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The U.S. Department of Veterans Affairs (VA) recently proposed rules to modify the requirements for the reporting of VA guaranteed mortgage loans, and the rules regarding when the VA would assert a defense for a partial or total loss of a guaranty for a VA guaranteed mortgage loan.  Comments on the proposal are due by January 21, 2025.… Continue Reading

The Federal Housing Finance Agency (FHFA) recently announced  the conforming loan limits for residential mortgage loans acquired by Fannie Mae and Freddie Mac in 2025.  Fannie Mae addresses the limits in Lender Letter 2024-03.

As was expected based on the continuing increase in housing prices, the limits increased significantly.  The standard loan limit for a one-unit home increased from $766,550 in 2024 to $806,500 for 2025. … Continue Reading

The U.S. Department of Housing and Urban Development (HUD) recently announced the 2025 loan limits for FHA insured forward mortgage loans and FHA insured Home Equity Conversion Mortgages (HECMs).  The announcements were made in Mortgagee Letter 2024-21 and Mortgagee Letter 2024-22, respectively. 

For forward mortgage loans in non-high cost areas, the amount for a single unit home increased from $498,257 in 2024 to $524,225 in 2025. … Continue Reading

Following lengthy litigation, the CFPB is attempting to close the books on its case against Townstone Financial alleging discriminatory lending practices and redlining African American neighborhoods in Chicago.

If the proposed order submitted by the CFPB is approved by the U.S. District Court for the Northern District of Illinois, Townstone would be prohibited from taking any actions in connection with offering or providing mortgage loans that violate the Equal Credit Opportunity Act (ECOA) and would be required to pay a $105,000 penalty to the CFPB’s victims relief fund.… Continue Reading

The Justice Department announced that Citadel Federal Credit Union has agreed to pay more than $6.5 million to resolve allegations that it engaged in a pattern or practice of redlining majority-Black and Hispanic neighborhoods in and around Philadelphia, Pennsylvania from at least 2017 through 2021 in violation of the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA).… Continue Reading

The CFPB recently announced that the Filing Instruction Guide (FIG) for the submission of Home Mortgage Disclosure Act (HMDA) data collected in 2025 is now available. The FIG, issued by the Federal Financial Institutions Examination Council, may be accessed here.

HMDA data for 2025 must be submitted on or before March 2, 2026.… Continue Reading

In Circular 26-24-19, the Department of Veterans Affairs (VA) sets forth documentation requirements for fees and charges that may be imposed on veterans in connection with VA-guaranteed home loans, other than the VA funding fee and flat lender charge of up to 1% of the loan amount. The requirements are effective for loans closed on or after January 1, 2025.… Continue Reading

As interest rates drop, the CFPB is exploring ways to streamline mortgage rules to make the refinancing process easier and closing costs less expensive, Director Rohit Chopra said at a housing conference sponsored by the Center for American Progress.

 “When an existing or competing lender is seeking to refinance a loan with a much lower rate for a substantially similar mortgage, it may not be worthwhile for the lender to repeat many of the steps that were taken during the purchase process,” Chopra said.… Continue Reading

On August 27, we blogged about the Ninth Circuit unpublished panel opinion in Kivett v. Flagstar Bank issued upon remand of the case from the Supreme Court with instructions to follow the guidance of the Supreme Court contained in its unanimous opinion in Cantero v. Bank of America. In Cantero, the Supreme Court reversed a Second Circuit opinion which had held that the National Bank Act preempted a New York State law requiring the payment of 2% interest on residential mortgage escrow accounts.… Continue Reading

The District of Columbia (DC) Office of the Attorney General (OAG) recently entered into settlements with four title companies in connection with title company joint ventures that included the companies and real estate agents as owners. The basic allegation of the OAG is that real estate agents were offered the opportunity to purchase interests in title company joint ventures, and that the referral of consumers to the ventures by the agents for title and escrow business violated the DC anti-inducement provision applicable to title insurance, and also the unfair and deceptive trade practice prohibition under the DC Consumer Protection Procedures Act (CCPA).… Continue Reading