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,…
FHFA: Deadline Extended to July 31 on Request for Input to Improve Access to Credit for Borrowers with Limited English Proficiency
Washington, DC – The Federal Housing Finance Agency (FHFA) is extending the deadline from July 10 to July 31 to allow more time for interested parties to provide input on issues facing qualified mortgage borrowers with Limited English Proficiency (LEP) throughout the mortgage life cycle process, including mortgage lending and servicing. FHFA announced on May…
FHFA: First Quarter 2017 Foreclosure Prevention Report
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its first quarter Foreclosure Prevention Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 49,104 foreclosure prevention actions in the first quarter of 2017, bringing the total number of troubled homeowners helped since conservatorships to nearly 3.9 million. Of the foreclosure…
ABA: Mortgage Borrowers Want Both Technology and In-Person Services
Survey also found down payment, student debt preventing home purchases WASHINGTON — A majority of Americans (60 percent) agree that while they use online resources for research, they prefer to apply for a mortgage in person, according to a new survey from the American Bankers Association. Seventeen percent said they would prefer to apply for…
FHFA: 2016 Report to Congress Released Including Exams of Freddie, Fannie & FHLBs
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its 2016 Report to Congress. The statutorily-required report provides information about FHFA’s 2016 examinations of Fannie Mae, Freddie Mac (the Enterprises), 11 Federal Home Loan Banks (FHLBanks) and the FHLBanks’ Office of Finance. The report also describes FHFA’s actions as conservator of Fannie Mae…