Federal Housing Finance Agency Director Bill Pulte directed Fannie Mae and Freddie Mac to end support for special purpose credit programs earlier this year. But now other agencies are also ending authorization for the programs.
The Mortgage Bankers Association supported the Department of Housing and Urban Development’s proposal to cease requiring a permanent steel chassis on the upper floors of a tiered manufactured structure. The National Association of Home Builders urged HUD to update its codes so the structures remained safe.
Senate Democrats press OMB Director Vought to release previously allocated and designated grant funding for organizations to build and rehabilitate housing.
The Department of Housing and Urban Development plans to pursue rulemaking to allow a partial claim to be secured under the original mortgage, rather than as a subordinate note.
The CFPB plans to issue a servicing rule in August and is considering revisions to ATR/QM requirements. Both HUD and VA have a long list of rulemaking plans, while FHFA’s regulatory agenda is more limited.
Under the proposed rule, the new definition of a manufactured home would allow upper floor sections to be transported and constructed without a permanent chassis.
Lenders responsible for the majority of conventional mortgage originations are currently using VantageScore in some fashion, but it’s still not clear how they deal with differences between VS4 and classic FICO.
FHFA Director Bill Pulte said 21 large lenders will roll out the new score with the GSEs, though all lenders are eligible. FHA also plans to accept VantageScore and FICO 10T.