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Ballard Spahr LLP

HUD Rescinds Various FHA Mortgage Loan Requirements

Ballard Spahr LLP on

Recently the U.S. Department of Housing and Urban Development (HUD) rescinded various FHA mortgage loan requirements in a series of five Mortgagee Letters....more

Troutman Pepper Locke

FHFA Director Pulte Terminates Mortgage-Related Special Purpose Credit Programs for GSEs

Troutman Pepper Locke on

In a significant policy shift under the Trump administration, the new Federal Housing Finance Agency (FHFA) Director Bill Pulte issued an order on March 25, 2025 terminating special purpose credit programs (SPCPs) supported...more

Ballard Spahr LLP

CFPB issues two new FCRA advisory opinions on background screening reports and disclosure of credit files to consumers

Ballard Spahr LLP on

On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two new advisory opinions: Fair Credit Reporting; Background Screening and Fair Credit Reporting; File Disclosure. The advisory opinions are part of...more

Levenfeld Pearlstein, LLC

New Fannie Mae Temporary Requirements for Condo and Co-Op Projects – What Do Illinois Condominium Associations and Co-Ops Need To...

Levenfeld Pearlstein, LLC on

In the wake of the tragic condominium building collapse in Surfside, Florida, Fannie Mae issued new temporary eligibility guidelines for loans insured by Fannie Mae for condominium units or co-op apartments which are...more

David Shirk - Shirk Law

UPDATE Ginnie Mae clarifies first payment basis intended by APM 21-06

David Shirk - Shirk Law on

Yesterday, Ginnie Mae clarified in an industry forum that its APM 21-06 seasoning requirements for the VA IRRRL Refinance of a Modified Loan are measured from the contracted first payment due date under a modification...more

David Shirk - Shirk Law

Ginnie Mae APM 21-06 restates interpretation of VA seasoning requirements

David Shirk - Shirk Law on

Ginnie Mae clarifies its MBS Guide with respect to seasoning of VA IRRRLs that are a “Refinance of a Modified Loan.” Issuers had challenged Ginnie Mae’s buy out demands that claimed insufficient seasoning when measured from...more

Ballard Spahr LLP

Treasury Housing Reform Plan Supports Expiration of GSE Patch for Qualified Mortgages

Ballard Spahr LLP on

The U.S. Department of Treasury recently issued the long-awaited Housing Reform Plan, and among various topics the Plan addresses the temporary qualified mortgage under the Regulation Z ability-to-repay rule for loans that...more

Ballard Spahr LLP

National Mortgage Policy Summit Set for November

Ballard Spahr LLP on

AARMR and CSBS are hosting a National Mortgage Policy Summit for policymakers, regulators, and the industry on November 13, 2019 in Washington, D.C. ...more

Bilzin Sumberg

CFPB Decision on “GSE Patch” Revives Debate About Prudent Underwriting

Bilzin Sumberg on

The Consumer Financial Protection Bureau (CFPB) recently announced that it will allow the so-called “GSE patch” to expire in January 2021. This patch permits Government-Sponsored Entities Fannie Mae and Freddie Mac to buy...more

Ballard Spahr LLP

Inside The Beltway: Housing Reform In 2019?

Ballard Spahr LLP on

Now midway through the first session of the 116th Congress, the House and Senate have yet to act on housing reform legislation. Most recently, Mark Calabria, Director of the Federal Housing Finance Agency (FHFA), announced...more

Ballard Spahr LLP

Treasury’s fintech report recommends changes directed at mortgages

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A portion of the Treasury’s report entitled “A Financial System That Creates Economic Opportunities, Nonbank Financials, Fintech, and Innovation” focuses on the mortgage industry. ...more

Bricker Graydon LLP

Qualified mortgages: The uncertain future of the GSE patch

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Late last month, President Trump’s administration released a wide-sweeping reform and reorganization plan for the federal government. Included in this plan was a proposal to reform two of the largest government sponsored...more

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