OCC: Report Shows Overall Mortgage Performance Improvement
The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the second quarter of 2022. The OCC Mortgage Metrics Report, Second Quarter 2022 showed that 97 percent of mortgages included in the report were current and performing at the end of the quarter, compared…
FHFA: Intent to Establish a Federal Advisory Committee on Affordable, Equitable and Sustainable Housing Announced
The Federal Housing Finance Agency (FHFA) today announced its intent to establish a Federal Advisory Committee on Affordable, Equitable, and Sustainable Housing (Committee). The Committee will provide advice and input regarding affordable, equitable, and sustainable housing needs and any regulatory or policy changes that may be necessary or beneficial to address those matters. In addition,…
HUD: FHA Implements Residential Care Facility “Green Mortgage Insurance Premium” Reductions
Guidance issued today explains how lenders participating in FHA’s Section 232 Mortgage Insurance for Residential Care Facility program can obtain mortgage insurance premium reductions on mortgages for eligible “green” facilities Federal Housing Commissioner: Green MIP pricing will “support the Biden-Harris Administration’s climate goals and HUD’s Climate Action Plan” The Federal Housing Administration (FHA) announced today…
FHFA: Updated Minimum Financial Eligibility Requirements for Enterprise Seller/Services and Ginnie Mae Issuers Announced
Today, the Federal Housing Finance Agency (FHFA) and Government National Mortgage Association (Ginnie Mae) issued a joint announcement of their updated minimum financial eligibility requirements for seller/servicers and issuers. Prompted by the changing nature of the U.S. housing finance system, these enhanced eligibility requirements reflect Ginnie Mae’s and FHFA’s shared goals to promote confidence in…
FHFA: 2023-2024 Multifamily Housing Goals Proposed for Fannie Mae and Freddie Mac
Today, the Federal Housing Finance Agency (FHFA) proposed new benchmark levels for the multifamily housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2023 and 2024. The rule proposes a new methodology for measuring the Enterprise multifamily housing goals. Rather than measuring the multifamily housing goals based on a number of units, the proposed rule would use…
FHFA: Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests Released
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…
FHFA: Update to Servicers Announced to Maintain Fair Lending Data on Loans
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will require servicers to obtain and maintain fair lending data on their loans, and for this data to transfer with servicing throughout the mortgage term. The fair lending data to be maintained includes borrowers’ age, race, ethnicity, gender, and…
Federal Reserve: “Does Giving CRA Credit for Loan Purchases Increase Mortgage Credit in Low-to-Moderate Income Communities?” FEDS Notes Discussion
Finance and Economics Discussion Series (FEDS) Author: Kenneth P. Brevoort Abstract: Under the Community Reinvestment Act (CRA) banks can fulfill their affirmative obligation to meet local credit needs by lending in low-to-moderate-income (LMI) communities or by purchasing loans made by others. This paper evaluates whether giving CRA credit for purchases has had its intended effect…
FHFA: Office of Financial Technology Announced
Agency issues request for information on the role of technology in housing finance The Federal Housing Finance Agency (FHFA) today announced the establishment of the Office of Financial Technology. This Office will serve as a centralized source of information to support FHFA in addressing emerging risks and advancing Agency priorities related to the adoption and deployment…
FHFA: Latest Report on Non-Performing Loan Sales Released
The Federal Housing Finance Agency (FHFA) today released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through December 31, 2021. Borrower outcomes reflect NPLs sold through June 30, 2021. The sale of NPLs…