In a recent blog post, the CFPB addressed its approach to the court ruling that overturned the part of a CFPB April 2020 Home Mortgage Disclosure Act (HMDA) rule that increased the threshold to report closed-end mortgage loans from …
Richard J. Andreano, Jr.
HUD announces 2023 loan limits for FHA forward mortgages and HECMs
By Richard J. Andreano, Jr. on
The U.S. Department of Housing and Urban Development (HUD) recently announced the 2023 loan limits for FHA insured forward mortgage loans and FHA insured Home Equity Conversion Mortgages (HECMs). The announcements were made in Mortgagee Letter 2022-20 and Mortgagee Letter …
CFPB Analyzes Impacts of Higher Mortgage Interest Rates
By Richard J. Andreano, Jr. on
The CFPB’s Office of Research recently issued a blog post regarding its analyses of the impacts of higher mortgage interest rates on borrowers and potential homebuyers. The analyses are based on first and second quarter Home Mortgage Disclosure Act (HMDA) …
FHFA Announces 2023 Conforming Loan Limits
By Richard J. Andreano, Jr. on
Posted in Mortgages
The Federal Housing Finance Agency (FHFA) recently announced the conforming loan limits for residential mortgage loans acquired by Fannie Mae and Freddie Mac in 2023. Fannie Mae addresses the limits in Lender Letter 2022-06.
As was expected based on the …
HUD Issues Final Rule Permitting Private Flood Insurance with FHA Loans
By Richard J. Andreano, Jr. on
The U.S. Department of Housing Urban Development (HUD) recently issued a final rule permitting the use of private flood insurance policies with FHA-insured mortgage loans. HUD also issued Mortgagee Letter 2022-18 addressing with regard to FHA-insured loans general flood insurance …
CFPB Fall 2022 Supervisory Highlights looks at auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, mortgage servicing, and payday lending
Posted in CFPB Supervision
The CFPB has released the Fall 2022 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, mortgage servicing, and payday …
NCRC Files Appraisal Bias Complaints with HUD and Issues a Related Report
By Richard J. Andreano, Jr. on
The National Community Reinvestment Coalition (NCRC) recently filed two complaints against appraisers with the Department of Housing and Urban Development asserting different treatment based on race in violation of the Fair Housing Act. One complaint asserts different service levels based …
VA Issues Proposed Refinance Loan Rule
By Richard J. Andreano, Jr. on
Posted in Mortgages, Regulatory and Enforcement
The Department of Veterans Affairs (VA) recently issued a proposal to update its rules for interest rate reduction refinancing loans (often referred to as “IRRRLs”) to conform with VA loan refinance provisions in the Economic Growth, Regulatory Relief, and Consumer …
FHFA Addresses Appraisal Bias
By Richard J. Andreano, Jr. on
Posted in Fair Lending, Mortgages
The Federal Housing Finance Agency (FHFA) addresses appraisal bias reflected in the recently released Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File and Dashboard. The UAD information is derived from more than 47 million appraisals conducted between 2013 and June …
CFPB Warns Mortgage Lenders That Failure to Have Appraisal Reconsideration Policies Can Violate Federal Law
By Richard J. Andreano, Jr. on
In a recent blog post the CFPB warned mortgage lenders that “[l]enders that fail to have a clear and consistent method to ensure that borrowers can seek a reconsideration of value risk violating federal law.”
In the blog post the …