RHS proposes rule for use of automated underwriting and closing systems; Ginnie revises capital requirements for certain entities; VA clarifies new procedures for alternative valuation; USDA announces toll-free lender line; VA report on home loan program; FHA working to promote energy-saving products in home rehabilitations.
The Department of Housing and Urban Development is bolstering efforts to expand and support secondary market access for community development financial institutions through Ginnie Mae.
With prospects for the Build Back Better Act doomed, Senate leadership has proposed a new version of the budget reconciliation legislation under the moniker the Inflation Reduction Act.
USDA’s Rural Housing Service will propose rules to grant “delegated lenders” in its Single-Family Housing Guaranteed Loan program the authority to make loans using automated loan underwriting and closing systems.
The Inflation Reduction Act of 2022 doesn’t approach the level of funding for housing that was included in last fall’s Build Back Better version of the reconciliation bill.
Industry experts are calling on mortgage lenders to boost spending on cybersecurity given the increased risk of cyberattacks due to work-from-home arrangements.