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Industry

 

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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Federal Property Manager's Report - December 201417614<p>​<span style="padding&#58;0in;border&#58;1pt windowtext;color&#58;#404040;font-family&#58;arial, sans-serif;font-size&#58;10.5pt;background&#58;white;">​The Federal Housing Finance Agency’s (FHFA) Federal Property Manager’s report is transmitted to Congress in accordance with Section 110 of the Emergency Economic Stabilization Act of 2008 (EESA), titled Assistance to Homeowners. Section 110 of EESA directs Federal Property Managers (FPM) to develop and implement plans to maximize assistance for homeowners and encourage servicers of underlying mortgages to take advantage of programs to minimize foreclosures. FHFA is a designated FPM in its role as conservator for Fannie Mae and Freddie Mac. Each FPM is also required to report to Congress the number and types of loan modifications and the number of foreclosures during the reporting period</span>.</p>3/26/2015 3:00:27 PM95http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Report - Fourth Quarter 201417616<h2>​​Fourth Quarter 2014 Highlights</h2><p> <strong style="line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;"><br>The Enterprises' Foreclosure Prevention Actions&#58;</strong><br></p><ul><li>Nearly 65,900 foreclosure prevention actions were completed during the fourth quarter, bringing the total to more than 3.4 million since the start of conservatorships in September 2008. Approximately 2.8 million of these actions have helped troubled homeowners stay in their homes including nearly 1.8 million permanent loan modifications.<br></li><li>Approximately 33 percent of all permanent loan modifications in the fourth quarter helped to reduce homeowners' monthly&#160;payments by over 30 percent.<br></li><li>The share of modifications with principal forbearance fell to 20 percent while modifications with extend-term only increased to 46 percent due to improving house prices and declining HAMP eligible population.<br></li><li>As of December 31, 2014, approximately 17 percent of loans modified in the fourth quarter of 2013 had missed two or more&#160;payments, one year after modification.<br></li><li>There were 10,800 completed short sales and deeds-in-lieu during the quarter, bringing the total to approximately 605,000&#160;since the start of conservatorships.</li></ul><p> <strong>The Enterprises' Mortgage Performance&#58;</strong><br></p><ul><li>The number of 60+ days delinquent loans declined 3 percent during the quarter to the lowest level since the start of<br>conservatorships.</li></ul><ul><li>The serious delinquency rate fell to 1.9 percent at the end of the quarter compared with 6.0 percent for Federal Housing&#160;Administration (FHA) loans, 3.4 percent for Veterans Affairs (VA) loans and 4.5 percent for all loans (Industry average).</li></ul><p> <strong>The Enterprises' Foreclosures&#58;</strong><br></p><ul><li>Third-party sales and foreclosure sales fell 7 percent to nearly 36,200 while foreclosure starts decreased slightly to approximately 74,000 in the fourth quarter.</li></ul><ul><li>REO inventory declined 8 percent during the quarter to approximately 111,000, as property dispositions continued to<br>outpace property acquisitions.</li></ul><p><a href="/Media/PublicAffairs/Pages/Foreclosure-Prevention-Actions-Top-3-4-Million-Through-Fourth-Quarter-2014.aspx">Related News Release</a>​</p>3/26/2015 3:00:29 PM179http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Rescission of Division of Enterprise Regulation Guidance Documents17619<table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr><td class="ms-rteTable-default" style="width&#58;100%;"><p> <strong>​​​​​​​​​ADVISORY BULLETIN&#160;</strong><br></p><p> <strong>AB 2015-03</strong><br></p><p> <strong>RESCISSION OF DIVISION OF ENTERPRISE REGULATION GUIDANCE DOCUMENTS&#160;</strong></p></td></tr></tbody></table><p> <br> <strong style="text-decoration&#58;underline;"> <em>Purpose</em></strong> </p><p>The Federal Housing Finance Agency (FHFA) is issuing this advisory bulletin to rescind five examination guidance documents issued by the Office of Federal Housing Enterprise Oversight (OFHEO).</p><div><div> <br> &#160;</div><div style="text-decoration&#58;underline;"> <strong><em>Background</em></strong></div><div> <br> &#160;</div><p>In an effort to keep guidance related to the examination process current, FHFA regularly reviews outstanding guidance, including guidance issued by its predecessor agencies. &#160;As a result of the most current review, FHFA has determined that five guidance documents issued by OFHEO should be rescinded. &#160;These five guidance documents have been superseded by FHFA guidance, or restate regulations without providing additional guidance, or are no longer relevant or applicable in the current environment. &#160;</p><div> <br> &#160;</div><div style="text-decoration&#58;underline;"> <strong><em>Guidance</em></strong></div><div> <br> &#160;</div><div>This Advisory Bulletin rescinds&#58;</div><div>&#160;</div><div><ul><li>PG-00-001&#58; Minimum Safety and Soundness Requirements (12/19/2000)<br></li><li>PG-00-002&#58; Non-Mortgage Liquidity Investments (12/19/2000)<br></li><li>PG-06-001&#58; Examination for Corporate Governance (11/8/2006)<br></li><li>PG-06-003&#58; Examination for Accounting Practices (11/8/2006)<br></li><li>PG-08-002&#58; Standards for Enterprise Use of the Fair Value Option (4/21/2008)<br></li></ul></div></div><div>​<table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr><td class="ms-rteTable-default" style="width&#58;100%;"><p> ​​​​​​Advisory bulletins communicate guidance to FHFA supervision staff and the regulated entities on specific supervisory matters pertaining to the Federal Home Loan Banks, Fannie Mae, and Freddie Mac. &#160;Contact Bobbi Montoya, Associate Director, Office of Supervision Policy at (202)&#160;649-3406 or <a href="mailto&#58;Bobbi.Montoya@fhfa.gov">Bobbi.Montoya@fhfa.gov</a> or Carol Connelly, Principal Examiner, Examination Standards Branch, at (202) 649-3232 or <a href="mailto&#58;Carol.Connelly@fhfa.gov">Carol.Connelly@fhfa.gov​</a>, with comments or questions pertaining to this bulletin.&#160;&#160;</p></td></tr></tbody></table><br>​</div>3/26/2015 5:00:19 PM70http://www.fhfa.gov/SupervisionRegulation/AdvisoryBulletins/Pages/Forms/AllItems.aspxhtmlFalseaspx
Enterprise Fraud Reporting17620<table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr><td class="ms-rteTable-default" style="width&#58;100%;"><p> <strong>​​​​​​​​ADVISORY BULLETIN&#160;</strong><br></p><p> <strong>AB 2015-02</strong><br></p><p><strong>ENTERPRISE FRAUD REPORTING</strong></p></td></tr></tbody></table><p> <br> <strong style="text-decoration&#58;underline;"><em>Purpose</em></strong> </p><p>This advisory bulletin communicates to Fannie Mae and Freddie Mac (the Enterprises) the Federal Housing Finance Agency’s (FHFA) fraud reporting requirements pursuant to 12 CFR Part 1233 (FHFA Regulation).</p><p>This advisory bulletin rescinds and replaces FHFA’s Regulatory Policy Guidance RPG-2011-001, <em>Reporting of Fraudulent Financial Instruments</em>, dated March 2011.</p><div><p style="text-decoration&#58;underline;"><strong><em>Background</em></strong></p><p>​The Housing and Economic Recovery Act of 2008 (HERA) subjects the Enterprises to fraud reporting (12 U.S.C. Section 4642) and requires an Enterprise to submit to FHFA a &quot;timely&quot; report upon discovery that it has purchased or sold a fraudulent loan or financial instrument, or when it suspects a possible fraud related to the purchase or sale of any loan or financial instrument.&#160; </p><p>The FHFA Regulation implements the timely reporting requirement of HERA (12 CFR Section 1233.3(a)(1)) and requires immediate notification to the Director of FHFA upon the discovery of any situation that would have a significant impact on an Enterprise (12 CFR Section 1233.3(a)(2)).&#160; The FHFA Regulation grants the Director authority to determine procedures by which the Enterprises will submit such reports (12 CFR Section 1233.3(b)).&#160;&#160;</p><p style="text-decoration&#58;underline;"><strong><em>Guidance</em></strong></p><p>The Enterprises should adhere to the guidelines in this advisory bulletin for reporting fraud or possible fraud to FHFA in compliance with the FHFA Regulation and for super​visory oversight purposes. &#160;&#160;</p><p><em>Immediate Notification</em></p><p>To comply with the immediate notification requirement in the FHFA Regulation, an Enterprise should notify the Director’s designee(s) electronically, through secure methods established by FHFA, within one calendar day from when an Enterprise becomes aware of fraud or possible fraud as defined in the FHFA Regulation that may have a significant impact on the Enterprise. &#160;Fraud or possible fraud is considered to have a significant impact if it may create substantial financial or operational risk for the Enterprise, whether from a single event/incident or because it is systemic. &#160;Fraud or possible fraud is also considered significant if it involves a member of the board of directors, officer, employee, or a contractor temporarily engaged to fill a position or perform a particular function at an Enterprise or other individual similarly engaged by an Enterprise. &#160;</p><p>The Enterprise should provide periodic updates to its board of directors, or a committee thereof, of all fraud or possible fraud requiring immediate notification.</p><p><em>Timely Reporting</em></p><p>To comply with the timely reporting requirement in the FHFA Regulation, an Enterprise should adhere to the following two reporting requirements.&#160;</p><p style="text-decoration&#58;underline;">Monthly Fraud Status Report</p><p>The Enterprises should submit a monthly fraud status report to FHFA. &#160;The monthly fraud status report shall contain requested information for each occurrence during the month in which the Enterprise has&#58;</p></div><blockquote style="margin&#58;0px 0px 0px 40px;padding&#58;0px;border&#58;currentcolor;"><div><ol><li><span style="line-height&#58;22px;">Filed a suspicious activity report (SAR) with the U.S. Department of the Treasury, Financial Crimes Enforcement Network (FinCEN) or</span><br></li><li><span style="line-height&#58;22px;">Discovered that it has purchased or sold a fraudulent loan or financial instrument, or when it suspects a possible fraud related to the purchase or sale of any loan or financial instrument, and the Enterprise has not filed a SAR.</span><br></li></ol></div></blockquote><span style="line-height&#58;22px;">FHFA will provide a template that describes the format of the monthly fraud status report and defines the information to be included.</span><div><font color="#404040"><span style="line-height&#58;22px;"><br></span></font><div><div><p>Each Enterprise should provide the Director’s designee(s) with the monthly fraud status report within ten (10) calendar days after the end of each month, regardless of whether the Enterprise has a reportable event during the period covered by the report. &#160;The report should be sent electronically through secure methods established by FHFA. &#160; </p><p style="text-decoration&#58;underline;">Quarterly Fraud Status Report</p><p>On a quarterly basis, the Enterprises should also report to FHFA the status of any entry required to be reported in the monthly fraud status report for which the Enterprise’s fraud unit has opened a case. &#160;The quarterly fraud status report shall include cases that (1) remain ongoing as of the quarterly report date or (2) were closed during the quarter covered by the report.&#160;</p><p>FHFA will provide a template that describes the format of the quarterly fraud status report and defines the information to be included.</p><p>Each Enterprise should provide the Director’s designee(s) with the quarterly fraud status report within ten (10) calendar days after the end of each calendar quarter. &#160;The report should be sent electronically through secure methods established by FHFA. &#160;</p><p style="text-decoration&#58;underline;"><strong><em>Effective Date</em></strong></p><p>This advisory bulletin becomes effective on June 1, 2015. &#160;The RPG-2011-001 guidance for Immediate Notifications (Section II.A.), Fraud Reports (Section II.C.), and Quarterly Status Submission (Section II.D.) shall continue through the May 31, 2015 reporting period. &#160;All other requirements of RPG-2011-001 are discontinued immediately, including the Annual Review and Conformance Report.&#160;​<span style="line-height&#58;1.6;">​</span></p></div></div> <table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr><td class="ms-rteTable-default" style="width&#58;100%;"><p> ​​​​​​Advisory bulletins communicate guidance to FHFA supervision staff and the regulated entities on specific supervisory matters pertaining to the Federal Home Loan Banks, Fannie Mae, and Freddie Mac. Contact Kari Walter, Senior Associate Director, Office of Supervision Policy at <a href="mailto&#58;Kari.Walter@fhfa.gov">Kari.Walter@fhfa.gov</a>, or Kathy Beach, Principal Advisor, Office of Supervision Policy at <a href="mailto&#58;Kathy.Beach@fhfa.gov">Kathy.Beach@fhfa.gov</a>, with comments or questions pertaining to this bulletin.&#160;&#160;</p></td></tr></tbody></table></div>3/26/2015 5:00:20 PM67http://www.fhfa.gov/SupervisionRegulation/AdvisoryBulletins/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - January 201517601<h2>January 2015 Highlights</h2><p></p><ul><li>Refinance volume decreased in January 2015. Mortgage rates continued to fall from the highs observed in late 2013. In January the average interest rate on a 30 year fixed rate mortgage reached 3.67 percent.</li><li>In January 2015, 10,591 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,281,045.</li><li>HARP volume represented 7 percent of total refinance volume in January 2015.</li><li>In January 2015, borrowers with loan-to-value ratios greater than 105 percent accounted for 25 percent of the volume of HARP loans.</li><li>In January 2015, 9 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.</li><li>In January 2015, 28 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which build equity faster than traditional 30-year mortgages.</li><li>In January 2015, HARP refinances represented 17 percent of total refinances in Florida and 16 percent in Georgia, more than double the 7 percent of total refinances nationwide over the same period.</li><li>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.<br></li></ul>3/25/2015 3:06:21 PM329http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

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