Even though the CFPB has yet to release its final rule and related forms under its consolidated consumer disclosure project, Fannie Mae and Freddie Mac recently announced they are working on a standardized dataset to support the forms when the rule is finalized by the bureau, which is expected in October. The government-sponsored enterprises’ dataset is called the Uniform Closing Dataset, and is a component of Fannie’s and Freddie’s Uniform Mortgage Data Program, an ongoing effort to enhance the accuracy and quality of loan data...

The Federal Trade Commission plans to ask the Office of Management and Budget to extend through Nov. 30, 2016, the current Paperwork Reduction Act clearance for the FTC’s shared enforcement with the CFPB of the information collection requirements in Regulation N (Mortgage Acts and Practices – Advertising). That clearance expires Nov. 30, 2013. The FTC is inviting public comments on a handful of related issues, the first of which is whether the proposed collection of information is necessary for the proper performance of the...

Lenders would be well served to periodically re-assess the fair lending impact of their policies especially in regard to the qualified mortgage rule.

Fannie Mae said that, assuming publication of the CFPB final rule comes in the fall, more information will be available later in 2013 on implementation plans.

The three government MBS agencies issued $144.26 billion of single-family MBS last month, down 3 percent from June’s level. It was the lowest monthly production level so far in 2013.

Industry reaction to Obama’s speech was generally favorable, particularly as it related to his call for continued, unfettered access to the 30-year FRM.

Stated-income loans are being offered at 5.49 percent as long as the borrower puts down 20 percent. Meanwhile, Walter wants to keep its contract terms with Fannie Mae secret.

The Department of Housing and Urban Development will implement new guidelines spelling out changes to the Home Equity Conversion Mortgage program on Oct. 1. The guidelines will establish additional requirements to reduce losses and improve the fiscal safety and soundness of the HECM program, which has been hit hard by massive losses due to borrower default and steep home price declines. An FY 2012 actuarial audit projected $2.8 billion in HECM losses. However, the audit also projected a steady improvement of the Mutual Mortgage Insurance Fund’s HECM portfolio over the next seven years, becoming negative ...

Continued abuses has caused single-family loan originations to remain a top priority for reviews and targeted audits, according to the Department of Housing and Urban Development’s Office of the Inspector General. A specialized audit program has been developed to target lenders, considering a number of high-risk indicators, the OIG said. Although the agency did not elaborate, it did note Congress’ keen interest in FHA solvency and in eradicating policies and practices that contribute to the agency’s current financial woes. The OIG said it plans to ...

The real estate industry recommended establishing a new FHA condominium program structure to ease the burden on condo projects seeking FHA certification without posing more risk to the Mutual Mortgage Insurance Fund. Commenting on FHA’s proposal to collect information on the agency’s condominium certification process, a coalition of real estate groups said the current program is too burdensome for condo owners and potential buyers with an FHA-insured mortgage. Comprised of the National Association of Realtors, National Association of Home Builders, Institute of Real Estate Management and the ...