In what appears to be a response to recent bank failures, Freddie has said servicers are responsible for any losses out of custodial accounts if a depository goes bankrupt.
Mortgage industry participants said Fannie should make public a list of condo projects that are ineligible for sale to the enterprise. Fannie said lenders have other financing outlets, including holding the loans in portfolio.
The mortgage industry has raised concerns over the cost implications of both the CFPB’s proposed repeat offender registry and its proposed registry of contract terms that nonbanks use to censor customers.
Both Fannie and Freddie made significant strides in meeting the objectives laid out in their 2022 equitable housing finance plans, according to progress reports released by the enterprises.
Federal banking regulators can take actions to address issues among regional banks without legislation from Congress, the Biden administration said in a statement. Bank trade groups asked for a wait-and-see approach.
The updated UAD is supposed to improve the accuracy and efficiency of the appraisal process, but lenders worry it will add significant costs to the mortgage process.
Industry stakeholders have welcomed the FHFA’s plan to make payment deferrals a regular part of loss mitigation. MBA suggested more standardization of workout options is in order.