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.
Banks reduced their non-agency jumbo lending in the early months of 2024, with nonbanks picking up some of the slack. Deliveries of high-balance mortgages into agency MBS also declined in the first quarter. (Includes three data tables.)
The program provides borrowers a 3% downpayment assistance second lien with up to $15,000 in financing. The loan does not accrue interest and does not require a monthly payment.
A proposal from the Urban Institute calls for a revamp of the refi process to make it more equitable for lower-income borrowers and borrowers of color.
The guidelines lay out the process lenders must develop for borrowers to request an appraisal reassessment when they believe a valuation was inaccurate or biased.
Freedom Mortgage more than doubled its production from the fourth quarter to the first. Mike Patterson, COO of the nonbank, said the growth was driven by attractive loan characteristics.
Housing Secretary Fudge resigns; IRS postpones controversial changes to IVES; regulators to alter Basel capital proposal; banking regulators waive appraisal requirements in Maui; feedback sought on bank call-report proposal.
Facing criticisms that borrowers would intentionally default to qualify for VA’s upcoming loan-modification program, the agency noted that nearly 90% of its home loan portfolio is at a 2.5% to 3% coupon.
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