Treasury office considers reforms for title insurance; FHFA sets tenant protections for GSE multifamily borrowers; Biden administration calls for rent control; two states slow on index change.
Researchers find that the climate-related increase in flood damage will boost the cost of subsidizing federal mortgage programs by 44% over the next 30 years. That doesn’t include the costs to homeowners, lenders, insurers or MBS investors.
The rule would require mortgage servicers to only pursue foreclosure as a last resort and increase disclosure requirements. Loss-mitigation application requirements would also be streamlined.
The Supreme Court’s decision, overturning a deference that courts have provided to regulators for 40 years, should be a relief for the mortgage industry, according to an attorney.
The MBA wants significant changes to the Federal Financing Bank risk-sharing program. Reforms are also needed in the multifamily accelerated processing program, according to the trade group.
The Treasury Department announced $100 million in affordable housing funding, while HUD named recipients of its Pathways to Removing Obstacles to Housing grant competition.
The final rule on the use of automated valuation models in mortgage lending includes a standard that seeks to ensure compliance with nondiscrimination laws.
The CFPB has permanently banned three companies from servicing reverse mortgages. Separately, the bureau issued a proposed order against Freedom Mortgage for repeated submissions of faulty HMDA data.
Homeownership rates and household incomes differ dramatically within the AANHPI demographic. Some 65% of Filipino-Americans own their home while just 44% of Tongan-Americans do.
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