USDA plans revisions to its single-family housing loan guarantee program guide; HUD raises civil monetary penalties; USDA lowers interest rates for its direct loan program; NAIHC names new executive director; FHA and USDA offer training opportunities in March.
The Supreme Court in a unanimous decision last week ruled that federal home loan agencies are not immune from civil monetary penalties for violations of the Fair Credit Reporting Act.
Loans to communities ranked with a high social vulnerability index made up roughly 22% of Rural Housing Service-guaranteed single-family home loans in the fourth quarter of 2023. (Includes data table.)
Rep. Member Maxine Waters, D-CA, urged Congress to pass the housing package that had been part of an earlier session’s Build Back Better bill; MISMO launches working group for federal housing agency dataset to support servicers; VA updates COVID-19-era loss-mitigation support; VA extends rescission date for assisted appraisal processing program; USDA raises appraisal fee for direct loans; USDA announces limited waiver for SFHGL servicers.
The Community Home Lenders of America recently called for a single credit scoring process across conventional and government home loan programs. Spokespersons for FHA, VA this week said the agencies are considering a bi-merge credit scoring process.
The vast majority of FHA loans originated by both banks and nonbanks are securitized. Meanwhile, Banco Popular is retaining some of its FHA production in portfolio.
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