{"id":59419,"date":"2025-03-20T03:01:10","date_gmt":"2025-03-20T02:01:10","guid":{"rendered":"https:\/\/housesmarketplace.com\/chla-urges-fhfa-director-to-keep-issues-for-small-imbs-in-mind\/"},"modified":"2025-03-20T03:01:10","modified_gmt":"2025-03-20T02:01:10","slug":"chla-urges-fhfa-director-to-keep-issues-for-small-imbs-in-mind","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/chla-urges-fhfa-director-to-keep-issues-for-small-imbs-in-mind\/","title":{"rendered":"CHLA \u043f\u0440\u0438\u0437\u044b\u0432\u0430\u0435\u0442 \u0434\u0438\u0440\u0435\u043a\u0442\u043e\u0440\u0430 FHFA \u0443\u0447\u0438\u0442\u044b\u0432\u0430\u0442\u044c \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u044b \u043c\u0430\u043b\u044b\u0445 \u041c\u041c\u0411"},"content":{"rendered":"
\n

Given the current housing environment in the U.S., the Federal Housing Finance Agency<\/strong> (FHFA<\/a>)\u2019s new leader should prioritize the affordable housing footprint across the country, find ways to cut costs in the origination of mortgages and take additional moves designed to mitigate risk.<\/p>\n

This is according to the Community Home Lenders of America<\/a><\/strong> (CHLA), who submitted a letter<\/a> with its perspectives to new FHFA Director Bill Pulte<\/a> on Tuesday.<\/p>\n

After congratulating him on his confirmation and expressing its support for the idea that FHFA can act administratively to remove the government-sponsored enterprises<\/a> (GSEs) from conservatorship, the organization requested Pulte keep the impact of any planned cuts in mind.<\/p>\n

\u201c[W]e ask that any cuts in FHFA staff or in Enterprise costs not result in the Enterprises reducing their broad base of seller-servicers \u2014 or in a return to repurchase policies for performing loans with technical defects that harmed lenders and borrowers alike,\u201d the letter said. \u201cFurther, we believe Fannie [Mae]<\/a><\/strong> and Freddie [Mac]<\/a><\/strong> can continue to operate in a safe and sound manner \u2014 while fully maintaining their affordable housing mission.\u201d<\/p>\n

4 key recommendations<\/h2>\n

The letter goes on to make four key recommendations:<\/p>\n

1. The GSEs \u201cshould maintain their affordable housing footprint, including condo, investor, and second home loans \u2014 without volume caps or fee increases unrelated to risk.\u201d
2. Both companies \u201cshould strictly adhere to PSPA cash window requirements \u2014 and should not reduce the number of seller-servicers, whether out of convenience or to cut costs.\u201d
3. Fannie and Freddie should \u201ccomplete the process of replacing repurchase demands for performing loans with loan defects with an indemnification fee based on Enterprise risk.
4. The GSEs should \u201ctake actions to cut mortgage origination costs,\u201d including by rejecting the \u201cbi-merge<\/a>\u201d credit proposal in favor of the tri-merge system accounting for reports from all three major credit rating agencies, while also addressing \u201cFICO<\/a><\/strong>\u2019s monopolistic credit score price hikes.\u201d<\/p>\n

In January 2021, during the waning days of the first Trump administration, FHFA and the U.S. Department of the Treasury<\/a><\/strong> amended Preferred Stock Purchase Agreements (PSPAs) and implemented a volume cap of 7% on the number of single family mortgages by the GSEs secured by investment properties and other properties, including second homes.<\/p>\n

\u201cWith no other way to ensure compliance with this cap, Fannie and Freddie imposed these caps at the seller-servicer level, on each individual lender,\u201d the letter said. \u201cMoreover, these caps were imposed retroactively, based on the prior 52 week average purchases for each Enterprise.\u201d<\/p>\n

This led to lenders \u2014 particularly those with a focus on investor loans or those tied to second homes \u2014 suspending their abilities to originate qualified investment and second-home loans to the GSEs. Eight months later in Sept. 2021, FHFA suspended the 7% cap and the following January increased guarantee fees<\/a> on second-home loans.<\/p>\n

Filling the affordable housing gap<\/h2>\n

The overarching objective, CHLA said, was to \u201creduce the footprint of Fannie and Freddie \u2013 and they appear to be based on the premise that banks or the private label securities (PLS) markets would step in to fill the gap,\u201d the letter said.<\/p>\n

But there has been a \u201csharp decline\u201d in PLS and bank mortgage lending since the financial crisis, making it \u201chighly unlikely the resulting affordable housing gap will be filled,\u201d the organization said. On top of this, some loans will simply go back to FHA.<\/p>\n

\u201cTherefore, CHLA opposes actions like volume caps or guarantee fee increases unrelated to risk that are designed to reduce the core affordable housing footprint of Fannie Mae and Freddie Mac,\u201d the letter added.<\/p>\n

Other parts of the letter detail how second homes have become increasingly important in the wake of the COVID-19 pandemic, how challenges have come from a rise in all-cash home purchases, a contention that investor loans help to facilitate asset building and proliferate affordable rentals,and how restrictions on these loans could increase exposure of taxpayers.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Given the current housing environment in the U.S., the Federal Housing Finance Agency (FHFA)\u2019s new leader should prioritize the affordable housing footprint across the country, find ways to cut costs in the origination of mortgages and take additional moves designed to mitigate risk. This is according to the Community Home Lenders of America (CHLA), who […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-59419","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nCHLA urges FHFA director to keep issues for small IMBs in mind - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/chla-urges-fhfa-director-to-keep-issues-for-small-imbs-in-mind\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CHLA urges FHFA director to keep issues for small IMBs in mind - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"Given the current housing environment in the U.S., the Federal Housing Finance Agency (FHFA)\u2019s new leader should prioritize the affordable housing footprint across the country, find ways to cut costs in the origination of mortgages and take additional moves designed to mitigate risk. 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