OCC: Mortgage Performance Report for Second Quarter 2023 Released
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the second quarter of 2023. The OCC Mortgage Metrics Report, Second Quarter 2023 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, compared with…
CFPB: Mortgage Report Finds Jumps in Closing Costs and Denials for Insufficent Income; Growing Proportion of Cash-Out Refinances
Overall mortgage lending falls amid significant rise in interest rates and discount points Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends. In 2022, mortgage applications and originations declined markedly from the prior year, while rates, fees, discount points, and other costs increased. Overall affordability declined…
FHFA: Second Quarter 2023 Foreclosure Prevention and Refinance Report Released
The Federal Housing Finance Agency (FHFA) today released its second quarter 2023 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 47,370 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,818,471 since the start of conservatorships in September…
HUD: Ginnie Mae Announces First-Ever Social Bond Enhancements to Define Its Significant Impact in Promoting Broader Access to Mortgage Financing
Updates to Mortgage-Backed Securities Prospectuses and Social Impact and Sustainability Framework Support Ginnie Mae’s Mission Today, Ginnie Mae announced the launch of its “Social Bond” label for Single-Family Forward Mortgage-Backed Securities (MBS) prospectuses and released the Social Impact and Sustainability Framework. Together, these updates support Ginnie Mae’s mission-oriented work and communicate the positive social impact…
FHFA: New Phase of Public Engagement Process Announced for Updated Credit Score Requirements
Today, the Federal Housing Finance Agency (FHFA) announced additional opportunities for ongoing public engagement to facilitate the transition to updated credit score models and credit report requirements for loans acquired by Fannie Mae and Freddie Mac (the Enterprises). This engagement, which will include stakeholder forums and listening sessions, will allow for identification of a wide…
HUD: Assistance Announced for Florida in Wake of Hurricane Idalia
The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster relief for the state of Florida to assist state, tribal and local recovery efforts in the areas affected by Hurricane Idalia beginning on August 27, 2023, and continuing. President Biden issued a major disaster declaration “My thoughts are with…
HUD: Federal Housing Agencies Issue Reminder of Mortgage Assistance for Those Impacted by the Maui Wildfires
Today, Federal Housing Agencies – Government National Mortgage Association (Ginnie Mae), Federal Housing Administration (FHA), Federal Housing Finance Agency (FHFA), United States Department of Agriculture (USDA), and United States Department of Veterans Affairs (Veterans Affairs) – issued the following joint statement pledging their offices’ ongoing support for Hawaiian residents affected by the devastating wildfires on…
HUD: Assistance Announced for Hawaii in Wake of Fires
The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster relief for the state of Hawaii to assist state, and local recovery efforts in the areas affected by wildfires beginning on August 8, 2023, and continuing. President Biden issued a major disaster declaration for Maui County. Effective immediately, HUD is: Recently,…
FHFA: Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests Announced
The Federal Housing Finance Agency (FHFA) today released a report providing the results of the annual stress tests that Fannie Mae and Freddie Mac (the Enterprises) are required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). As amended, the Dodd-Frank Act requires certain financial institutions with more than $250…
FFIEC: Availability of 2022 Data on Mortgage Lending Announced
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage market activity. The…