HUD said Jan. 20 it will permit individuals classified under the “Deferred Action for Childhood Arrivals” program (DACA) with the U.S. Citizenship & Immigration Service and are legally permitted to work in the U.S. to apply for mortgages backed by FHA.
Category: News and Trends
CFPB Issues Final Rules Clarifying Role of Supervisory Guidance, Escrow Accounts
In final actions of the Trump Administration, the Consumer Financial Protection Bureau yesterday issued two final rules. The first confirms the Bureau’s use of supervisory guidance for its supervised institutions; the second exempts certain financial institutions from establishing escrow accounts for higher-priced mortgage loans.
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“The term ‘lawful residency’ pre-dates DACA and thus did not anticipate a situation in which a borrower might not have entered the country legally, but nevertheless be considered lawfully present. To avoid confusion and provide needed clarity to HUD’s lending partners, FHA is waiving the above referenced FHA Handbook subsection in its entirety. In a subsequent update to the FHA Handbook the language will be removed.”
–From a HUD announcement clarifying FHA loan eligibility for DACA participants.
MBA Letter Offers Support for Yellen Treasury Nomination
Janet Yellen, President-Elect Joseph Biden Jr.’s nominee for Treasury Secretary, appears this morning for a confirmation hearing before the Senate Finance Committee. Ahead of the hearing, the Mortgage Bankers Association sent a letter in support of her nomination.
Biden Nominates Rohit Chopra to Lead CFPB
President-Elect Joe Biden on Monday nominated Rohit Chopra, who worked closely with Elizabeth Warren in creating the Consumer Financial Protection Bureau in the wake of the Great Recession, to serve as the Bureau’s next Director.
Insurance Quotes and Coverages: Hardening Insurance Market and Lender Implications
MBA Newslink interviewed Servicer Council Vice Chair Laura Smith and Nick Yuhas, who recently co-authored a white paper with other members of the Insurance Regulatory Group on the Hardening Insurance Market.
FHFA Amends GSE Stock Purchase Agreements; Leaves Decision on Conservatorship to Biden Administration
Fannie Mae and Freddie Mac will not exit federal conservatorship under the Trump Administration; the Federal Housing Finance Agency will leave that decision to the Biden Administration, FHFA said Thursday.
MBA Education’s David Upbin on How MBA Education Can Help Lenders and Servicers in 2021
David Upbin is Vice President of Education Operations and Programming & MBA Strategy with the Mortgage Bankers Association. He joined MBA in 2013 and is responsible for financial management, operations, delivery and programming of MBA Education’s suite of training products and events.
Most Americans Falling Behind on Retirement Planning
A report from Clever Real Estate, St. Louis, shows the majority of Americans are not saving enough money for their retirement—and retirees are living beyond their means.
2020 Foreclosure Activity at 16-Year Low
ATTOM Data Solutions, Irvine, Calif., said U.S. foreclosure filings fell to just over 200,000 in 2020, the lowest level since it began tracking such data in 2005.