Search Results for keywords:"mortgage servicing"

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Search Results: keywords:"mortgage servicing"

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  • 2024-29390 — Disbursing Multifamily Mortgage Proceeds: Permitting Mortgagees To Disburse Mortgage Proceeds With Mortgagor-Provided Funds
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    Type:Rule
    Citation:89 FR 100739
    Reading Time:about 20 minutes

    The Department of Housing and Urban Development (HUD) has issued a final rule that permits mortgage companies to disburse up to 1% of a mortgage amount before using all of the funds provided by the borrower. This rule is meant to simplify the process of combining mortgages into mortgage-backed securities and help ensure interest rates for FHA-insured mortgages remain competitive. Public comments suggested more flexibility in disbursement limits, but HUD maintained the 1% limit to manage risks effectively. This final rule also makes minor organizational changes to existing regulations.

    Simple Explanation

    HUD, a government agency, made a new rule letting banks give out 1% of a house loan before spending all the money the borrower put in. This change is to make things smoother for putting these loans in bundles, sort of like bagging marbles together, so they can be shared with others, helping to keep costs fair for everyone.

  • 2021-01601 — Supervisory Highlights, Covid-19 Prioritized Assessments Special Edition, Issue 23 (Winter 2021)
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    Type:Notice
    Citation:86 FR 7271
    Reading Time:about 40 minutes

    The Bureau of Consumer Financial Protection shared its observations on how various financial services adjusted during the COVID-19 pandemic, as highlighted in this special edition of Supervisory Highlights. The report documents the Bureau's assessments in areas like mortgage, student loans, auto loans, credit cards, and more, noting challenges faced by these sectors and their responses to rapidly changing consumer needs. Many financial institutions struggled with increased consumer requests for assistance, inaccurate information dissemination, and operational adjustments, highlighting risks that could potentially harm consumers. The Bureau aimed to help these institutions recognize and address these risks to better protect consumers.

    Simple Explanation

    The Consumer Financial Protection Bureau looked at how banks and lenders handled changes during COVID-19, like helping people with loans and credit cards. Financial places had a hard time keeping up with so many requests and sometimes messed up, so the Bureau wants to help them do better to keep people safe.