Category Archives: News

FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers

The Federal Housing Finance Agency (FHFA) is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (the Enterprises) designed to help borrowers during the COVID-19 national emergency. Flexibilities extended until at least July 31st include: Alternative appraisals on purchase and rate term refinance loans; Alternative methods for verifying employment before loan closing; Expanding the use of power of attorney and remote online notarizations to assist with loan closings; and Authority to purchase mortgages in forbearance.

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FHA Extends Remote Work Flexibilities for Lenders and Appraisers

In addition to to issuing an extension of FHA’s foreclosure and eviction moratorium for single family homeowners, FHA also announced an extension for remote work flexibilities. Extensions Through June Provide Peace of Mind to Struggling Homeowners While Supporting New Mortgage Originations During COVID-19 Recovery WASHINGTON -5/14/2020  The Federal Housing Administration (FHA) announced an extension of its foreclosure and eviction moratorium through June 30, 2020, for homeowners with FHA-insured Single Family mortgages, while also supporting new FHA-insured mortgage originations through an extension of temporary policy flexibilities for lenders and appraisers.…

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Latest Foreclosure Prevention & Refinance Report Released

The Foreclosure Prevention & Refinance Report and Federal Property Manager’s Report as of February 2020 has been posted.  This report quantifies the number of foreclosure prevention actions taken by Fannie Mae & Freddie Mac, the Enterprises, year-to-date and cumulative since the beginning of the conservatorships in September 2008. Issued by FHFA 5/14/2020 Foreclosure Prevention, Refinance and FPM Report – February 2020

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April New Home Purchase Mortgage Applications Decreased 12 Percent

WASHINGTON, D.C. (May 14, 2020) — The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for April 2020 shows mortgage applications for new home purchases decreased 12 percent compared from a year ago. Compared to March 2020, applications decreased by 25 percent. This change does not include any adjustment for typical seasonal patterns. “New home purchase applications severely weakened in April, which coincided with the peak of the social distancing efforts and restrictions on non-essential activities to help slow the spread of COVID-19. During what’s typically…

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DFS listens to New York MBA

Peter Dean, Executive Deputy Superintendent and Rholda Rickets, Deputy Superintendent of New York State Department of Financial Services met with New York MBA Executive Board members regarding Federal legislation mandating Temporary Authority for Loan Officers; the new state regulation mandating Credit Reporting Agency Registry and proposed Online Notarization.

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Albany skyline summer

AMC Licensing moves forward

Senate and Assembly approve State AMC Licensing Bill–Awaiting Governor Cuomo’s signature June 21, 2018:  Both branches of the NYS Legislature approved the long sought after AMC licensing bill, as required by Dodd-Frank.  When approved, all 50 states will be compliant by having passed legislation that establishes guidelines  for  Appraisal Management Companies, a federal mandate effective August 2018.

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Federal Regulatory Relief Legislation a Reality

May 24, 2018:  President Trump signed S.2155, the Economic Growth, Regulatory Relief and Consumer Protection Act.  The full House passed the bill earlier in the week by a vote of 258-159. This legislation is unchanged from that which passed the Senate in March by a filibuster-proof bipartisan margin of 67-31. This legislation contains a number of MBA-supported provisions, such as: SAFE Act amendments to provide 120 days of transitional authority for MLOs to originate when leaving a depository to join a sponsoring non-bank (or when crossing…

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Senate Approves Montgomery as FHA Commissioner

Finally, the Trump Administration has an FHA Commissioner. By a comfortable 74-23 vote yesterday, the Senate approved Brian Montgomery as Assistant Secretary for Housing and FHA Commissioner, ending a nine-month process that saw his nomination repeatedly held up by Senate rules and a backlog of other Trump Administration nominations. Twenty-five Democrats joined 49 Republicans in approving Montgomery. The Mortgage Bankers Association and other industry trade groups had pushed hard for Montgomery’s approval. Following yesterday’s vote, MBA President and CEO David H. Stevens, CMB, issued a…

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NYMBA Talks to Congress

NYMBA members from across the country came went to Washington last week for the 2018 National Advocacy Conference to meet with elected officials and policymakers on behalf of the real estate finance industry. Nearly 400 industry advocates from more than 40 states attended the MBA National Advocacy Conference last week. The program featured a slate of congressional and administration speakers, including Senate Banking Committee Chairman Mike Crapo, R-Idaho; HUD Deputy Secretary Pamela Patenaude; Sen. Bob Menendez, D-N.J., and House Financial Services Committee members French Hill,…

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