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

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

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

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

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

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

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

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