Trade groups are focusing on the PSPAs’ impact on the ability of the GSEs to cross-subsidize their affordable housing efforts.

Sandra Thompson’s elevation to acting director from her role as head of housing mission and goals presaged FHFA’s new focus on fair lending practices enforcement.

The changes: FHA has established a streamlined loan mod that servicers must offer to certain borrowers, GSE servicers have to follow the CFPB’s new standards a month earlier than intended, and Ginnie Mae and NCUA are allowing for a broader range of loan mods.

For the first time since QM standards took effect in early 2014, lenders can no longer rely on the government-sponsored enterprises to obtain QM status for a loan.

Fannie imposes a draconian 3% cap on NOO loans for some lenders to ensure it meets the 7% cap required under the PSPA. Freddie, already under the cap, puts its threshold at 6%.

Fannie and Freddie have provided lenders with some flexibilities on construction-related loans. Also, they will pause acquisitions of refinances of mortgages with high loan-to-value ratios.

GSE reform garnered a slight mention in the White House budget document. Meaning? Draw your own conclusions.

Applications are down but not dramatically so. Also, UWM’s CEO sees opportunities in the M&A binge, namely the ability to recruit some top-flight talent who might be left without a home.

Fannie Mae is feeling slightly more bullish on the origination picture for 2021. Also: Are lenders ready to chop heads?

Fannie and Freddie both plan to increase their acquisitions of purchase-money mortgage loans secured by manufactured homes.