Tag Archives: FHFA

The Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) Thursday for problems qualified Limited English Proficiency (LEP) borrowers face during the mortgage lifecycle. Per FHFA’s 2017 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions, the GSEs must identify major challenges for LEP borrowers in accessing mortgage credit, analyzing potential solutions, and developing a multiyear plan appropriate for the Enterprises to support improved access. By better understanding the experience of LEP borrowers and those that serve them, the FHFA can successfully expand their statutory mandate.

The FHFA’s Q1 House Price Index Report was released Wednesday showing house prices up for the 23rd time in a row. Additionally, they were also up for the 21st time in a row year-over-year. Though this seems positive, Q1’s rate of growth nationally was minimal compared to the quarterly growth rates in years past.

The Director of the Federal Housing Finance Agency (FHFA), spoke about the FHFA and the FHLBanks at the 2017 Federal Home Loan Bank Directors’ Conference Tuesday. Mel Watt began with positive news about FHLBank performance and lead into the four main regulatory issues he would like to focus on. He stressed that the FHFA will carry out all work in a transparent manner.

On Wednesday, at 9 a.m. EST, the Federal Housing Finance Agency (FHFA) will release its House Price Index (HPI) for March. The Index covers single-family housing, using data provided by Fannie Mae and Freddie Mac. Previously, the FHFA reported in its February HPI that home prices rose 0.8 percent month-over-month. In the report, January’s former unchanged index was revised to a 0.2 percent increase.

The drop in HARP refinance volume follows a spike in Q3 and Q4 2016. The FHFA reports that borrowers completed 13,425 refinances through the Home Affordability Refinance Program (HARP) in Q1 2017, bringing the total amount of HARP refinances to 3,461,096. Of all refinances that quarter, HARP represented 3 percent.

The Five Star Diversity Symposium was a day-long event focused on advancing the conversation on diversity within the mortgage industry, and featured keynote addresses from industry leaders as well as panel discussions. Represented were companies and government agencies within the mortgage industry, including the Federal Housing Finance Agency (FHFA), Freddie Mac, Fannie Mae, the Consumer Financial Protection Bureau, and the Federal Home Loan Bank of Dallas.

According to a new report, serious delinquencies, short sales, deeds-in-lieu, third-party sales, and foreclosure sales were all down for the month. Earlier-stage delinquencies were up in February, however, with loans 30 to 59 days delinquent rising from 377,000 to 404,000 for the month. Of February loan modifications, 19 percent had principal forbearance, while extend-term modifications accounted for 44 percent—something the report attributes to ever-climbing housing prices.

In an effort to better serve some persistent affordable housing problems in the U.S. Fannie Mae and Freddie Mac released their proposed Duty to Serve plans. "Duty to Serve presents a welcome opportunity to lead the mortgage industry and help more American families with their housing needs," said Danny Gardner, Freddie Mac's vice president of affordable lending and access to credit. The purpose of the plan is to better serve some persistent affordable housing problems in the U.S.

Though Freddie Mac’s net income was lower this quarter than last, the GSE will still pay $2.2 billion in dividends to the U.S. Treasury for this quarter, according to its recent financial results report. The agency saw single-family revenues, purchase volumes, and mortgage-related investments all decline for Q1. These declines, according to Freddie Mac CEO Donald Layton, were due to steady interest rates and low market spreads

The Financial Services Roundtable has appointed Ed DeMarco to head its Housing Policy Council. DeMarco has previously served at FHFA, the Treasury Department, the Milken Institute, and the Social Security Administration. He takes the helm starting June 1.