While CUNA supports increasing access to energy efficient housing modifications, the absence of conventional PACE loan consumer protections and adequate safeguards have left homeowners vulnerable and could lead to unexpected or unintended effects on the housing market.
The FHFA published a final rule in August that presents the standards, criteria and process that Fannie Mae and Freddie Mac will use to validate and approve third-party credit score models. The final rule is effective Oct. 15.
The FHFA has directed Fannie Mae and Freddie Mac to make specific modifications to the Uniform Residential Loan Application, including removal of a question CUNA feels could have raised legal and compliance issues.
Senate Majority Leader Mitch McConnell (R-Ky.) filed cloture today on the nomination of Mark Calabria to serve as director of the Federal Housing Finance Agency (FHFA). This sets up a Senate vote on confirmation in the coming days.
Credit unions play an important role in the housing finance market, and have a vested interest in the stability of the secondary mortgage market that the next director of the FHFA will help oversee, CUNA wrote Thursday.
CUNA wrote to the FHFA Tuesday opposing its proposed Federal Home Loan Bankaffordable housing goals regulations because they specifically exclude credit unions from being eligible to participate in the smaller member participation goal.
CUNA welcomes the Federal Housing Finance Agency’s efforts to adopt strong capital requirements, but has concerns about the lack of analysis of the impact on the cost of conventional mortgage credit in the primary market.
The FHFA should review all of its existing regulations for potential improvements, CUNA wrote to the agency Monday in response to the FHFA’s regulatory review plan, which it voluntarily conducts every five years.