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NAFCU, HUD discuss CU mortgage lending trends, housing finance reform
NAFCU President and CEO Dan Berger met with Department of Housing and Urban Development (HUD) Deputy Director Brian Montgomery last week to discuss housing finance reform efforts and several Federal Housing Agency (FHA) improvements. NAFCU is a leader in housing finance reform efforts to ensure credit union priorities, such as maintaining unfettered access to the secondary mortgage market, are addressed in any final housing finance reform.
NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt, Director of Regulatory Affairs Ann Kossachev, and Senior Regulatory Affairs Counsel Kaley Schafer were also in attendance.
During the meeting, NAFCU shared current mortgage lending trends amid the coronavirus pandemic, as well as how HUD’s response has impacted the credit union industry. Earlier this year, HUD announced an extension of its foreclosure moratorium through Dec. 31, 2020.
Recently, NAFCU wrote to NCUA to offer support for HUD's proposed rulemaking allowing private flood insurance for mortgages insured by the FHA. The association had previously flagged this issue in a letter sent to the agency in response to the federal financial regulators working to update flood insurance Q&As.
The association has pushed for a number of improvements to the National Flood Insurance Program (NFIP) and will continue to work with the regulators to ensure credit unions' concerns related to the interagency flood insurance Q&As are addressed.