The House Committee on Financial Services last week marked up legislation that would devote $322 billion in funding to affordable housing, including for a pilot program to expand small-dollar lending options for homes that cost up to $100,000.

During a recent conference, officials from government agencies spoke about their responses to the COVID-19 pandemic and the top challenges facing them next year.

President Biden’s planned nomination of Alanna McCargo to serve as Ginnie Mae president received widespread support from the industry.

The Congressional Budget Office estimate compares to a record 2020 that saw VA guarantees total more than $375 billion.

Refinances made up nearly 50% of the reverse mortgages originated in the second quarter of 2021. Overall volume in the HECM market increased in the first six months compared to the same period a year earlier. (Includes two data charts.)

Ginnie extends certain COVID-related exemptions; VA introduces new API; FHA upgrades its tech platform; FHA to host session for nonprofits that want to bid on distressed properties; FHA announces lender recertification training session; and NAR says student debt dampening homebuying among millennials.

HUD joins FHFA in limiting sale of REO property to investors. The plan is to make sure more affordable housing is available to private buyers and nonprofits.

In a bid to bring 100,000 new affordable homes to market for purchase or rent in the next three years, HUD will limit the sale of certain FHA-insured and HUD-owned properties to institutional investors.

As part of FHA’s ongoing outreach to industry, Julienne Joseph, deputy assistant secretary for single-family housing, released a video answering servicers’ questions on COVID-19-related loss-mitigation options.

Servicers can temporarily offer repayment plans to HECM borrowers regardless of their total outstanding arrearage. Also, servicers no longer have to wait for three years before seeking an assignment of a HECM they have cured with their own funds.