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This Week in Washington


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FHFA: New upfront fee implementation delayed

Posted Date: Monday, March 20, 2023
In a statement from Federal Housing Finance Agency Director Sandra Thompson, the agency announced it would be delaying the implementation of its new upfront fee for certain borrowers with a high debt-to-income ratio.

The announcement came after significant feedback from mortgage industry stakeholders.

Read on for more details.
This Week in Washington

HUD rule finalizes increase in loan mod term limits

Posted Date: Monday, March 13, 2023
The U.S. Department of Housing and Urban Development finalized a rule amending its regulations to allow for mortgagees to recast a total unpaid loan for a new term limit of 480 months.

This change will go into effect on May 8 and applies to mortgages insured through the Federal Housing Administration.

Read on for more details.
This Week in Washington

New CFPB advisory committee members announced

Posted Date: Monday, March 6, 2023
The Consumer Financial Protection Bureau appointed new members to its advisory committees.

Twenty-three individuals will serve on four boards/councils and advise the bureau on matters related to consumer finance and financial issues affecting community banks and credit unions.

Read on for more details.
This Week in Washington

Biden-Harris administration works to make homes more affordable

Posted Date: Monday, February 27, 2023
The U.S. Department of Housing and Urban Development, through the Federal Housing Administration, reduced the annual mortgage insurance premiums charged to homebuyers for mortgage insurance.

The reduction, which will save around $800 for homeowners,is part of the Biden-Harris administration’s efforts to address the affordable housing crisis.

Read on for more details.
This Week in Washington

FHA issues RFI on rehabilitation mortgage insurance program

Posted Date: Friday, February 17, 2023
The Federal Housing Administration requested information on how it can enhance its Single Family 203(k) rehabilitation mortgage insurance program.

All interested parties have until April 17 to submit their comments.

Read on for more details.
This Week in Washington

Guidance updated for support service programs for low-income seniors

Posted Date: Monday, February 13, 2023
The U.S. Department of Housing and Urban Development updated guidance for supportive services programs at properties for low-income seniors.

“Supportive services that facilitate independent senior living, increase safe socialization opportunities, and provide health and wellness benefits are a key component of our efforts to provide and expand deeply affordable rental housing for the nation’s low-income senior population,” Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon said.

Read on for more details.
This Week in Washington

FinCEN issues an alert on potential commercial real estate investments

Posted Date: Monday, February 6, 2023
The Financial Crimes Enforcement Network issued an alert for the commercial real estate sector, stating potential investments may be used to evade sanctions.

The agency wanted to remind financial institutions of their Bank Secrecy Act reporting obligations.

Read on for more details.
This Week in Washington

HUD awards Cleveland funds for affordable housing

Posted Date: Monday, January 30, 2023
The U.S. Department of Housing and Urban Development awarded a loan guarantee to Cleveland to finance the construction of affordable housing in the downtown area.

“Prioritizing affordable housing units with historic preservation isn’t just good for our economy,” Marion McFadden, principal deputy assistant secretary for the agency’s Office of Community Planning and Development, said. “It gives families a new opportunity to strive for more, once they have rent they can afford.”

Read on for more details.
This Week in Washington

Enterprise reduction in fees sparks reactions from officials, interest groups

Posted Date: Monday, January 23, 2023
The Federal Housing Finance Agency announced Fannie Mae and Freddie Mac (the Enterprises) would be making changes to their single-family pricing framework by redesigning and recalibrating upfront fee matrices for purchase, rate-term finance, and cash-out refinance loans.

Of note, it was announced the upfront fee for commingled securities would be reduced starting May 1.

Read on for industry reaction.
This Week in Washington

Financial Services subcommittee leadership, jurisdiction announced

Posted Date: Monday, January 16, 2023
As leadership switches parties in the House of Representatives, the new chair of the House Committee on Financial Services Patrick McHenry (R-NC) also announced the subcommittees, their chairs, and their jurisdiction for the 118th Congress.

“This slate of subcommittee chairs will be the drivers of our policy agenda centered around economic prosperity for all Americans,” McHenry said.

Read on for more details.
This Week in Washington
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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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