The Federal Housing Finance Agency (FHFA) has launched a proposal to repeal its 2024 Fair Lending, Fair Housing, and Equitable Housing Finance Plans rule, citing redundancy with existing regulations and seeking to ease administrative burdens on Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. The move marks a significant shift in housing policy less than two years after the rule was finalized.
A new debate is emerging in Washington as lawmakers push back against a controversial move by Federal Housing Finance Agency (FHFA) Director Bill Pulte, who has instructed Fannie Mae and Freddie Mac to explore the use of cryptocurrency in mortgage underwriting. The initiative would permit borrowers to include crypto assets held on U.S.-regulated exchanges in their financial reserves—even without converting them to dollars—raising alarms among Senate Democrats.
Home equity lending is growing rapidly in the U.S. as more homeowners unlock record levels of home value to fund renovations, consolidate debt, or access liquidity without refinancing their first mortgages. According to the Mortgage Bankers Association, originations of home equity lines of credit (HELOCs) and closed-end second mortgages rose by 7.2% in 2024, with outstanding balances climbing by 10.3%.
FHFA has released detailed responses to lender questions concerning its recent directive expanding the use of VantageScore alongside FICO for mortgage underwriting. These clarifications are meant to smooth integration, maintain data consistency, and address concerns about compliance and operational challenges.
June’s Consumer Price Index (CPI) report likely closed the door on the possibility of a Federal Reserve rate cut in July, as inflation remains more persistent than many had anticipated. The data suggest that monetary policy will stay tighter for longer, leaving borrowers, homebuyers, and markets adjusting their expectations for relief.
In recent year, FHA has published updates to the rules that affect how to process a FHA Reverse Mortgage or Home Equity Conversation Mortgage. This process is completed through what is a “Financial Assessment” that was added to the Reverse Mortgage effective date April 27, 2015. FHA required each lender to process a prospective mortgagor on all HECM transaction type.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
As a mortgage underwriter, licensed mortgage loan originator and as a housing counselor it is amazing how many people do not understand the reverse mortgage program, HUD calls it the Home Equity Conversion Mortgage (HECM).
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Every year millions of American tax payers must file their federal and state tax return forms by April 15. As I look at my calendar tax filers have two more weeks to file unless they go on extension. Over the years my home has been my cash cow to enable my wife and I to get back a bundle of dollars from both the Internal Revenue Service and from the state (New York) where I reside. In fact my employer(s) often have trouble with the way I file the W – 4 form.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Hello All – I am sure that once President Obama has had time to digest all his duties, there will be changes in the mortgage industry; however, until then everything is pretty much status quo.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Bonnie Wildt
I have said it before and I will say it again and that is, do not believe everything you hear or read for that matter. In this particular instance I am referring to AUS Findings. I have had countless conversations with processors and loan officer who want to know why I am asking for documentation that the AUS findings have clearly stated wasn’t needed or worse, they can’t believe I am turning a loan down that has an Approve/Eligible. So here it is again and pay particular attention to the details because just because you have an Approve/Eligible or Accept doesn’t necessarily mean you have a done deal.