FHFA: Latest Non-Performing Loan Sales Report 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, 2023. Borrower outcomes reflect NPLs sold through June 30, 2023. The sale of NPLs…
OCC: FFIEC 2024 “A Guide to HMDA Reporting: Getting It Right!” Released
The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised “A Guide to HMDA Reporting: Getting it Right!” (2024 guide). The 2024 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, its implementing regulation (12 CFR…
FHFA: Public Input Sought on Fannie Mae’s and Freddie Mac’s Proposed Duty to Serve Underserved Market Plans for 2025-2027
The Federal Housing Finance Agency (FHFA) today issued a request for input (RFI) on the proposed 2025-2027 Underserved Markets Plans (Plans) submitted by Fannie Mae and Freddie Mac (the Enterprises) under the Duty to Serve (DTS) program. The proposed Plans cover the period from January 1, 2025, to December 31, 2027. “Providing sustainable liquidity for affordable housing…
HUD: New FHA Loan Program Launched to Invest in Manufactured Home Communities
New program offers affordable financing for organizations to purchase or refinance and revitalize manufactured home communities to lower housing costs across the country. Today, the U.S. Department of Housing and Urban Development, through the Federal Housing Administration (FHA), announced the launch of its new Manufactured Home Community loan product, which will provide an FHA-insured financing option for…
CFPB: Agency Warns Against Deception in Contract Fine Print
Companies using illegal or unenforceable terms and conditions risk breaking the law The Consumer Financial Protection Bureau (CFPB) today issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. Companies use this fine print tactic to try to trick consumers into believing they have given…
HUD: Disaster Assistance Announced for Nebraska Survivors
The U.S. Department of Housing and Urban Development (HUD) announced the implementation of federal disaster assistance for the state of Nebraska and ordered Federal assistance to State, tribal, and local recovery efforts in the areas affected by severe winter storms, and straight-line winds from April 6 to April 7, 2024. President Biden issued a major disaster declaration…
HUD: Disaster Assistance Announced for Maine Survivors
The U.S. Department of Housing and Urban Development (HUD) announced the implementation of federal disaster assistance for the state of Maine and ordered Federal assistance to State, tribal, and local recovery efforts in the areas affected by severe winter storms, from April 3 to April 5, 2024. President Biden issued a major disaster declaration in counties of…
CFPB: Inquiry Launched into Junk Fees in Mortgage Closing Costs
Rising fees are draining down payments, pushing homeownership out of reach The Consumer Financial Protection Bureau (CFPB) today launched a public inquiry into junk fees that are increasing mortgage closing costs. The CFPB wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered. According to a CFPB…
FHFA: Enhancements Announced to Flex Modification for Borrowers Facing Financial Hardship
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will enhance their Flex Modification policies to allow more borrowers facing longer-term hardships to achieve meaningful payment reductions. The updated Flex Modification policies will promote sustainable homeownership and the safety and soundness of the Enterprises. “The Enterprises have completed over half a million modifications through their Flex Modification offerings since…
HUD: Disaster Assistance Announced for West Virginia Survivors
The U.S. Department of Housing and Urban Development (HUD) announced the implementation of federal disaster assistance for the state of West Virginia and ordered Federal assistance to State, tribal, and local recovery efforts in the areas affected by severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides from April 2 to April 6, 2024. President…