What will it take to get lenders to roll out targeted lending programs?
Good afternoon! Was this newsletter forwarded to you?Sign up here.
Hello, LOs!
What will it take to get lenders to roll out targeted lending programs?
At the end of last year, the Department of Housing and Urban Developmentclarified some lingering concerns that a special purpose credit program — a lending product that can be tailored to benefit a specific protected class — might draw fair lending violations.
Three months later, HUD is still working on getting lenders on board. In a press call Thursday, HUD officials from the Office of Fair Housing and Equal Opportunity said that they've seen "increased interest" of late.
"We have heard [lenders] are very thankful that we released this and they're taking a very hard look at [developing programs]," a FHEO official said. But HUD officials, pressed for a specific example of a targeted lending program since they cleared up the ambiguity, could not provide any.
One reason for the slow rollout may be that HUD does not supervise lenders. That is the responsibility of the banking agencies — the Federal Deposit Insurance Corporation, the Federal Reserve and the Office of the Comptroller of the Currency — and the Consumer Financial Protection Bureau.
HUD officials said they're working to ensure they are "on the same page" with those regulators, so that when lenders ask their regulator about special purpose credit programs, they receive the same answer.
LOs, if you know of a special purpose credit program in the works, I want to hear about it. Please drop me a line at gkromrei@housingwire.com.
Georgia Kromrei
Senior Mortgage Reporter, HousingWire
Bill would combat appraisal bias with new agency, public GSE database
Appraisals & Valuations
A draft discussion bill circulated this week, sponsored by House Financial Services Chairperson Maxine Waters (D-CA), would strike the Appraisal Foundation, and replace it with an independent federal agency.
In the first couple months of 2022, we're already seeing vast improvements! Start expecting more from your AMC. Whether it's turn times, on time rates, or communications updates -- if you're not seeing improvements, you're working with the wrong AMC! Learn more!
Sponsored by Class Valuation
Cracking the code on marketing to the realtor channel
Presented by 1000watt
As lenders adapt to a purchase-centered market, HousingWire spoke to Brian Boero, CEO of 1000watt, about opportunities to grow lenders' effectiveness in the real estate agent and broker market.
The senior executive exodus at Fannie Mae continues: the latest departure is Kimberly Johnson, executive vice president and chief operating officer of the government sponsored enterprise.
HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039
.jpg?width=1116&upscale=true&name=815236532-SLD-BannerAd-970x250-B%20(5).jpg)
.jpg?width=1116&upscale=true&name=TPO_Ad_Campaign_HousingWire970x250%20(2).jpg)
EmoticonEmoticon