The CFPB and Federal Housing Finance Agency (FHFA) recently published for public use updated loan level data from the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from 2013 to 2020. The NSMO public use file may be accessed here.… Continue Reading
Mortgages
CFPB Issues Technical HMDA Rule for Closed-End Loan Threshold
By Richard J. Andreano, Jr. on
The CFPB recently issued a technical rule to reinstate the closed-end loan reporting threshold under the Home Mortgage Disclosure Act (HMDA) of 25 originated covered loans in each of the prior two calendar years that was adopted in an October 2015 rule. The technical rule will be effective on the date that it is published in the Federal Register.… Continue Reading
Ginnie Mae Report Includes Recommendations to Improve VA Loan Program
By Richard J. Andreano, Jr. on
Ginnie Mae advises in the report that in early 2016 it and investors in Ginnie Mae guaranteed MBS “first began to identify a wave of early loan repayments and serial refinancing as a problem with much greater incidence in VA mortgages in Ginnie Mae securities than loans insured by other agencies.” … Continue Reading
CFPB Addresses Approach to Court Order Overturning Closed-End Loan HMDA Reporting Threshold
By Richard J. Andreano, Jr. on
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 25 covered loans originated in each of the prior two years to 100 covered loans originated in each of the prior two years.… Continue Reading
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 2022-21, respectively.
For forward mortgage loans in non-high cost areas, the amount for a single unit home increased from $420,680 in 2022 to $472,030 in 2023. … Continue Reading
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) data filed by the 55 mortgage lenders that are required, based on their high volume of mortgage lending, to collect and submit HMDA data on a quarterly basis. … Continue Reading
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 significant increase in housing prices during 2022, the limits increased substantially. … Continue Reading
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 requirements, flood insurance requirements for condominiums, manufactured homes and home equity conversion mortgage (HECM) loans (i.e.,… Continue Reading
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 on race, and the other asserts different home valuations based on race, with White individuals receiving better service or home valuations than Black individuals.… Continue Reading
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 Protection Act, which was enacted in 2018, and the Protecting Affordable Mortgages for Veterans Act of 2019. … Continue Reading