Lending institutions (1 - 10 of 73 items)
Mortgage Servicing: Community Lenders Remain Active under New Rules, but CFPB Needs More Complete Plans for Reviewing Rules
GAO-16-448: Published: Jun 23, 2016. Publicly Released: Jul 25, 2016.
Community banks and credit unions (community lenders) remained active in servicing mortgage loans under the Consumer Financial Protection Bureau's (CFPB) new mortgage-servicing rules. Among other things, these rules are intended to provide more information to consumers about their loan obligations. The share of mortgages serviced by community lenders in 2015—about 13 percent—remained small com...
Rural Housing Service: Actions Needed to Strengthen Management of the Single Family Mortgage Guarantee Program
GAO-16-193: Published: Mar 31, 2016. Publicly Released: May 2, 2016.
The estimated credit subsidy costs (expected net lifetime costs) of single-family mortgages guaranteed by the Department of Agriculture's (USDA) Rural Housing Service (RHS) substantially increased in recent years, partly due to high losses from the 2007 through 2011 housing crisis. For example, the fiscal year 2013 and 2014 reestimates (which federal agencies must do annually) indicated higher exp...
Troubled Asset Relief Program: Status of Housing Programs
GAO-16-279R: Published: Jan 8, 2016. Publicly Released: Jan 8, 2016.
As of October 31, 2015, three Troubled Asset Relief Program (TARP) housing programs— Making Home Affordable (MHA), Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (Hardest Hit Fund or HHF), and Federal Housing Administration’s Short Refinance Program (FHA Short Refinance)—remained active. Combined, the Department of the Treasury (Treasury) had obligated $37.51 bill...
Lender-Placed Insurance: More Robust Data Could Improve Oversight
GAO-15-631: Published: Sep 8, 2015. Publicly Released: Sep 8, 2015.
Mortgage servicers purchase lender-placed insurance (LPI) for mortgages whose borrower-purchased insurance coverage lapses, most often because of nonpayment by the borrower or cancellation or nonrenewal by the original insurer. The limited information available indicates that LPI generally affects 1 percent to 2 percent of all mortgaged properties annually and has become less prevalent since the 2...
Housing Finance System: A Framework for Assessing Potential Changes
GAO-15-131: Published: Oct 7, 2014. Publicly Released: Oct 7, 2014.
Developments in the single-family housing finance market from 2000-2013 led to changes in the federal government's role in the housing finance system and ultimately to a significant increase in that role. For example,Before the 2007-2009 financial crisis, the market share of nonprime mortgages—loans often made to borrowers with high-risk characteristics and funded by mortgage backed securities (...
Servicemembers Civil Relief Act: Information on Mortgage Protections and Related Education Efforts
GAO-14-221: Published: Jan 28, 2014. Publicly Released: Jan 28, 2014.
The number of servicemembers with mortgages eligible for Servicemembers Civil Relief Act (SCRA) mortgage protections is unknown because servicers have not collected this information in a comprehensive manner. Based on the limited and nongeneralizeable information that GAO obtained from the three mortgage servicers and the credit union, a small percentage of the total loan portfolios were identifie...
Federal Housing Administration: Analysis of Options for Modifying Its Products, Market Presence, and Powers
GAO-13-682: Published: Sep 9, 2013. Publicly Released: Oct 22, 2013.
GAO identified a number of proposed options for adjusting product terms and conditions to help improve the Federal Housing Administration's (FHA) long-term viability. FHA has raised the premiums that it charges borrowers several times in recent years and has taken steps to tighten its underwriting standards--for example, by setting a minimum required credit score. Some mortgage market observers ha...
FHA Mortgage Insurance: Applicability of Industry Requirements Is Limited, but Certain Features Could Enhance Oversight
GAO-13-722: Published: Sep 9, 2013. Publicly Released: Oct 22, 2013.
Reserving practices and capital requirements for the Mutual Mortgage Insurance Fund (Fund) of the Federal Housing Administration (FHA) differ in key respects from those for private mortgage insurers (PMI). These differences stem from the distinct environments in which FHA and PMIs operate, including the particular accounting principles and statutory provisions that they must follow. For example, s...
Federal Housing Administration: Improving Disposition and Oversight Practices May Increase Returns on Foreclosed Property Sales
GAO-13-542: Published: Jun 20, 2013. Publicly Released: Jul 22, 2013.
The Federal Housing Administration's (FHA) performance in selling its foreclosed properties--known as real estate-owned (REO) properties--lagged the performance of both of the government-sponsored enterprises (enterprises), Fannie Mae and Freddie Mac. FHA disposed of more than 400,000 properties from January 2007 through June 2012. Its combined 2007-2012 returns, measured by the net execution rate...
Foreclosure Review: Lessons Learned Could Enhance Continuing Reviews and Activities under Amended Consent Orders
GAO-13-277: Published: Mar 26, 2013. Publicly Released: Apr 4, 2013.
Complexity of the reviews, overly broad guidance, and limited monitoring for consistency impeded the ability of the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) to achieve the goals of the foreclosure review--to identify as many harmed borrowers as possible and ensure similar results for similarly situated borrowers. Reg...