NAFCU Chief Economist and Vice President of Research Curt Long is set to testify before the NCUA Board today on the agency's proposed 2023-2024 budget. Long will reiterate NAFCU's call for the agency to manage its budget in a way that emphasizes prudency and transparency, while avoiding significant year-over-year budget increases.
Freddie Mac announced Monday a new underwriting innovation that aims to qualify more borrowers for a mortgage. The innovation will include a “review of a borrower’s bank account data to identify a history of positive monthly cash flow activity as part of its technology's loan purchase eligibility assessments.” The innovation will be available to mortgage lenders though Freddie Mac's automated underwriting system, Loan Product Advisor (LPA), beginning Nov. 6, 2022, and will aim to increase homeownership opportunities for first-time buyers and underserved communities.
In the latest insight post on NAFCU’s Lending Network, Regulatory Affairs Counsel James Akin breaks down a recent Small Business Administration (SBA) Procedural Notice on paycheck protection program (PPP) loan servicing that will help PPP lenders work with borrowers to seek forgiveness. In addition, the procedural notice outlines the requirements and restrictions associated with seeking an SBA loan purchase guaranty.
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