Poor internal controls at FHFA failed to prevent or correct errors totaling almost $4 million, according to the Government Accountability Office. The solution: better communication between accounting and other business units.
Mortgage professionals can use a free online tool from Fannie to get more accurate income calculations and benefit from rep and warrant relief for the loans they sell to the GSE.
NAMB has urged FHFA to end the GSEs’ use of LLPAs targeting second homes and investment properties and to lower the AMI threshold for borrowers to qualify for affordable housing programs.
CFPB researchers determined that, although loans for second homes declined after FHFA imposed steep fees on those loan types, the expected increase in primary-residence loans never materialized.
Although high interest rates have cut into GSE acquisitions, depriving PMIs of new business, they have also prevented homeowners from selling, allowing insurers to hold on to the business they have.
Democrats on the Senate Banking Committee asked the FHFA OIG to determine whether the agency’s director has broken any laws during his tumultuous first few weeks in office.
Smaller shops may support an end to the GSE conservatorships, but only if it’s done in a way that preserves pricing parity, avoids additional charters and maintains the cash window.
FHFA’s ban on the GSEs’ use of special purpose credit programs doesn’t appear to apply to HomeReady or Home Possible, neither of which has a racial or ethnic requirement.
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