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Top Story Lending Related

10/22/2020

CFPB extends the 'GSE Patch'

The Consumer Financial Protection Bureau has issued a final rule to extend the Government-Sponsored Enterprise (GSE) Patch until the mandatory compliance date of a final rule amending the General Qualified Mortgage (QM) loan definition in Regulation Z. The GSE Patch was scheduled to expire on January 10, 2021. The Bureau is not amending the provision in Regulation Z stating that the GSE Patch will expire if the GSEs (Fannie Mae and Freddie Mac) exit conservatorship.

The GSE Patch provides QM status to certain mortgage loans eligible for purchase or guarantee by either of the GSEs. GSE Patch loans are eligible for QM status even if the borrower's debt-to-income ratio exceeds 43 percent.

10/21/2020

FHA extends COVID-19 forbearance request time

The FHA has announced it is extending the date for single family homeowners with FHA-insured mortgages to request an initial forbearance from their mortgage servicer to forbear their mortgage payments for up to six months. Homeowners experiencing a financial hardship as a result of the COVID-19 pandemic may now request an initial forbearance through December 31, 2020 (the deadline was previously October 30). The FHA requires mortgage servicers to:

  • Offer homeowners with FHA-insured mortgages mortgage payment forbearance when the homeowner requests it, with the option to extend the forbearance for up to a year in total. FHA does not require a lump sum payment at the end of the forbearance period.
  • Assess homeowners who receive COVID-19 forbearance for FHA's special COVID-19 National Emergency Standalone Partial Claim before the end of the forbearance period. This program puts all suspended mortgage payment amounts owed into a junior lien, which is only repaid when the homeowner sells the home, refinances the mortgage, or the mortgage is otherwise extinguished.
  • Assess homeowners who are not eligible for the COVID-19 National Emergency Standalone Partial Claim for one of FHA’s COVID-19 expanded home retention solutions announced on July 8, 2020.

10/21/2020

HUD awards $12.5M in housing counseling grants

HUD has announced it has awarded more than $12.5 million in supplemental housing counseling grants. These grants will support quality housing counseling services, including the foreclosure avoidance and rental counseling services used by many families as they work to recover from the COVID-19 pandemic. The grants awarded will directly support the housing counseling services provided by 219 HUD-approved local housing counseling agencies, national and regional organizations, and state housing finance agencies that competed under HUD’s FY 2020 Supplemental Comprehensive Housing Counseling Grant Notice of Funds Availability (NOFA) or HUD’s FY 2019/2020 Comprehensive Housing Counseling NOFA.

10/20/2020

ACCESS initiative launched by NCUA

NCUA Chairman Hood has announced the launch of the agency’s new Advancing Communities through Credit, Education, Stability, and Support (ACCESS) initiative, which will bring together leaders across the NCUA to refresh and modernize regulations, policies, and programs in support of greater financial inclusion within the agency and the credit union system. Efforts under this program include increasing access to credit and loan products, dedicating resources to help people make smart financial decisions, enhancing existing programs that encourage credit union membership and access to financial services, and fostering inclusive policies and outreach efforts in the community.

10/20/2020

CFPB posts HMDA data reference chart for 2021

The CFPB has posted the "Reportable HMDA Data: A Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2021," which can be used as a reference tool for data points required to be collected, recorded, and reported under Regulation C, as amended by the HMDA Rules. Relevant regulation and commentary sections are provided for ease of reference. The chart also incorporates the information found in Section 4.2.2 of the 2021 Filing Instructions Guide and provides when to report not applicable or exempt, including the codes used for reporting not applicable or exempt from section 4 of the 2021 Filing Instructions Guide for ease of reference.

10/20/2020

FHFA proposes rule for new Enterprise products and activities

The FHFA is seeking comments on a notice of proposed rulemaking that would require Fannie Mae and Freddie Mac (the Enterprises) to provide advance notice to FHFA of new activities and obtain prior approval before launching new products. The proposed rule would also establish revised criteria for determining whether a new activity requires notice to FHFA and for determining if that activity is a new product that merits public notice and comment. The proposed rule would replace the interim final rule that has been in effect since 2009.

The proposed rule’s requirements would also outline the process for FHFA review of a new activity and the timelines for approving a new product, including issuing a public notice and requesting public comment about a potential new product. Comments on the proposal will be accepted for 60 days following Federal Register publication.

10/20/2020

Fannie and Freddie extend COVID-19 loan flexibilities

The FHFA has announced that Fannie Mae and Freddie Mac will extend several of their loan origination flexibilities until the end of November, 2020. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on October 31, 2020.

The extended flexibilities include:

  • Alternative appraisals on purchase and rate term refinance loans;
  • Alternative methods for documenting income and verifying employment before loan closing; and
  • Expanding the use of power of attorney to assist with loan closings.

10/19/2020

Fed publishes its CRA ANPR

The Federal Reserve Board has published [85 FR 66410] in today's Federal Register its September 21 Advance Notice of Proposed Rulemaking [see our earlier Top Story] to solicit public input regarding modernizing the Board's Community Reinvestment Act regulatory and supervisory framework. The 120-day comment period will end February 16, 2021.

10/16/2020

OCC enforcement orders

The OCC has issued a list of recent enforcement actions, which included several actions that had been separately and previously announced. Of the actions not previously announced—

10/16/2020

August G.20 report posted

The Federal Reserve Board has posted the August 2020 G.20 Finance Companies report .

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