CHLA Joins Other Groups in Letter to FHA to Eliminate Indemnification Penalties for New Loans with Forbearance
CHLA, along with consumer groups and other trade groups, sent a letter to HUD Secretary Ben Carson, asked FHA to eliminate its recently adopted 20% 1st loss indemnification penalty on properly underwritten loans that go into forbearance prior to being insured by FHA.
CHLA Asks Federal Mortgage Officials to Facilitate Refis to Borrowers with Forbearance that Regain their Jobs
CHLA today sent a letter to top federal mortgage officials, asking them to be flexible in allowing refinancing loans to borrowers that regain their jobs after going into forbearance – without imposing higher fees – as an alternative to a partial claim to deal with the missed payments. The model is the post-2008 GSE HARP program, except the exemption would be for recently missed payments
CHLA Urges Fannie and Freddie to Purchase Loans with Post-closing forbearance – to stabilize Correspondent Lending
CHLA sent a letter to FHFA, Fannie Mae, and Freddie Mac asking the GSEs to purchase properly underwritten loans (and not demand repurchase on loans) that go into forbearance after a loan closing. The purpose is to stabilize aggregator pricing and purchasing of conventional loans, and to address the growing financial risks of correspondent lenders being stuck with unsaleable loans because of such forbearance.
CHLA Asks Top Federal Officials for Small IMB Lender Protections to Sell Loans in Wake of Forbearance
CHLA today sent a joint letter to Federal Reserve Chairman Powell, Treasury Secretary Mnuchin, HUD Secretary Carson, and FHFA Director Calabria, asking that any credit facility or advances made available to mortgage servicers that purchase loans from correspondents be condition on prohibiting refusals to buy loans or imposing inferior terms and conditions solely due to forbearance status.
In a Housing Wire Op-Ed, CHLA Member Anthony Kellum of Kellum Mortgage highlights CHLA Recommendations to the incoming Biden Administration to expand FHA’s role in
In a National Mortgage News Op-ed, Matt Van Fossen and Taylor Stork make the case for smart state regulation of mortgage firms, in areas like
The Community Home Lenders Association (CHLA) today released a set of comprehensive FHA recommendations it is calling on the Biden/Harris Administration to act on to