On August 6, 2024, in Mortgagee Letter (ML) 2024-16, the Federal Housing Administration (FHA) announced an extension for the implementation of recent Appraisal Review and Reconsideration of Value (ROV) guidelines through and...more
On July 11, 2024, the United States Court of Appeals for the Seventh Circuit issued its highly anticipated decision in Consumer Financial Protection Bureau v. Townstone Financial, Inc., et al. In this pivotal decision, the...more
On May 1, 2024, the Federal Housing Administration (FHA) issued Mortgagee Letter (ML) 2024-07 titled “Appraisal Review and Reconsideration of Value Updates,” which enhances the agency’s current policy on home valuations. ML...more
This week, in line with the CFPB’s ever-increasing focus on fair lending, Fannie Mae issued a Fair Servicing Best Practices Guide to promote “servicer awareness of fair servicing best practices.” Taking a big picture...more
Amidst record-level interest rates, on February 21, 2024, the Federal Housing Administration (FHA) announced a new loss mitigation option, the Payment Supplement, to aid struggling borrowers. The Payment Supplement will bring...more
In October 2023, the CFPB issued an advisory opinion titled, “Consumer Information Requests to Large Banks and Credit Unions.” The upshot of the advisory opinion is that covered financial institutions responding to consumer...more
Consistent with its mission to safeguard against fraud, waste, and abuse, the Office of Inspector General (OIG) of the U.S. Department of Housing and Urban Development (HUD) recently announced concerns regarding Ginnie Mae’s...more
On November 16, 2023, in response to comments received on a prior draft Mortgagee Letter (ML) related to a Proposed Payment Supplement Partial Claim, the Federal Housing Administration (FHA) published another draft ML titled...more
On September 19, the Consumer Financial Protection Bureau (CFPB) issued Circular 2023-03, which provides guidance as to how lenders must explain denials of applications of credit when the underwriting is based on artificial...more
On May 31, 2023, the Federal Housing Administration (FHA) published a draft Mortgagee Letter (ML) titled “Proposed Payment Supplement Partial Claim.” The draft ML proposes use of available partial claims funds to create a new...more
Consistent with concerns surrounding bias in property valuations, on June 8, 2023, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal...more
7/6/2023
/ Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
FRB ,
Interagency Guidance ,
NCUA ,
OCC ,
Proposed Guidance ,
Real Estate Transactions ,
Rulemaking Process ,
Title X ,
USPAP
In a continuation of enforcement activity related to redlining under October 2021’s Combatting Redlining Initiative, the U.S. Department of Justice (DOJ) announced on May 31, 2023, that ESSA Bank & Trust has agreed to pay $3...more
Affirming its commitment to the senior citizen population, on May 17, 2023, the Federal Housing Administration (FHA) issued Mortgagee Letter 2023-10, implementing amendments to the Home Equity Conversion Mortgage (HECM)...more
The Federal Housing Administration recently issued Mortgagee Letter 2022-23, establishing a new COVID-19 Home Equity Conversion Mortgage Property Charge Repayment Plan. The COVID-19 HECM Property Charge Repayment Plan would...more
3/10/2023
/ Borrowers ,
Coronavirus/COVID-19 ,
Fair Housing Act (FHA) ,
HECM ,
Home Equity ,
Homeowners ,
Lenders ,
Loan Repayment Issues ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Repayment Options
In light of growing concerns, the Federal Financial Institutions Examination Council (FFIEC) Appraisal Subcommittee (ASC) held its first hearing on appraisal bias on January 24, 2023, at the Consumer Financial Protection...more
On December 15, 2022, the Federal Housing Administration (FHA) issued Mortgagee Letter 2022-23, establishing the COVID-19 Home Equity Conversion Mortgage (HECM) Property Charge Repayment Plan.
The COVID-19 HECM Property...more
On December 19, 2022, the Federal Housing Administration (FHA) issued an additional extension of the temporary waiver of face-to-face contact required under 24 CFR § 203.604 Contact with the Mortgagor, under Mortgagee Actions...more
On August 31, 2022, the U.S. Department of Housing and Urban Development (HUD) released Mortgagee Letter 2022-15 titled “Update to Home Equity Conversion Mortgage (HECM) Program Requirements for Notice of Due and Payable...more