USDA Under Secretary for Rural Development Xochitl Torres Small testified this week about the shortages of affordable multifamily rental units and single-family homes for sale in rural areas.

The government housing agencies have updated their frequently-asked-questions pages to assist servicers handling borrowers whose applications for relief under the Homeowner Assistance Fund are pending.

The House Committee on Financial Services last week marked up legislation that would devote $322 billion in funding to affordable housing, including for a pilot program to expand small-dollar lending options for homes that cost up to $100,000.

Industry backs a change that would eliminate requirements that lenders conduct background checks on builder-contractors working with borrowers in the RHS Single-Family Housing Guaranteed Loan Program.

Survey respondents said only 13% of sellers would “definitely” be likely to accept an offer from a buyer using an FHA or VA loan, compared to 66% for conventional loans.

The temporary measure allows borrowers to refinance Section 502 and 504 loans if they were, or are, in a COVID-19 forbearance moratorium.

In what may be an apples-to-orange comparison, it looks like the homeowners impacted by the COVID crisis were better off than those impacted during the Great Recession.

The U.S. Department of Agriculture plans to make it mandatory for lenders to use its guaranteed underwriting/loan closing system for all single-family loans.

Thanks to high forbearance readings and escalating delinquencies, Wells Fargo is once again playing the Ginnie buyout game. It’s not alone.