CFPB, Federal Agencies, State Agencies, and Attorneys General
As the government shutdown drags on, some financial services programs—particularly housing programs– are being affected.
The CFPB is funded through the Federal Reserve system, not through annual appropriations, and technically is still operating, although as we have reported previously many CFPB employees are not being permitted to work. (That CFPB funding mechanism was the subject of a Supreme Court case and the court found the funding system constitutional.)… Continue Reading
The FHFA has directed Fannie Mae and Freddie Mac to prepare proposals for consideration of cryptocurrency as an asset for reserves in their single-family risk assessments, without a conversion to dollars.
“Cryptocurrency is an emerging asset class that may offer an opportunity to build wealth outside of the stock and bond markets,” FHFA Director William J.… Continue Reading
Recently the U.S. Department of Housing and Urban Development (HUD) rescinded various FHA mortgage loan requirements in a series of five Mortgagee Letters.
Supplemental Consumer Information Form
As previously reported, HUD announced in Mortgage Letter 2023-13 that lenders must use the Supplemental Consumer Information Form (SCIF) of Fannie Mae and Freddie Mac in connection with FHA insured mortgage loans with application dates on or after August 28, 2023.… Continue Reading
The Department of Housing and Development is seeking information about the impact that the frequent use of Buy Now, Pay Later (BNPL) products may have on borrowers’ ability to meet housing-related expenses, including rent or mortgage payments. Comments are due on or before August 25, 2025.
“The rise of BNPL lending raises important questions about how it may impact housing affordability and stability,” the department said, in issuing a Request for Information.… Continue Reading
We are releasing today on our podcast show a repurposed webinar that we produced on June 11, 2025 entitled “What is happening at the federal agencies that is relevant to the residential mortgage and settlement service industries.”
During this podcast, we will inform you about recent developments at federal agencies, including the CFPB, HUD/FHA, OCC, FDIC, FRB and USDA (collectively, the “Agencies”), as well as Congress, the White House, states and the courts.… Continue Reading
President Trump recently signed an Executive Order entitled “Restoring Equality of Opportunity and Meritocracy“ to eliminate the use of disparate impact liability. The U.S. Department of Housing and Urban Development (HUD) also has indicated that it intends to yet again reconsider its disparate impact rule under the Fair Housing Act.… Continue Reading
Recently, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2025-13 to revise the exclusive listing period for certain parties in connection with HUD real estate owned (REO) properties, and eliminate the exclusive sales period for the same parties in connection with the FHA loan claims without conveyance of title (CWCOT) post foreclosure sales process.… Continue Reading
In January 2025 the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2025-06 revising servicing and claims requirements and loss mitigation options for FHA insured mortgage loans effective February 2, 2026.
HUD recently issued Mortgagee Letter 2025-12 further revising the requirements and options effective October 1, 2025.… Continue Reading
In the waning hours of the first Trump Administration the U.S. Department of Housing and Urban Development (HUD) announced that effective January 19, 2021 individuals who are classified under the “Deferred Action for Childhood Arrivals” program (DACA) with the U.S. Citizenship & Immigration Service (USCIS) and are legally permitted to work in the U.S.… Continue Reading
As previously reported, this summer the U.S. Department of Housing and Urban Development (HUD) filed a housing discrimination charge under the Fair Housing Act against an appraisal company, individual appraiser, appraisal management company and lender based on an asserted biased appraisal and denial of a mortgage refinance loan application based on the appraisal.… Continue Reading
