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Regulatory Roundup: FHFA, FHA seek feedback on policy proposals

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Industry Regulation
Tuesday, June 18, 2024

Federal housing regulators have been busy requesting and reviewing feedback from industry stakeholders on a wide array of proposed changes impacting mortgage originators and other institutions. Below are two particularly impactful requests for information for the secondary market and third-party originators, as well as news from two prudential financial regulators:

FHFA seeks input on DTS proposal

 The Federal Housing Finance Agency (FHFA) issued a request for input (RFI) regarding proposed 2025-2027 Underserved Markets Plans, submitted by Fannie Mae and Freddie Mac (the Enterprises) under the Duty to Serve (DTS) program. The proposed plans cover the period from Jan. 1, 2025, to Dec. 31, 2027.

“Providing sustainable liquidity for affordable housing preservation, rural housing, and manufactured housing in a safe and sound manner is a key component of the Enterprises’ statutory responsibility to serve underserved markets,” FHFA Director Sandra Thompson said in a press release. “I look forward to hearing the public’s input and feedback on the plans the enterprises have proposed.”

Under the Housing and Economic Recovery Act of 2008, Fannie Mae and Freddie Mac are required to serve three specified underserved markets — manufactured housing, affordable housing preservation, and rural housing — by increasing the liquidity of mortgage financing for very low-, low-, and moderate-income families in those markets. FHFA said interested parties are invited to provide written input, feedback, and information on all aspects of the proposed plans by Aug. 12. Responses may be submitted through the DTS page on FHFA’s website. FHFA also will hold three listening sessions to review the proposed plans on July 15, 16, and 17. Interested participants can register here.

FHA seeks feedback on updates to Origination Defect Taxonomy

Following the publication of its Single Family Housing Drafting Table, the Federal Housing Administration (FHA) posted a notice seeking feedback on the draft mortgagee letter (ML), Fraud or Misrepresentation Involving Sponsored Third-Party Originators. The draft ML proposes updates to the FHA’s defect taxonomy to include fraud or material misrepresentation involving a third-party originator (TPO) as a Tier 1 severity defect. The proposed changes are indented to better align the defect taxonomy with these existing requirements and mitigate risk to the Mutual Mortgage Insurance Fund (MMI Fund). Interested stakeholders are encouraged to thoroughly review the draft ML and provide feedback through June 24. Instructions for viewing the draft ML and providing feedback are available here.

OCC launches ‘Project REACh 2.0’

The Office of the Comptroller of the Currency (OCC) announced the launch of REACh 2.0 at its Project REACh (Roundtable for Economic Access and Change) Financial Inclusion Summit. The initiative was created to gather leaders from the banking industry, national civil rights organizations, business, and technology to identify and reduce barriers that prevent full, equal, and fair participation in the nation’s economy, according to an OCC press release.

“Through Project REACh, more than 100,000 credit invisibles now have access to credit and more than half a billion dollars has been invested into minority depository institutions,” Acting Comptroller of the Currency Michael Hsu said in the release. “As we tackle additional barriers that prevent full, equal, and fair participation in the nation’s economy, we’ve made structural changes to Project REACh so we can sharpen our efforts and leverage new opportunities.”

With the launch of REACh 2.0, working groups will replace workstreams and focus on place-based initiatives; underserved and disadvantaged populations; technology; and tools, products, and services. Existing REACh projects will transition to the new working groups. Learn more here.

NCUA releases Q1 state-level data report

The National Credit Union Administration (NCUA) released its state-level data report for the first quarter, indicating a decline in assets, shares and deposits among federally-insured credit unions to begin the year. This decline came with a 4 percent increase in loans outstanding and delinquencies grew at the median, according to the report. Median assets declined by 0.8 percent and shares and deposits dropped by 2.1 percent, according to the report.

During the previous year, loans grew by 13.3 percent at the median. The median total delinquency rate was 53 basis points at the end of the first quarter this year, compared with 38 basis points at the end of the first quarter of 2023. The full report is available here.

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