Mortgages, Housing Market, Consumer Financial Products

HUD Rescinds Various FHA Mortgage Loan Requirements

Ballard Spahr LLP on 7/11/2025

Recently the U.S. Department of Housing and Urban Development (HUD) rescinded various FHA mortgage loan requirements in a series of five Mortgagee Letters....more

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

Troutman Pepper Locke on 3/28/2025

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

Massachusetts Attorney General files lawsuit against real estate investment services provider

Orrick, Herrington & Sutcliffe LLP on 3/10/2025

On February 19, a complaint was filed by the Massachusetts State Attorney General (AG) alleging that a real estate investment services company and its affiliate engaged in “systematic and pervasive unfair or deceptive acts...more

FHA reduces mortgage insurance premiums to improve home affordability

Orrick, Herrington & Sutcliffe LLP on 2/24/2023

On February 22, FHA announced a 30 basis point reduction in the annual premium charged to mortgage borrowers, resulting in mortgage insurance premiums of 0.55 percent for most borrowers seeking FHA-insured mortgages (down...more

CFPB and DOJ Order Mortgage Company to Pay Over $22 Million for Advertising and Marketing Discrimination

Goodwin on 8/4/2022

On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint and proposed consent order in a federal district court alleging that a mortgage company...more

CFPB and other Federal Regulators Eye Regulation Aimed at Curbing Algorithmic Bias in Automated Home Valuations

Jenner & Block on 3/11/2022

Late last month, the Consumer Financial Protection Bureau (CFPB) took another step toward adopting rules governing the use of artificial intelligence (AI) and algorithms in appraising home values. Specifically, the CFPB...more

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 1/27/2022

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

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

David Shirk - Shirk Law on 11/10/2021

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

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

David Shirk - Shirk Law on 11/1/2021

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

Why Ginnie Mae Issuers are Challenging VA Seasoning Buyout Demands and Why Lenders Care

David Shirk - Shirk Law on 10/13/2021

Issuers should be aware that Ginnie Mae interpreting its MBS guide in a manner that departs from VA circular 26-19-22, and the plain reading of statutory language with respect to the beginning and ending dates used to...more

An Opportune Time For Financial Institutions to Review Their Fair Lending Procedures

Bilzin Sumberg on 10/5/2021

At the beginning of his term, President Biden declared that his administration would make it a policy to eliminate “racial bias and other forms of discrimination in all states of home-buying and renting.”...more

2020 NMLS Annual Conference & Training: Reminder to Submit Agenda Items to NMLS Ombudsman

Ballard Spahr LLP on 1/28/2020

For the upcoming 2020 NMLS Annual Conference & Training taking place February 18-21 in San Francisco, individuals are reminded to submit discussion items to the NMLS Ombudsman by Friday, January 24, to be addressed during an...more

Inside the Beltway – Ringing in the Near Year With an Impeachment Trial

Ballard Spahr LLP on 1/24/2020

What legislative activity can we expect in 2020 in the area of housing finance reform? With the Senate kicking off the New Year with an impeachment trial, it is highly unlikely Congress will make much headway on housing...more

NMLS Reinstatement Period Now Open Through February 29

Ballard Spahr LLP on 1/13/2020

The NMLS Reinstatement Period began on January 2, 2020, and will end on February 29, 2020. This period allows individuals and companies that failed to renew their licenses by December 31 to request renewal. ...more

NYDFS requires regulated institutions to submit plans describing preparations for LIBOR transition by Feb. 7

Ballard Spahr LLP on 1/9/2020

The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR...more

Financial Daily Dose 12.17.2019 | Top Story: USMCA Back on Track After Last-minute Wrangling

Robins Kaplan LLP on 12/17/2019

The United States and Mexico appear poised to move past a last-minute snag over new language on Labor Department attaches to posts in Mexico. Mexico feared that the diplomats would “act as labor inspectors,” and for a day or...more

Inside the Beltway – Will Impeachment Trump Housing Finance Reform?

Ballard Spahr LLP on 10/4/2019

We continue to gauge the potential for Congress to act on the administration’s housing finance plan and/or pass their own before adjourning for the year. When Congress returned from August recess, members faced an ambitious...more

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

Ballard Spahr LLP on 9/9/2019

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

National Mortgage Policy Summit Set for November

Ballard Spahr LLP on 8/29/2019

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

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

Bilzin Sumberg on 8/20/2019

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

Conforming Loan Limits Increase for 2019

Ballard Spahr LLP on 12/3/2018

The Federal Housing Finance Agency (FHFA) recently announced a nearly 7% increase in the conforming mortgage loan limits for 2019....more

Industry trade groups urge HUD to make significant changes to its disparate impact rule; state attorneys general oppose changes

Ballard Spahr LLP on 8/31/2018

The American Bankers Association jointly with state bankers associations, the American Financial Services Association, and the Mortgage Bankers Association are urging the U.S. Department of Housing and Urban Development (HUD)...more

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