Mortgage Servicing & Foreclosures Archives

Joint Trade Letter to FHA Regarding Borrower Request for Review of Appraisal Results

February 2, 2023

On behalf of the industries, clients, and communities we represent, we write to comment onHUD’s proposed process for Mortgagees when a Borrower requests a review of the appraisalresults associated with their application for an FHA-insured mortgage. This joint industryconsumer comment sets out essential principles we see as vital for the successful developmentand deployment of a…

Letter to The Appraisal Foundation Regarding Declination of Invitation to Join the Council to Advance Residential Equity

February 3, 2023

The undersigned civil rights and consumer advocacy organizations write to explain why we are at this time declining the invitation to join The Appraisal Foundation’s (TAF’s) Council to Advance Residential Equity (“Council”). Recent research and news stories highlight how appraisal bias impacts consumers and communities of color and exacerbates the racial wealth gap, which means…

Joint Letter to The Appraisal Foundation Regarding USPAP Exposure Draft: Nondiscrimination Language

February 3, 2023

The National Fair Housing Alliance (“NFHA”) and the undersigned civil rights and consumer advocacy organizations write in response to the Appraisal Standards Board’s request for comment on the proposed changes to the Uniform Standards of Professional Appraisal Practice (“USPAP”) (as shown in the Appendix), which would add nondiscrimination language to USPAP’s Ethics Rule. Appraisals are…

Advocates Praise FHA’s Expansion of Access to Foreclosure Alternatives

January 31, 2023

National Consumer Law Center (NCLC) advocates applaud the Federal Housing Administration’s (FHA) decision yesterday to give all borrowers facing financial hardship access to crucial foreclosure alternatives that the agency developed in response to the pandemic. FHA’s announcement also makes it easier to access these options for homeowners eligible for the administration’s Homeowners Assistance Fund and…

Fannie Mae/Freddie Mac Note Sales Undermine Homeownership

January 30, 2023

Government-Sponsored Enterprises (GSEs) Undercut Goals of Expanding Homeownership Through Bulk Sales of Homes to Investors WASHINGTON – Today, the National Consumer Law Center released a report examining how Fannie Mae’s and Freddie Mac’s bulk sale of 700,000 home loans to private investors has undercut their goals of supporting and expanding homeownership. Fannie Mae and Freddie…

Report: How GSE Note Sales Undermine Homeownership

January 30, 2023

A Call for Reform By: Andrea Bopp Stark, Alys Cohen, Steve Sharpe, Geoff Walsh Congress has charged the housing giants Fannie Mae and Freddie Mac (the government-sponsored enterprises or GSEs) with the goals of supporting and expanding homeownership. Yet, during the COVID-19 pandemic, the Federal Housing Finance Agency (FHFA), Fannie and Freddie have undercut—and continue…