FHFA: Conforming Loan Limits Announced for 2021
Fannie Mae and Freddie Mac Baseline Limit Will Increase to $548,250 The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. In most of the U.S., the 2021 maximum conforming loan limit (CLL) for one-unit properties will be $548,250,…
FHFA: Final Capital Rule Announced for Fannie Mae and Freddie Mac
Today, the Federal Housing Finance Agency (FHFA) sent to the Federal Register for publication a final rule that establishes a new regulatory capital framework for Fannie Mae and Freddie Mac (the Enterprises). The final rule makes certain changes to the proposed rule published in the Federal Register on June 30, 2020 (proposed rule).[1] That proposed rule…
FHFA: 2021 Multifamily Loan Purchase Caps for Fannie Mae and Freddie Mac Announced
50 Percent of Cap Must be Mission-driven, Affordable Housing and Manufactured Housing Community Tenant Protections Added The Federal Housing Finance Agency (FHFA) today announced that the 2021 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $70 billion for each Enterprise. The cap structure allows the Enterprises to offer a…
HUD: FHA Publishes Annual Report to Congress on the Single Family Mutual Mortgage Insurance Fund
Report shows a moderate gain in the MMI Fund’s capital ratio and successful continuation of FHA’s core mission focus in fiscal year 2020 The Federal Housing Administration (FHA) today released its fiscal year (FY) 2020 annual report covering the financial status of the Mutual Mortgage Insurance (MMI) Fund and its Single Family insurance programs. In addition to…
FHFA: COVID-Related Loan Flexibilities Further Extended
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until December 31, 2020. The changes are to ensure continued support for bor rowers during the COVID-19 national emergency. The flexibilities were set to expire on November 30, 2020. Extended flexibilities include: Alternative appraisals…
FHFA: Temporary Policy Allowing Purchase of Qualified Loans in Forbearance Extended
December 31, 2020 is new expiration date To support homeowners and mortgage lenders, the Federal Housing Finance Agency (FHFA) has approved an extension of the current temporary policy that allows for the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria as set by Fannie Mae and Freddie Mac (the Enterprises). The…
ABA: Financial Services and Consumer Coalition Launches Borrower Awareness Campaign
‘Not Ok? That’s Ok’ Designed to Spur Borrowers Facing Hardship to Call Their Servicer or a Counselor Today, a broad coalition of financial services stakeholders – including mortgage servicers, trade associations, housing counseling agencies, governmental agencies, and think tanks – launched a consumer awareness campaign to reach borrowers who have missed one or more mortgage…
CFPB: Final Rule Issued to Implement the Fair Debt Collection Practices Act
The Consumer Financial Protection Bureau (Bureau) today issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors…
FHFA: Strategic Plan for FY 2021-2024 Finalized
The Federal Housing Finance Agency (FHFA) today issued the FHFA Strategic Plan: Fiscal Years 2021-2024. The Strategic Plan establishes new goals needed for FHFA to fulfill its statutory duties, which include responsibly ending the conservatorships of Fannie Mae and Freddie Mac (the Enterprises). FHFA carefully reviewed all comments submitted on the Plan. The Agency fulfilled…
OCC: Final True Lender Rule Issued
The Office of the Comptroller of the Currency (OCC) today issued a rule that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party. Banks’ lending relationships with third parties can facilitate access…