-Harris Administration’s efforts to increase the supply and use of manufactured homes as an affordable housing source. Today, the Federal Housing Administration (FHA) announced new loan limits for its Title I Manufactured Home Loan Program. The increased amounts use new methodologies for calculating and updating the program’s limits,…
FHFA: Key Updates Announced for Implementation of Enterprise Credit Score Requirements
Use of “bi-merge” credit reporting to occur simultaneously with implementation of new credit score model requirements The Federal Housing Finance Agency (FHFA) today announced updates to the implementation of new credit score requirements for single-family loans acquired by Fannie Mae and Freddie Mac (the Enterprises). Following extensive stakeholder engagement and input, FHFA is aligning the…
CFPB: Guidance Issued to Rein in Rigged Comparison-Shopping Results for Credit Cards and Other Financial Products
Manipulative advertisements and kickbacks undermine competition and can violate federal law The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. Consumers use comparison-shopping tools to evaluate the costs,…
HUD: FHA Launches New Option to Help Struggling Borrowers Keep Their Homes
The new offering, called the Payment Supplement, will help borrowers bring their mortgage payments current and avoid foreclosure. FHA will also extend its full suite of loss mitigation options for all borrowers through April 30, 2025. The Federal Housing Administration (FHA) today announced a new loss mitigation home retention option for borrowers with FHA-insured single family forward…
ABA: Bank Economists Express Cautious Optimism About Credit Conditions in 2024
The latest summary of ABA’s Credit Conditions Index examines a suite of indices derived from the quarterly outlook for credit markets produced by ABA’s Economic Advisory Committee (EAC). The EAC includes chief economists from North America’s largest banks. Readings above 50 indicate that, on net, bank economists expect business and household credit conditions to improve, while readings…
FFIEC: Statement Issued on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending
The Federal Financial Institutions Examination Council today issued a statement of principles related to valuation discrimination and bias for member entities to consider in their consumer compliance and safety and soundness examinations. The principles aid member entities in assessing whether their supervised institutions’ compliance and risk management practices are appropriate to identify and mitigate discrimination…
Federal Reserve: New Paper Reexamines the Role of the CRA in Mortgage Supply and the U.S. Housing Boom
Abstract: Concerns have lingered since the 2007 subprime crisis that government housing policies promote risky mortgage lending. The first peer-reviewed evidence of a causal effect was published by the Review of Financial Studies in a paper (Saadi, 2020) linking the crisis to changes in the Community Reinvestment Act (CRA) in 1995. A review of that…