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Welcome to the Industry page of FHFA’s website.  This page provides consolidated resources for small and large companies, trade groups, advocacy organizations, vendors, originators, servicers, investors, and mortgage insurers, among others who are interested in the nation’s housing finance system. 

 

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Foreclosure Prevention Report - Second Quarter 201621343<h2>Second Quarter 2016 Highlights</h2><p><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></p><ul><li>The Enterprises completed 48,438 foreclosure prevention actions in the second quarter of 2016, bringing the total to 3,741,498 since the start of conservatorships in September 2008. Of these actions, 3,087,014 have helped troubled homeowners stay in their homes including 1,962,599 permanent loan modifications.<br></li><li>The share of modifications with principal forbearance remained at 19 percent. Modifications with extend-term only accounted for 47 percent of all loan modifications in the first quarter due to improved house prices and a declining HAMP eligible population.<br></li><li>As of June 30, 2016, approximately 20 percent of loans modified in the second quarter of 2015 had missed two or more payments, one year after modification.<br></li><li>There were 6,837 completed short sales and deeds-in-lieu during the quarter, bringing the total to 654,484 since the conservatorships began in September in 2008.<br></li></ul><p><strong>The Enterprises' Mortgage Performance&#58;</strong></p><ul><li>The number of 60+ days delinquent loans declined another 6 percent to 434,952 at the end of the second quarter, which remains the lowest level since 2008.<br></li><li>The Enterprises' serious delinquency rate fell to 1.2 percent at the end of the second quarter, which is the lowest level since the start of conservatorships. This compared with 4.4 percent for Federal Housing Administration (FHA) loans, 2.5 percent for Veterans Affairs (VA) loans, and 3.1 percent for all loans (Industry average).<br></li></ul><p><strong>The Enterprises' Foreclosures&#58;</strong></p><ul><li>Foreclosure starts decreased 9 percent to 55,100 while third-party and foreclosure sales fell 6 percent to 23,348 in the second quarter.<br></li></ul><p><em>For an interactive online map that provides state data, click on the following link&#58;&#160;</em><a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx" style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;"><em>Fannie Mae and Freddie Mac State Borrower Assistance Map</em></a></p><p><a href="/Media/PublicAffairs/Pages/FHFA-Second-Quarter-Foreclosure-Prevention-Report-Shows-Continuing-Progress-on-Foreclosure-Preventions.aspx">Related News Release</a></p>9/28/2016 3:00:40 PM84http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Affordable Housing Program: Monitoring Of Income Eligibility And Rents For Shelters For The Homeless And Victims of Domestic Violence21345<table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr><td class="ms-rteTable-default" style="width&#58;100%;"><p>​<strong>ADVISORY BULLETIN</strong></p><p><strong>AB 2016-03</strong></p><p><strong>AFFORDABLE HOUSING PROGRAM&#58; MONITORING OF INCOME ELIGIBILITY AND RENTS FOR SHELTERS FOR THE HOMELESS AND VICTIMS OF DOMESTIC VIOLENCE<span aria-hidden="true"></span></strong></p></td></tr></tbody></table><p><span style="text-decoration&#58;underline;"><strong><em>Purpose </em></strong></span></p><p style="text-align&#58;justify;">This Advisory Bulletin provides guidance under the Affordable Housing Program (AHP) on how the Federal Home Loan Banks (Banks) may verify AHP household income eligibility and rents in the case of shelters for the homeless and shelters for victims of domestic violence.</p><p style="text-align&#58;justify;"><span style="text-decoration&#58;underline;"><strong><em>Background</em></strong></span></p><p>For purposes of initial monitoring of AHP rental housing projects, the AHP regulation requires that a Bank have written monitoring policies for determining whether household incomes and rents comply with the income targeting and rent commitments made in the approved AHP application.&#160; The Bank's policies must include requirements for Bank review of compliance with household income eligibility and rents, and back-up project documentation regarding household incomes and rents maintained by the project owner. &#160;12 CFR § 1291.7(a)(1)(i)(C)(<em>2</em>), (ii)(A). </p><p>In the case of long-term monitoring over the AHP 15-year retention period, a Bank's written monitoring policies must include requirements for Bank review of annual certifications, and back-up documentation submitted to the Bank by project owners, to determine that household incomes and rents are in compliance with the commitments in the approved AHP application. &#160;12 CFR § 1291.7(a)(4)(ii)(A), (B).<a href="file&#58;///C&#58;/Users/greenleer/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/JP2QTDS2/AB%20on%20AHP%20Homeless%20and%20Victims%20of%20Domestic%20Violence%20to%20FHLBanks%208-29-2016.docx"><span style="text-decoration&#58;underline;">[1]</span></a> </p><p>Under the Federal Home Loan Bank Act (Bank Act) and AHP regulation, at least 20 percent of the units in a rental project must be occupied by and affordable for very low-income households (households with incomes at or below 50 percent of area median income (AMI)).&#160; The AHP projects approved by the Banks have much higher percentages of units targeted to very low- and low- or moderate-income households (incomes at or below 80 percent of AMI), in part, due to the targeting scoring incentives in the AHP regulation.&#160; <span style="text-decoration&#58;underline;">See</span> 12 CFR&#160;&#160;&#160;&#160;&#160; § 1430(j)(2)(B); 1291.5(d)(5)(iii).</p><p>Also, under the Bank Act and AHP regulation, the rent charged to a household for a unit that is to be reserved for occupancy by a household with an income at or below 80 percent of AMI, shall not exceed 30 percent of the income of a household of the maximum income and size expected, under the commitment made in the approved AHP application, to occupy the unit, with adjustment for family size. &#160;<span lang="EN" style="text-decoration&#58;underline;">See</span> 12 CFR § 1430(j)(13)(D); 1291.1 (definition of &quot;affordable&quot;).&#160; </p><p>The Banks have requested that for purposes of meeting the AHP initial and long-term monitoring requirements for shelters for the homeless and shelters for victims of domestic violence, the Banks should not be required to obtain documentation to verify shelter residents' AHP income eligibility. </p><p><span style="text-decoration&#58;underline;"><strong><em>Analysis</em></strong></span></p><p>Back-up household income-eligibility and rent documentation available from conventional rental housing projects, such as W-2 forms and rent rolls, is typically not available from shelters.&#160; Instead, the Banks have obtained other back-up documentation such as shelter intake forms that include household self-reporting of income (often zero), or social security income documentation, but such documentation is not always readily obtainable.&#160; Intake processing in most shelters presumes that clients are indigent.&#160; Since the fundamental purpose of shelters for the homeless is to serve persons with no homes and, therefore, likely no employment or very low-paying employment, who may be relying on government assistance, it is reasonable to presume that homeless persons residing in shelters have little or no income and, thus, meet the AHP income-eligibility requirements. &#160;FHFA experience in examining Banks for compliance with the AHP monitoring requirements is consistent with this presumption.&#160; For shelters for victims of domestic violence, research from several sources indicates that the incomes of persons residing in such shelters are likely consistent with the AHP income-eligibility requirements.<a href="file&#58;///C&#58;/Users/greenleer/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/JP2QTDS2/AB%20on%20AHP%20Homeless%20and%20Victims%20of%20Domestic%20Violence%20to%20FHLBanks%208-29-2016.docx"><span style="text-decoration&#58;underline;">[2]</span></a>&#160; </p><p>Residents in homeless shelters and shelters for victims of domestic violence typically do not pay rent or may pay only a nominal amount.&#160; In those shelters that do charge rent or a nominal amount, that amount does not exceed 30 percent of a household's income and, thus, it is reasonable to presume that those shelters comply with the AHP rent requirements.</p><p><span style="text-decoration&#58;underline;"><strong><em>Guidance&#58;</em></strong></span></p><p>The intent of the AHP rental monitoring requirements is to assure that AHP income-eligibility and rent requirements are met for the AHP 15-year retention period.&#160; In light of the fundamental purpose of shelters for the homeless to serve the most indigent, and the evidence indicating that victims of domestic violence residing in shelters meet the AHP income-eligibility requirements, the likelihood of residents of such shelters not meeting the AHP income-eligibility requirements is very low.&#160; Accordingly, it is reasonable to presume compliance by such shelters with the AHP income-eligibility requirements, and the Banks do not need to obtain back-up documentation from the shelter owners verifying the residents' compliance with the AHP income-eligibility requirements.&#160; Similarly, in light of the fact that shelters charge no rent or only a nominal amount, it is reasonable to presume that the shelter rents meet the AHP rent requirements, and the Banks do not need to obtain back-up documentation from the shelter owners verifying compliance with the AHP rent requirements.&#160; </p><p>The Banks, however, must continue to verify at initial monitoring, such as by receipt of a certification from the shelter owner, that the shelter residents' incomes and the rents comply with the income-targeting and rent commitments made in the approved AHP application.&#160; <span style="text-decoration&#58;underline;">See</span> 12 CFR § 1291.7(a)(1)(i)(C)(<em>2</em>).&#160; During long-term monitoring, the Banks must continue to obtain and review annual certifications by the shelter owners that the shelter residents' incomes and the rents comply with the income-targeting and rent commitments made in the approved AHP application, as required under § 1291.7(a)(4)(ii)(A).&#160; The Banks may rely on certifications by shelter owners to verify compliance with the AHP income-eligibility and rent requirements. The guidance in this Advisory Bulletin supersedes any previous contrary regulatory guidance or interpretations concerning the documentation required to be obtained by the Banks to verify AHP household income eligibility and rents in the case of shelters for the homeless and shelters for victims of domestic violence.</p><p><a href="file&#58;///C&#58;/Users/greenleer/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/JP2QTDS2/AB%20on%20AHP%20Homeless%20and%20Victims%20of%20Domestic%20Violence%20to%20FHLBanks%208-29-2016.docx"><span style="text-decoration&#58;underline;">[1]</span></a> For AHP projects receiving Low-Income Housing Tax Credits, a Bank need not obtain reports verifying AHP income eligibility and rents during long-term monitoring, based on a presumption of compliance with the AHP income eligibility and rent requirements over the AHP 15-year retention period. &#160;12 CFR § 1291.7(a)(2). </p><p style="text-align&#58;left;"><a href="file&#58;///C&#58;/Users/greenleer/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/JP2QTDS2/AB%20on%20AHP%20Homeless%20and%20Victims%20of%20Domestic%20Violence%20to%20FHLBanks%208-29-2016.docx"><span style="text-decoration&#58;underline;">[2]</span></a> <span style="text-decoration&#58;underline;">See</span> <span style="text-decoration&#58;underline;">generally</span> Catalano, Shannon, &quot;Intimate Partner Violence in the United States, Bureau of Justice Statistics, U.S. Department of Justice, last accessed on June 29, 2016, <a href="http&#58;//www.bjs.gov/content/pub/pdf/ipvus.pdf#page6"><span style="text-decoration&#58;underline;">http&#58;//www.bjs.gov/content/pub/pdf/ipvus.pdf#page6</span></a><span style="text-decoration&#58;underline;">; </span>Breiding, M.J., Chen, J., &amp; Black, M.C. (2014), <span style="text-decoration&#58;underline;">Intimate Partner Violence in the United States — 2010,</span> Atlanta, GA, National Center for Injury Prevention and Control, Centers for Disease Control and Prevention, <a href="http&#58;//www.cdc.gov/violenceprevention/pdf/cdc_nisvs_ipv_report_2013_v17_single_a.pdf"><span style="text-decoration&#58;underline;">http&#58;//www.cdc.gov/violenceprevention/pdf/cdc_nisvs_ipv_report_2013_v17_single_a.pdf</span></a><span style="text-decoration&#58;underline;">; R</span>enzetti, C.M., &quot;Economic Stress and Domestic Violence,&quot; Harrisburg, PA, <a href="http&#58;//www.vawnet.org/"><span style="text-decoration&#58;underline;">http&#58;//www.vawnet.org</span></a>.</p><p style="text-align&#58;justify;">&#160;</p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr><td class="ms-rteTable-default" style="width&#58;100%;">​Advisory Bulletins communicate guidance to FHFA supervision staff and the regulated entities on specific supervisory matters pertaining to the Federal Home Loan Banks, the Office of Finance, Fannie Mae, and Freddie Mac. &#160;This Advisory Bulletin is effective immediately upon issuance.&#160; For comments or questions pertaining to this Advisory Bulletin, contact Sylvia Martinez at <a href="mailto&#58;Sylvia.Martinez@fhfa"><span style="text-decoration&#58;underline;">Sylvia.Martinez@fhfa</span></a><span style="text-decoration&#58;underline;">.gov</span> or 202-649-3301; or Marcea Barringer at <a href="mailto&#58;Marcea.Barringer@fhfa.gov"><span style="text-decoration&#58;underline;">Marcea.Barringer@fhfa.gov</span></a> or 202-649-3275. </td></tr></tbody></table><p>&#160;</p>9/28/2016 3:47:37 PM155http://www.fhfa.gov/SupervisionRegulation/AdvisoryBulletins/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA House Price Index Up 0.5 Percent in July 201621298<p></p><p><strong>Washington, D.C. </strong>– U.S. house prices rose in July, up <strong>0.5 percent </strong>on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) monthly House Price Index (HPI).&#160; The previously reported 0.2 percent increase in June was revised upward to reflect a 0.3 percent increase.&#160; </p><p>The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.&#160; From July 2015 to July 2016, house prices were up&#160;<strong>5.8</strong><strong> </strong><strong>p</strong><strong>e</strong><strong>r</strong><strong>c</strong><strong>en</strong><strong>t</strong>.&#160;</p><p>For the nine census divisions, seasonally adjusted monthly price changes from June 2016 to July 2016 ranged from +<strong>0.2</strong> <strong>p</strong><strong>e</strong><strong>r</strong><strong>ce</strong><strong>n</strong><strong>t</strong> in the Middle Atlantic division to <strong>+1.0</strong><strong> </strong><strong>p</strong><strong>e</strong><strong>r</strong><strong>ce</strong><strong>n</strong><strong>t</strong> in the East South Central division.&#160; The 12-month changes were also all positive, ranging from <strong>+2.6 percent</strong> in the Middle Atlantic division to <strong>+7.7 percent</strong> in the Pacific division.</p><p>Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages.&#160; Complete historical downloadable data and HPI release dates for 2016 and 2017 are available on the <a href="/hpi">HPI page</a>. </p><p>For detailed information on the HPI, see <a href="/Media/PublicAffairs/Pages/Housing-Price-Index-Frequently-Asked-Questions.aspx">HPI Frequently Asked Questions (FAQ)</a>.&#160; The next HPI report will be released October 25, 2016 and will include monthly data through August 2016.&#160;&#160;<br></p>9/22/2016 1:00:13 PM1105http://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - July 201621220<h2 style="font-style&#58;normal;">July 2016&#160;Highlights&#160;</h2><p><span style="line-height&#58;22px;">Total refinance&#160;volume decreased in July 2016&#160;after increasing over the previous three months. &#160;Mortgage rates continued to decrea</span><span style="line-height&#58;22px;">se in July&#58; &#160;the average interest rate on a 30-year fixes rate mortgage fell to 3.44 percent from 3.57 percent in June.&#160;</span></p><p><span style="line-height&#58;22px;">In July 2016&#58;</span></p><ul><li><span style="line-height&#58;22px;">Borrowers completed 5.121 refinances through HARP, bringing the total refinances from the inception of the program to 3,423,975.</span><br></li><li><span style="line-height&#58;22px;">HARP volume represented 3&#160;percent of total refinance volume.</span><br></li><li><span style="line-height&#58;22px;">Five percent of the loans refinances through HARP had a&#160;loan‐to‐value ratio&#160;greater than 125 percent.</span><br></li></ul><span style="line-height&#58;22px;">Year to date through July 2016&#58;&#160;</span><br><span style="line-height&#58;22px;"><ul><li><span style="line-height&#58;22px;">Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 21 percent of the volume of HARP loans.</span><br></li><li><span style="line-height&#58;22px;">Twenty-six percent of HARP refinance for underwater borrowers were for shorter-term 15- and&#160;20‐year mortgages, which build equity faster than traditional 30‐y</span><span style="line-height&#58;22px;">ear mortgages.</span><br></li><li><span style="line-height&#58;22px;">HARP&#160;refinances represented 9 or more percent of total refinances in Florida&#160;and Georgia, more than double the 4&#160;percent of total refinances nationwide over the same period.</span><br></li></ul></span><span style="line-height&#58;22px;">Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.</span><br><span style="line-height&#58;22px;">Ten states accounted for over 60 percent of the nation's HARP eligible loans with a refinance incentive as of March 31, 2016.</span><br><p>&#160;</p><ul style="line-height&#58;14px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;normal;"><font face="Calibri"></font><font color="#33339b" lang="JA" face="ArialMT"><font color="#33339b" lang="JA" face="ArialMT"></font></font></ul>9/16/2016 2:00:58 PM206http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Open Government Plan 201621218<p>​<font color="#2e2e2e" size="3"><font color="#2e2e2e" size="3">Pursuant to the </font></font><font size="3">Open Government Directive </font><font color="#2e2e2e" size="3"><font color="#2e2e2e" size="3">(OGD) issued by the Office of Management of Budget, </font></font><font size="3">this document reflects FHFA’s 2016 Open Government Plan (Plan) </font><font color="#2e2e2e" size="3"><font color="#2e2e2e" size="3">to advance the principles of transparency, participation, and collaboration that form the cornerstone of an open government. </font></font><font size="3">FHFA’s Open Government objective is to </font><font color="#2e2e2e" size="3"><font color="#2e2e2e" size="3">ensure that the information and data released to the public increases transparency of FHFA and the regulated entities while supporting the stability of the secondary mortgage market. FHFA information related to the OGD can be found at </font></font><a href="/open"><font size="3">www.FHFA.gov/open</font></a><font size="3">. </font></p>9/15/2016 10:06:48 PM263http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

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