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.
CHLA Writes Top Mortgage Regulators Seeking Action and Offering Solutions to Concerns about Small IMB Liquidity
CHLA today wrote a joint letter to Treasury Secretary Mnuchin, HUD Secretary Carson, and FHFA Director Calabria asking for quick action to ensure the liquidity of smaller IMB servciers in the wake of coronavirus and a 2-month foreclosure moratorium – offering solutions to increased advance responsibilities such as Ginnie Mae advances or guarantees of bank loans to IMBs for that purpose.
CHLA Writes FHFA to Seek Suspension of Increased Net Worth and Liquidity Requirements Due to Coronavirus; Also Seeks Small IMB exemption due to their lower financial & systemic risk.
CHLA today wrote the FHFA asking for a suspension of implementation of pending increased net worth and liquidity requirements for GSE servicers, arguing that it would harm access to credit for lenders and borrowers, in the middle of the coronavirus crisis. The CHLA letter also argued that smaller IMBs should be exempt from the requirements, due to their significantly lower financial and systemic risk relative
CHLA submitted a detailed letter to Ginnie Mae asking it to scrap the proposed increased financial requirements and risk-based capital rule – or rework them
Bill Cosgrove highlights key findings from CHLA’s recently released IMB Report – explaining how IMBs have become a dominant mortgage force, lead in lending to
In a joint letter to Treasury Secretary Yellen and new Acting FHFA Director Sandra Thompson just hours after she was appointed, CHLA presses once again