Mortgage market (1 - 10 of 57 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...
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...
Mortgage Reforms: Actions Needed to Help Assess Effects of New Regulations
GAO-15-185: Published: Jun 25, 2015. Publicly Released: Jul 27, 2015.
Federal agency officials, market participants, and observers estimated that the qualified mortgage (QM) and qualified residential mortgage (QRM) regulations would have limited initial effects because most loans originated in recent years largely conformed with QM criteria.The QM regulations, which address lenders' responsibilities to determine a borrower's ability to repay a loan, set forth standa...
Troubled Asset Relief Program: Treasury Continues to Wind down Most Programs, but Housing Programs Remain Active
GAO-15-197: Published: Jan 6, 2015. Publicly Released: Jan 6, 2015.
The Department of the Treasury (Treasury) continues to wind down Troubled Asset Relief Program (TARP) nonhousing programs that were designed to support financial and automotive markets (see figure). As of September 30, 2014, Treasury had exited four of the nine nonhousing programs that were once active, and was managing assets totaling $2.9 billion under those remaining. Some programs have yielded...
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...
Department of Housing and Urban Development: Opportunities to Improve Management of Mortgage Insurance and Rental Assistance Programs
GAO-13-439T: Published: Mar 14, 2013. Publicly Released: Mar 14, 2013.
The Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) faces financial and risk-management challenges. For the fourth straight year, capital reserves for FHA's Mutual Mortgage Insurance Fund are below the statutory minimum. Also, declining balances in the fund's capital reserve account have heightened the possibility that FHA will require additional funds to h...
Mortgage Reform: Potential Impacts of Provisions in the Dodd-Frank Act on Homebuyers and the Mortgage Market
GAO-11-656: Published: Jul 19, 2011. Publicly Released: Jul 19, 2011.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act) is intended, among other things, to reform residential mortgage lending and securitization practices that contributed to the recent financial crisis. The act provides some liability protection for lenders originating mortgages that meet nine specified criteria, as applicable, associated with a borrower's ability to rep...
Mortgage Financing: Financial Condition of FHA's Mutual Mortgage Insurance Fund
GAO-10-1066T: Published: Sep 23, 2010. Publicly Released: Sep 23, 2010.
This testimony is on the financial condition of the Federal Housing Administration's (FHA) Mutual Mortgage Insurance Fund (Fund). FHA has helped millions of families purchase homes through its single-family mortgage insurance programs and in recent years, has experienced a dramatic increase in its market role. FHA insures almost all of its single-family mortgages under the Fund, which is reviewed...
Mortgage Financing: Opportunities to Enhance Management and Oversight of FHA's Financial Condition
GAO-10-827R: Published: Sep 14, 2010. Publicly Released: Sep 22, 2010.
The Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) has helped millions of families purchase homes through its single-family mortgage insurance programs. In recent years, FHA has experienced a dramatic increase in its market role due to the contraction of other mortgage market segments. FHA insures almost all of its single-family mortgages under its Mutual...