While some of the White House’s latest measures are funded through previous legislation and codified into law, several actions rely on as-yet-unfunded proposals.
Federal agencies want servicers of government-backed mortgages to pause foreclosure proceedings when the homeowner’s application for relief under the Homeowner Assistance Fund is pending.
The new option is for borrowers who cannot achieve at least a 25% reduction in the principal and interest portion of their payment through a 30-year loan modification with a partial claim.
Experts continue to debate how and when FHA should implement insurance premium reductions. Also, last week, Julia Gordon’s nomination to head FHA advanced in the Senate.
The FHA said its multifamily portfolio has proven to be consistently resilient to significant COVID-19 impacts, and temporary underwriting requirements were no longer needed.
Efforts to shore up its workforce face challenges ranging from a high number of retirement-eligible employees to budget uncertainties and competition for talent from both industry and other housing agencies.
The Biden administration and Congress need to address some major risks to the housing-finance system, according to the Government Accountability Office. The administration is still developing plans and there’s little urgency in Congress.
Federal regulators provided status updates on several current and pending mortgage-related rulemaking initiatives. But revisions to the qualified-mortgage standards were missing from the CFPB’s agenda.
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