Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Politics & Money

CFPB issues final HMDA rule

Rule to provide relief to smaller lenders

The Consumer Financial Protection Bureau issued its final rule for the Home Mortgage Disclosure Act, which could lessen the burden for some smaller lenders.

Under the new rule, the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA will be extended for two years until January 1, 2022. The current temporary threshold is 500 open-ended lines of credit. For data collection years 2020 and 2021, financial institutions that originated fewer than 500 open-end lines of credit in either of the two preceding calendar years will not need to collect and report data with respect to open-end lines of credit.

Last year, the CFPB relaxed some of the requirements for the data collection and reporting stipulated by HMDA. The policy exempted insured depository institutions and credit unions that originated less than 500 closed-end mortgages or 500 open-end lines of credit in each of the two preceding years from certain HMDA reporting requirements.

Then in May, the CFPB proposed easing HMDA reporting requirements even more. The CFPB proposed new HMDA rules that would increase the HMDA reporting threshold for mortgages, meaning some smaller lenders and credit unions may not have to report their lending activities, at all.

Under the current rules, lenders that originate 25 mortgages or more in a two-year period are required to report to their HMDA data to the CFPB.

The new proposal establishes new reporting thresholds that are under consideration. According to the CFPB, the new rules would raise the HMDA reporting requirement to either 50 or 100 mortgages during a two-year period.

But while the CFPB said it expected the new threshold to go into effect on January 1, 2020, it is now saying it will not issue a final rule that covers these thresholds until 2020.

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3d rendering of a row of luxury townhouses along a street

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