To the Point with Bob: FHFA Needs a Better Plan on Loan-Level Pricing Fees

On March 15, the Federal Housing Finance Agency announced that it would postpone the implementation of loan-level pricing adjustment fees that would be based on a borrowers’ debt-to-income ratio in Fannie Mae and Freddie Mac’s single-family pricing grids until deliveries on or after August 1. The delay creates an opening for FHFA to get the policy right. The DTI-based LLPA is unworkable and should be replaced.

CFPB Releases Final Rule on Small Business Loan Reporting

The Consumer Financial Protection Bureau on Thursday issued a final rule that would require some lenders to collect and report information about small business credit applications they receive, including geographic/demographic data, lending decisions and the price of credit.

National Council of State Housing Finance Agencies Announces Affordable Homeownership Lender Toolkit

The National Council of State Housing Finance Agencies, with support from the Mortgage Bankers Association and other industry trade groups, announced availability of the HFA1 Affordable Homeownership Lender Toolkit, a new online resource that will enable home mortgage lenders to partner more efficiently with state housing finance agencies in providing mortgage loans and down payment assistance to lower-income home buyers.

FHFA Delays Effective Date of GSE DTI Ratio-Based Fee to Aug. 1

The Federal Housing Finance Agency on Wednesday announced a 90-day delay in the effective date of the new Loan Level Price Adjustments for certain borrowers with debt-to-income ratios above 40 percent. The new effective date will be for deliveries on or after August 1.

MBA Launches CONVERGENCE Philadelphia

The Mortgage Bankers Association on Wednesday launched CONVERGENCE Philadelphia, its third city-based pilot program to promote and increase minority homeownership. CONVERGENCE Philadelphia joins initiatives underway in Memphis, Tenn., and Columbus, Ohio.

House Passes MBA-Supported Federal RON Bill

The House on Monday passed an MBA-supported bill that would create minimum federal standards to complement more than 40 current state remote online notarization laws.