California v. Federal Housing Finance Agency

The National Association of Mortgage Brokers Supports the Federal Housing Finance Agency's Decision to Postpone the Implementation of the Planned Transition to A Bi-Merge Model

Retrieved on:

Thursday, September 14, 2023

Education, Fannie Mae, FHFA, Mortgage broker, Human, California v. Federal Housing Finance Agency, Freddie Mac, Federal Housing Finance Agency, National Association, Social media, Real estate

WASHINGTON, Sept. 14, 2023 /PRNewswire-PRWeb/ -- The National Association of Mortgage Brokers (NAMB) applauds the Federal Housing Finance Agency's (FHFA) recent decision to postpone the implementation of the planned transition to a bi-merge model. The FHFA will allow time for additional public engagement to facilitate the transition to the proposed credit score models and credit report requirements for loans acquired by Fannie Mae and Freddie Mac.

Key Points:

"We appreciate the FHFA's decision to allow for more engagement on the bi-merge transition.
The National Association of Mortgage Brokers has been the voice of the mortgage industry representing the interests of mortgage professionals and homebuyers since 1973.
NAMB provides mortgage professionals with advocacy, education, and rigorous certification programs to recognize members with the highest levels of professional knowledge and education.
NAMB's active lobbying and advocacy efforts focus on national and state issues, protecting the interests of its members and borrowers.

KBRA Releases Research – FHFA’s Credit Score Proposal and Its Impacts on RMBS

Retrieved on:

Tuesday, September 5, 2023

Consulting, Banking, Professional Services, Finance, KBRA, EL, RMBS, Research, California v. Federal Housing Finance Agency, FHFA, Risk management, Bank

KBRA releases research to assess the potential impacts of the Federal Housing Finance Agency’s (FHFA) plans to shift the requirement of three credit reports (tri-merge) to two credit reports (bi-merge) for single-family loan acquisitions.

Key Points:

KBRA releases research to assess the potential impacts of the Federal Housing Finance Agency’s (FHFA) plans to shift the requirement of three credit reports (tri-merge) to two credit reports (bi-merge) for single-family loan acquisitions.
To do so, KBRA conducted an analysis that utilized data compiled from KBRA-rated RMBS 2.0 transactions.
Finally, KBRA’s analysis looks directly at the potential impact to loss estimation for RMBS pools—estimating the likelihood of a more meaningful impact to loss estimation in general and across RMBS pool types and sizes.
When comparing the bi-merge (average) and the tri-merge, KBRA-defined measures of difference and variance were found to be close to zero across KBRA’s study population, in aggregate.

CAI, TRADE GROUPS DEMAND TRANSPARENCY, CHANGES IN NEW CONDO LENDING REQUIREMENTS

Retrieved on:

Monday, June 26, 2023

Under FHFA’s conservatorship, Fannie Mae and Freddie Mac are set to release permanent guidelines that have been developed in secret with no public comment process.

Key Points:

Under FHFA’s conservatorship, Fannie Mae and Freddie Mac are set to release permanent guidelines that have been developed in secret with no public comment process.
“We are requesting transparency in the process of developing the final guidelines for condominium and housing cooperative lending requirements,” write the three trade groups in the letter.
CAI developed a guidance document to help homeowner leaders and community managers navigate the current lending requirements in their communities.
More information and resources related to condominium safety, as well as CAI’s Condominium Safety Public Policy Report, can be found at www.condosafety.com .

The National Association of Mortgage Brokers Supports H.R.3564, Middle Class Borrower Protection Act of 2023

Retrieved on:

Wednesday, June 7, 2023

DTI, FHFA, California v. Federal Housing Finance Agency, Policy, Mortgage broker, GAO, Federal Housing Finance Agency, National Association, House, Real estate

WASHINGTON, June 7, 2023 /PRNewswire-PRWeb/ -- The National Association of Mortgage Brokers (NAMB) announces its support of H.R. 3564, the Middle - Class Homeowners Protection Act of 2023. The measure will repeal the recently enacted Loan Level Pricing Adjustments (LLPA) fee increases and reinstate the LLPA fee structure in effect prior to May 1, 2023. It would also institute a temporary LLPA fee change freeze pending a GAO review. The bill directs GAO to review the process FHFA uses to set LLPA fees, makes future LLPA fee changes subject to a standard notice and comment procedure, requires future conservator-mandated LLPA fee changes to be risk-based, and prohibits the imposition of any new LLPA fees based on the debt to-income (DTI) ratio of borrowers.

Key Points:

New legislation would repeal the recently enacted Loan Level Pricing Adjustments (LLPA) fee increases and reinstate the LLPA fee structure in effect prior to May 1, 2023
WASHINGTON, June 7, 2023 /PRNewswire-PRWeb/ -- The National Association of Mortgage Brokers ( NAMB ) announces its support of H.R.
3564, the Middle - Class Homeowners Protection Act of 2023 .
The measure will repeal the recently enacted Loan Level Pricing Adjustments (LLPA) fee increases and reinstate the LLPA fee structure in effect prior to May 1, 2023.
It would also institute a temporary LLPA fee change freeze pending a GAO review.

FTC Staff Provides Annual Letter to CFPB On 2022 Equal Credit Opportunity Act Activities

Retrieved on:

Friday, February 10, 2023

The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its activities enforcing the Equal Credit Opportunity Act (ECOA).

Key Points:

The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its activities enforcing the Equal Credit Opportunity Act (ECOA).
The FTC is responsible for ECOA enforcement and education regarding most non-bank financial service providers.
The summary also outlines the Commission’s business and consumer education efforts on fair lending issues.
Follow the FTC on social media, read consumer alerts and the business blog, and sign up to get the latest FTC news and alerts.

FTC Staff Provides Annual Letter to CFPB On 2022 Equal Credit Opportunity Act Activities

Retrieved on:

Friday, February 10, 2023

The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its activities enforcing the Equal Credit Opportunity Act (ECOA).

Key Points:

The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its activities enforcing the Equal Credit Opportunity Act (ECOA).
The FTC is responsible for ECOA enforcement and education regarding most non-bank financial service providers.
The summary also outlines the Commission’s business and consumer education efforts on fair lending issues.
Follow the FTC on social media, read consumer alerts and the business blog, and sign up to get the latest FTC news and alerts.

Updates to conforming loan limits mean 2 million U.S. homes no longer require a jumbo loan

Retrieved on:

Wednesday, January 4, 2023

Equal housing lender, Federal Housing Finance Agency, Zillow, Mountain West Conference, Fannie Mae, News, NMLS, California v. Federal Housing Finance Agency, Multimedia, ZG, Freddie Mac, FHFA, Research, Housing, Bridge, Surveying, Real estate, Credit

SEATTLE, Jan. 4, 2023 /PRNewswire/ -- More than 2 million homes across the country no longer require a jumbo loan, according to a new analysis by Zillow Home Loans. This means customers will have additional available inventory that is covered by a more accessible financing option.

Key Points:

SEATTLE, Jan. 4, 2023 /PRNewswire/ -- More than 2 million homes across the country no longer require a jumbo loan, according to a new analysis by Zillow Home Loans.
The change is due to the Federal Housing Finance Agency's (FHFA) recent increase of conforming loan limits to $1,089,300 in some high-cost markets.
Compared to conforming loans, jumbo loans typically require a higher credit score — 700 is the minimum score that many lenders accept for a jumbo loan, versus the score of 620 that many require for a conforming loan.
Bigger down payments are also the norm with a jumbo loan: Jumbo loans often require 20% down, although some call for even higher down payments.

Clayton® & Next Step® Unveil White Paper That Shows Off-Site Built Homes Appreciate As Well As Site-Built Homes

Retrieved on:

Wednesday, December 28, 2022

MARYVILLE, Tenn., Dec. 28, 2022 /PRNewswire/ -- Clayton, a national builder of attainable housing, and Next Step, a national nonprofit housing organization, have released an educational white paper highlighting the wealth-building benefits of off-site built housing: Off-Site Built Homes Proven To Appreciate In Value – Providing Equity Building Opportunities & Reshaping Today's Housing Market. As home buyers navigate a market with low affordable housing inventory, off-site built housing continues to represent a smart and attainable homeownership solution.

Key Points:

When placed on a property with a permanent foundation, these homes have the ability to build wealth over time like site-built homes.
The white paper incorporates statistics from a growing body of research showing off-site built homes regularly appreciate similar to site-built homes, including:
A North Carolina family's Clayton off-site built modular home, increased more than $135,000 in value over seven years ($179,500 to $315,000).
CrossMod homes , the newest category of off-site built housing, present a new evolution for the off-site built home industry.
As a diverse builder committed to quality and durability, Clayton offers traditional site-built homes and off-site built housing – including modular homes, manufactured homes, CrossMod® homes, tiny homes, college dormitories, military barracks and apartments.

California REALTORS® applaud FHFA for raising Fannie Mae and Freddie Mac conforming loan limits

Retrieved on:

Tuesday, November 29, 2022

Housing, Professional, FHA, Organization, Freddie Mac, Fannie Mae, Multimedia, FHFA, Government, California v. Federal Housing Finance Agency, NAR, GSE, Federal Housing Finance Agency, Real estate, San Francisco Bay Area

today issued the following statement in response to the Federal Housing Finance Agency's (FHFA) announcement to increase the 2023 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $726,200 on one-unit properties and a cap of $1,089,300 in high-cost areas.

Key Points:

today issued the following statement in response to the Federal Housing Finance Agency's (FHFA) announcement to increase the 2023 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $726,200 on one-unit properties and a cap of $1,089,300 in high-cost areas.
applauds the FHFA for its continued commitment to homeownership by increasing the conforming loan limits.
's and NAR's efforts, areas with high median home prices have benefited from a loan limit above the national conforming loan limit.
The conforming loan limit determines the maximum size of a mortgage that government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or "guarantee."

Fannie Mae and Freddie Mac Will Require the Use of FICO Score 10 T

Retrieved on:

Monday, October 24, 2022

The latest release of the companys flagship FICO Score, FICO Score 10 T, FICOs most powerful score to-date, gives lenders the flexibility and predictive power to make more precise lending decisions.

Key Points:

The latest release of the companys flagship FICO Score, FICO Score 10 T, FICOs most powerful score to-date, gives lenders the flexibility and predictive power to make more precise lending decisions.
FICO Score 10 T delivers increased predictive power while preserving the trusted and proven FICO Score minimum scoring criteria.
Plus, FICO Score 10 T utilizes a consistent odds-to-score relationship as the prior FICO Score version used by the Enterprises, offering continuity and stability for lenders, investors and consumers.
Click here to learn more about FICO Score 10 T.
The FICO Score is the independent standard measure of consumer credit risk and is provided free to consumers through hundreds of lenders via the FICO Score Open Access program .