This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
MBA NewsLink
According to ATTOM Year-End 2023 U.S. Home Sales Report, home sellers gained $121,000 in profit on a typical home and a 56.5% return on investment in 2023.
MBA NewsLink--Bill Killmer; Pete Mills
This week's update includes information on Basel III proposal for changes to mortgage provisions; Congress passes another continuing resolution to avoid a government shutdown; and MBA's support of the bipartisan tax package.
Search our Compliance Calendar for current regulatory changes & updates.
MBA - NewsLink
According to the U.S. Census Bureau, single-family housing starts fell 8.6% in December to 1.03 million.
MBA Newslink--Bill Killmer; Pete Mills
This week's update includes information on HUD's secretary testimony before the House Financial Services Committee, FSOC SIFI Framework hearing, and more.
The CFPB announced that the filing period for HMDA data collected in 2023 is open and will be considered timely if received on or before Friday, March 1, 2024.
The Office of the Comptroller of the Currency has issued a Frequently Asked Questions bulletin regarding the State Small Business Credit Initiative 2.0.
PacRes Mortgage Improves Quality Control Accuracy by over 30% While Decreasing non-compliance incidents by 25%
According to HouseCanary, Inc., December Market Pulse Report activity in net new listings placed on the market is up 5% versus December 2022.
MBA Newlink--Bill Killmer; Pete Mills
This week’s advocacy update includes MBA suggesting improvements to FHA’s 2023 (k) Renovation Programs, VA releasing circular warning servicers of assumptions of non-compliance, and much more.
DS News–Kyle G. Horst
According to the monthly bankruptcy filing report published by Epiq AACER, bankruptcies increased in 2023.
MBA Newslink--Bill Killmer; Pete Mills
This week's update includes information on FHA and GNMA funding, the current Basel III bank capital proposal, and more.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
The full report, titled Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel claims to provide new insights on consumer experiences with overdraft and NSF fees and is expected to be used to bolster the CFPB's anticipated overdraft and NSF fee proposed rule.
MBA NewsLink
According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Dec. 15, 2023, mortgage applications decreased 1.5% from one week prior.
On Monday, December 18th, 2023, the CFPB announced updates to the asset-size exemption thresholds for small creditors under the Home Mortgage Disclosure Act (Regulation C) and the Truth in Lending Act (Regulation Z).
MBA NewsLink
According to the Mortgage Bankers Association’s monthly Loan Monitoring Survey, the total number of loans in forbearance decreased by three basis points from 0.29% of servicers’ portfolio volume in the prior month to 0.26% as of Nov. 30, 2023.
