This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
DS News - Kyle G. Horst
According to the ICE monthly report mortgage performance for October 2023, it was found that foreclosure starts rose by 33,000 during the month to their highest level in 18 months.
According to data from the National Association of Realtors, existing home sales fell 4.1% from September 2023 to a seasonally adjusted annual rate of 3.79 million in October 2023, the slowest pace since August 2010.
Search our Compliance Calendar for current regulatory changes & updates.
National Mortgage Professional--Christine Stuart
The Federal Reserve Bank of New York's Center for Microeconomic Data reported that rejection rates for new mortgage applications declined over the past four months.
DS News--Eric C. Peck
Fannie Mae has executed its ninth and final Credit Insurance Risk Transfer (CIRT) transaction of 2023, transferring $270.7 million of mortgage credit risk to private insurers and reinsurers.
MBA Newslink--Bill Killmer, Pete Mills
This update includes information on FHA's annual report to Congress, the harmful impacts of increased bank capital requirements, VA foreclosure protection, and more.
Reverse Mortgage Daily--Chris Clow
Ginnie Mae’s portfolio of Home Equity Conversion Mortgage backed Securities poses a “significant risk” to the U.S. Department of Housing and Urban Development in 2024, stemming from the high interest-rate environment of the moment and Ginnie Mae’s seizure of Reverse Mortgage Funding‘s HMBS portfolio late last year, according to a new report issued by HUD’s Office of the Inspector General.
ACES ENGAGE 2025 registration now open!
Join us at the Broadmoor in Colorado Springs on May 18-20, 2025.
FHA seeks additional public feedback on the new Loss Mitigation Options Payment Supplement.
MBA NewsLink
According to the Mortgage Bankers Association’s National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.62% of all loans outstanding at the end of the third quarter of 2023.
On Wednesday, November 1st, 2023, the OCC published revised examination procedures for the Telephone Consumer Protection Act (TCPA). Revision highlights include how consumers can revoke consent, use of automated fraud notifications, and safe harbors.
In this bulletin, Freddie Mac announced updates to income, timeshare-related obligations, unacceptable appraisal practices, and a few additional guide updates.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
MBA Newslink--David Coleman
MISMO has announced that the industry standard dataset mapping for several pre-closing and closing datasets, including Fee Sheet, ALTA CPL, ALTA Title Commitment, and Endorsements, have achieved “Candidate Recommendation” status, meaning that they have been reviewed by a wide range of organizations and industry participants and are available for use across the industry.
MBA Newslink--Bill Killmer, Pete Mills
This week's update includes information on the Basel III Bank Capital Proposal, expanded COVID-19 forbearance relief, the FHFA appraisal level data sample from the uniform appraisal dataset, and more.
Housingwire--Sarah Marx
According to the ICE Mortgage Monitor report, the national delinquency rate climbed to 3.29% in September, up 12 basis points from August and up 13 basis points from September 2022.
MBA Newslink
MISMO developed an industry-standard dataset mapping for the U.S. Department of Veterans Affairs (VA) Verification of VA Benefits (Form 26-8937) to facilitate transformations underway at VA and to provide an industry standard for the exchange of the information required on the VA Verification of Benefits form, creating efficiency and improved interoperability within the system.
