These are the most important and latest government-sponsored enterprise moves, mortgage banking po legislative proposals affecting the secondary mortgage market. New or updated items are marked.Topic: Action: What* NEW: Proposed affordable housing lending goals were given to Fannie TougFannie Mae, and Freddie by the Department of Housing and Urban Development mayFreddie Mac These goals require both agencles to ensure that 30% of broa30/30 Goals their business goes to low- and moderate-income loans and hous central city lending programs. The congressionally mandated goals will be enforced by HUD and carry a $25,000-a-day penalty, which carries through until the goal is reached.FHA Loan Limit After long speculation, HUD confirmed July 28 it was considering PropIncrease raising FHA loan limits to help first-time home buyers in high-cost rea areas become homeowners. The department also said it was Cong considering using alternative forms of finance and mortgage 199 products, as well some risk-sharing arrangements.Ginnie Mae Acting Ginnie Mae President Robert Kalish confirmed July 27 that NewRemics the long-awaited Ginnie Mae Remics program was being developed vehi he expected them to reach the streets by Jan. 1. Kalish said Fan he also expects the agency to meet its earnings goals of $146 Fred million the first year and $730 million over five. sharLender-Purchased Freddie Mac announced it will only purchase home mortgages FredMortgage Insurance with lender-purchased mortgage insurance under negotiated transactions lend The purchase contract for such transactions must provide insu for the delivery of mortgages with lender-purchased coverage. befoLoan-Level A new Fannie Mae program lets mortgage bankers vary the SimiBuyups, guaranty fee rate among the loans in the pool, thus converting progBuydowns excess servicing to upfront cash when a pool contains loans with comp different gross note rates. The buyups and buydowns are available on all fixed-rate MBS products for single-lender and Fannie Majors (multiple-lender) pools.Lobbying by GSEs The Senate approved a provision in the lobbying reform bill that Disc will require significant additional disclosure of Fannie Mae, Sallie coul Mae and Freddie Mac's lobbying activities, including total expenditures unwe by GSEs of salaries and overhead of in-house staff and for retainers of independent consultants.* NEW: The banking industry is lobbying Congress to persuade Fannie CongResidential loan Mae and Freddie Mac to ease appraisal standards for residential mayappraisal standards loans sold in the secondary market. The Federal Deposit Insurance have Corp. has proposed raising the thresholds for mandatory Fann appraisals to $250,000 from $100,000. policies.* UPDATE: The Department of Housing and Urban Development was scheduled HUDRespa Decision Aug. 6 to hear arguments on the four provisions of the Real proc Settlement Procedures Act. The department said testimony on p and comments will be reviewed and a decision will be rendered on may whether it plans to keep or modify them. mont
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
May 3 -
A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
May 3 -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
May 3 -
The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
May 3 -
Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
May 3 -
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
May 3