HUD & Census Bureau: New Residential Sales Report June 2017
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for June 2017. Building Permits: Privately owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,254,000. This is 7.4 percent (±1.1 percent) above…
CFPB: Changes Proposed to HMDA Mortgage Data Rule Reporting Threshold for Community Banks and Credit Unions
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a proposal on reporting requirements for banks and credit unions that issue home-equity lines of credit. Under rules that are scheduled to take effect in January 2018, financial institutions are generally required under the Home Mortgage Disclosure Act (HMDA) to report home-equity lines of…
OCC: Report Shows Improved Mortgage Performance in First Quarter of 2017
WASHINGTON—Performance of first-lien mortgages improved during the first quarter of 2017 compared with a year earlier, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgages. The OCC Mortgage Metrics Report, First Quarter 2017, showed 95.6 percent of mortgages included in the report were current and performing at the end…
FHFA: Final Rule Regarding Minority and Women Inclusion Regulations Amended to Require Diversity and Include Strategic Planning
Washington, D.C. — The Federal Housing Finance Agency (FHFA), is publishing a final rule that amends its existing Minority and Women Inclusion regulations to require Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and the Office of Finance (the regulated entities), to develop and implement strategic plans to promote diversity and inclusion of minorities,…
CFPB: Buying a Home? Watch out for Mortgage Closing Scams
Summer is a busy homebuying season. If you’re in the market for a new home this year, watch out for email phishing scams. According to reports, the scams target homebuyers who are nearing the closing date on their mortgage loan. The scammers attempt to steal the homebuyer’s closing funds—for example, their down payment and closing…
CFPB: Updates to “Know Before You Owe” Mortgage Disclosure Finalized
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized updates to its “Know Before You Owe” mortgage disclosure rule with amendments that are intended to formalize guidance in the rule, and provide greater clarity and certainty. The changes will facilitate implementation of the Know Before You Owe rule by the mortgage industry. The…
HUD: $50 Million in Housing Counseling Grants Awarded
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today awarded more than $50 million in housing counseling grants to hundreds of national, regional and local organizations to help families and individuals with their housing needs and to prevent future foreclosures. HUD’s housing counseling grants and the additional funding they leverage will assist…
Federal Reserve: FEDS Notes | Post-Crisis Lending by Large Bank Holding Companies
This note analyzes recent trends in loan growth at domestic bank holding companies (hereafter, banks) and reviews factors related to bank loan growth such as capital and loan write-downs.2 The extension of credit has important implications for the health of the economy.3 For instance, if businesses and households do not have access to credit, they…
FHFA: Index Shows Mortgage Rates Decreased in May 2017
Washington, D.C. – Nationally, interest rates on conventional purchase-money mortgages decreased from April to May, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.87 percent for loans closed in late May, down 10 basis points from 3.97…
FHFA: 2018-2020 Housing Goals for Fannie Mae and Freddie Mac Proposed
Washington, D.C. – In accordance with the provisions of the Housing and Economic Recovery Act of 2008, the Federal Housing Finance Agency (FHFA) today proposed a rule that would establish new housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2018 through 2020. FHFA is requesting comment on the proposed rule. When finalized,…