The FHFA’s focus on agency CMBS is curious because, as the bulletin explains, these securities typically have significant prepayment protection clauses that aren’t available on residential MBS.
FHA is dedicating resources to servicing oversight and enforcement in the COVID and post-COVID era. In sum, servicers should expect lending monitoring exams to be scheduled in the coming months.
HUD Secretary Marcia Fudge was nominated in December and took her oath in early March, but there has yet to be a peep out of Pennsylvania Avenue regarding the FHA commissioner job and who will lead Ginnie Mae.
GSE regulator Sandra Thompson: “FHFA has nothing against big players, but their size means that they don’t have to worry about accessing the capital markets. Small lenders, on the other hand, may be able to leverage local knowledge to best serve their communities.”
At issue: the new QM standards were drafted when the CFPB was under the leadership of Republican Kathleen Kraninger, who was appointed during the Trump administration.
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