The Federal Housing Finance Agency (FHFA) has issued a request for input (RFI) on the proposed 2025-2027 Underserved Markets Plans submitted by Fannie Mae and Freddie Mac under the Duty to Serve (DTS) program. By statute, the two enterprises are required to serve three specified underserved markets — manufactured housing, affordable housing preservation, and rural housing — by increasing the liquidity of mortgage financing for very low-, low-, and moderate-income families in those markets.
The Consumer Financial Protection Bureau (CFPB) is investigating what it terms “junk fees” related to mortgage closing costs. CFPB said its inquiry is motivated by understanding “why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered.”
VantageScore and Experian have announced new tools this month aimed at helping mortgage processors and underwriters. VantageScore is ready to pilot a new credit-scoring model, called VantageScore 4plus. The company said the new model “combines the power of alternative open banking data with traditional credit data,” which will result in a 10 percent predictive lift over its current VantageScore 4.0. VantageScore said that 4.0 offers an 8 percent predictive lift over conventional scoring models.
The mortgage industries two government sponsored enterprises opened 2024 with new solid first-quarter financial results. Fannie Mae and Freddie Mac reported their first-quarter earnings last week. Both continue to grow their revenues and profits in a market challenged by housing affordability issues.
The Federal Housing Finance Agency (FHFA) has proposed a new mortgage product it hopes will give homeowners a way to tap into home equity without surrendering the low rates they locked in the last several years. The agency sent a notice of a proposed new product to the Federal Register, which would enable Freddie Mac to purchase single-family closed-end second mortgages.
In order to simplify the disclosures for consumers and encourage more shopping, the CFPB or Consumer Financial Protection Bureau is in the process of changing the GFE. This change should be happening within the next few days, I imagine. So, I wanted to take another moment discuss this and hopefully shed some understanding and remind you of these changes soon to come.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
A few weeks ago we discussed some of the changes coming our way to how we do things in our industry. Here are a few more clarifications of things coming our way. The Dodd-Frank Act states that a creditor may not make a mortgage loan without first determining that the borrower has a reasonable ability-to-repay the loan.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
In our ever changing industry we are constantly hit with new regulations which cause us to completely change how we do things. Well, here we go again!
In order to simplify the disclosures for consumers and encourage more shopping, the CFPB or Consumer Financial Protection Bureau is in the process of changing the GFE.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
Last week we began discussing the importance of understanding how to read a credit report. As stated last week, no doubt we can all agree that as processors we need to know how to read and interpret information on a credit report. So let’s begin the second part:
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
Do you find yourself feeling overloaded at times? Do you often have to work late in order to meet your closing deadlines? Do you seem to be going from one crisis file to another? If so, you may want to take a few steps back…breathe…and ask yourself, how well am I managing my time?
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
Last week we started a two week series, offering ten tips to make you a better and more efficient processor. This week we will finish out with the last several tips. So here we go…
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
Written By: Stacey Sprain
As an FHA originator, processor or underwriter, it’s likely that in the ongoing foreclosure market you’ll run across a HUD REO loan at some point. The purpose of this multi-part article is to provide you with some useful information to help in your endeavors.