Mortgages

The Community Home Lenders Association has called for suspension of federal limits on the loan volumes that Fannie Mae and Freddie Mac can purchase from individual lenders. The demand came on the same day that the Biden administration fired FHFA Director Mark Calabria and started the process of nominating his successor.

Thompson, who was most recently the deputy director of the FHFA’s Division of Housing and Mission Goals, replaces Mark Calabria, who was fired Wednesday afternoon.

The new calculation of borrowers’ monthly obligations will allow for a higher debt load from tuition, potentially opening eligibility to more Black applicants, according to public officials.

The lender's founder and CEO says the acquisition of Roscoe State Bank will give it new products and referral sources.

The Department of Housing and Urban Development reinstituted the “affirmatively furthering fair housing" measure, which the Trump administration had argued was overly prescriptive, and promised a later rulemaking to bolster the policy.

The average American’s financial picture is bleaker than government data suggests, according to the former comptroller of the currency. Research from his new organization, the Ludwig Institute for Shared Economic Prosperity, has found that unemployment is higher and household wages are lower than reported by the Bureau of Labor Statistics.

On Mar. 31, 2021. Dollars in thousands.

On Mar. 31, 2021. Dollars in thousands.

Sen. Pat Toomey of Pennsylvania, the Banking Committee's top Republican, is talking up the prospects of a bipartisan deal to overhaul Fannie Mae and Freddie Mac. But Democratic leaders sound less motivated to change the status quo for the government-sponsored enterprises.

On Mar. 31, 2021. Dollars in thousands.

The funding requests break sharply with the Trump administration's calls to eliminate key housing funds and backing for community development financial institutions. The White House also wants to substantially increase the budgets of the Treasury Department and the Small Business Administration.

The White House directive may lead regulators to develop new mortgage underwriting standards, stress-test requirements and flood insurance policy, observers said.

Only 0.9% of mortgage borrowers are currently at least 90 days delinquent. That figure could rise as high as 3.8% once pandemic-related deferrals lapse — still well below the 6% mark reached after the Great Recession, according to research by the New York Fed.

Mortgage lenders have much riding on a yearslong effort to overhaul a program that requires homeowners to hold policies in flood-prone areas. A congressional panel meeting to discuss the issue was once again split between lawmakers from storm-threatened states and those concerned about government costs.

Bank of America is expanding a mortgage program for low- to moderate-income homebuyers in an effort to address racial wealth gaps.

The best-performing banks' revenue rose at nearly twice the rate of expenses thanks to mortgage refinancing and the Paycheck Protection Program.

Most of the activity covered vacant and abandoned properties or commercial loans, according to Attom Data Solutions.

The move formalizes the use of the Rocket Mortgage moniker, which has been a major part of the company’s branding since 2016.

The reduction in debt during the first quarter was the second largest on record, according to a new report by the New York Fed. Government stimulus payments and continuing limitations on travel and entertainment spending are key factors.

Minority-led community development entities often lose out in getting NMTC support. They know best which investments will have the greatest impact on communities of color.