With the U.S. government shutdown in effect and little progress made on an eventual reopening, mortgage lenders are busy measuring operational impacts while introducing strategies drawn on past experience to keep business flowing. As of Wednesday, many questions remain about the full extent of the impact on support provided to lenders, with most federal services […]
Shutdown tests lenders’ plans to keep loans moving Read More »
Government agencies and enterprises issued guidance on Wednesday for mortgage lenders and servicers during the current government shutdown, which affects federal employees, services, contractors, vendors and other businesses. Fannie Mae and Freddie Mac are waiving some requirements for lenders due to the potential inability to confirm income, reserves, tax, and Social Security information from borrowers
Fannie and Freddie waive some loan requirements amid shutdown Read More »
The Federal Housing Administration (FHA) has extended the timeline for mortgage servicers to comply with the new loss-mitigation waterfall, according to a mortgagee letter issued Wednesday. While the provisions may be implemented by Oct. 1, they must be fully in place no later than Dec. 30, 2025, according to the letter signed by Frank Cassidy,
FHA extends loss-mitigation deadline for mortgage servicers Read More »
A bipartisan bill looking to end the Federal Housing Administration’s life-of-loan requirement for that form of mortgage insurance coverage has been reintroduced in the House of Representatives. The Mortgage Insurance Freedom Act was previously introduced in last year’s lame duck session of Congress by Rep. Gregory Meeks, D-New York, and Rep. Pete Sessions, R-Texas. Under
FHA premium cancellation bill reintroduced in the House Read More »
Even with options in place to prevent them, reverse mortgages can end in foreclosure. But Byron Batres thinks his company can offer a solution to reduce these outcomes. While more recent numbers aren’t available, a 2019 analysis by the Government Accountability Office (GAO) of Federal Housing Administration (FHA) data found that the share of Home
Is there a better way to avoid reverse mortgage foreclosures? Read More »
The Federal Housing Association is likely to continue to take market share away from the private mortgage insurers for the foreseeable future, a Keefe, Bruyette & Woods report said. Insurance-in-force for all forms of mortgage insurance grew by 1.3% between the first and second quarters and by 5.5% year-over-year, the report from Bose George and
FHA poised to outpace private mortgage insurers Read More »
Frank Cassidy, the acting Federal Housing Association commissioner, has apparently been nominated for the job on a full-time basis. The Mortgage Bankers Association put out a statement on Aug. 2 in support of Cassidy’s appointment. His current title at HUD is principal deputy assistant secretary, and he was nominated to the position by the Trump
Frank Cassidy nominated as Federal Housing Commissioner Read More »
The Federal Housing Administration (FHA) has opened a request for information on buy now, pay later (BNPL) lending as it seeks to understand its implications for housing affordability and stability. Comments are due by Aug. 25. These installment loans — often referred to as “phantom debt” — gained popularity during the COVID-19 pandemic, particularly among
FHA seeks input on buy now, pay later lending Read More »
As part of the Trump administration’s broader effort to cut regulatory burdens, the Federal Housing Administration (FHA) on Friday announced the rescission of 12 policies related to appraisal protocols, underwriter employment, flood risk management and other areas. Scott Turner, the secretary of the U.S. Department of Housing and Urban Development (HUD), which oversees the FHA,
FHA rescinds 12 policies as Trump pushes to cut red tape Read More »
Following his nomination for the role in March, the Senate on Tuesday confirmed Andrew Hughes as the deputy secretary of the U.S. Department of Housing and Urban Development (HUD) under Secretary Scott Turner. Hughes succeeds Adrianne Todman, who effectively served as HUD secretary for the final 10 months of the Biden administration. Todman left HUD
Senate confirms Andrew Hughes as HUD’s deputy secretary Read More »