This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
Lenders advised to remain vigilant to ensure downward trend continues
MBA NewsLink
According to the Federal Housing Finance Agency, the GSEs completed 47,370 foreclosure prevention actions during the second quarter.
Search our Compliance Calendar for current regulatory changes & updates.
Ballard Spahr LLP--Richard J. Andreano, Jr., John L. Culhane, Jr. & Michael R. Guerrero
The CFPB is now revisiting the issue in Circular 2023-3 addressing Equal Credit Opportunity Act (ECOA) adverse action notice requirements in connection with credit decisions based on algorithms.
On Tuesday, September 19th, 2023, the CFPB published circular 2023-03 notifying creditors of adverse action reporting requirements under ECOA and Regulation B for loans underwritten using complex algorithms involving "artificial intelligence".
HousingWire article authored by Sharon Reichhardt, EVP of Operations at ACES Quality Management
MBA Newslink
This week's update includes information relating to the Senate Banking Committee property insurance hearing, changes to the NMLS mortgage call report, 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
DS News--Eric C. Peck
According to the MetaSource annual servicing quality control findings report, missing bankruptcy notices and proof of claims documentation topped the findings list.
DS News Demetria Lester
According to HouseCanary, Inc.'s August Market report, the housing market slowed due to the Federal Reserve rate hikes.
Ballard Spahr LLP--John L. Culhane, Jr., Richard J. Andreano, Jr., Michael Gordon & Alan S. Kaplinsky
A group of trade associations is urging the CFPB to address the disparity that has resulted from the order entered by the Texas federal district court in the lawsuit challenging the CFPB’s small business lending rule that granted preliminary injunctive relief only to the plaintiffs and their members.
This update includes information on MBA's response to the interagency proposed rule on AVM quality control standards.
ACES ENGAGE 2025 registration now open!
Join us at the Broadmoor in Colorado Springs on May 18-20, 2025.
DS News--Kyle G. Horst
ATTOM Data's third-quarter market trends report found that there were 1,277,612 vacant properties in the country and provides insight into the blight of zombie homes and their economic impact .
MBA Newslinks
According to the Mortgage Bankers Association’s Monthly Loan Monitoring Survey, the number of loans in forbearance decreased by 5 basis points from 0.44% of servicers’ portfolio volume in the prior month to 0.39% as of July 31.
MBA Newslinks
According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, mortgage applications decreased 4.2 percent in the week ending August 18, 2023.
Mortgage Professional America--Tanaz Meghjani--With assistance from Hannah Levitt
The biggest US lenders expect to pay almost $8.9 billion to help replenish the US government’s bedrock Deposit Insurance Fund after it was accessed to safeguard uninsured depositors at Silicon Valley Bank and Signature Bank.
