This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
This week's MBA update includes information on VA's foreclosure prevention proposal, HUD's proposed changes to the face-to-face requirement, NMLS mortgage call report and more.
The Consumer Financial Protection Bureau has issued guidance reminding the consumer reporting agencies of the legal requirement to follow reasonable procedures to assure the maximum possible accuracy of information collected and reported.
Search our Compliance Calendar for current regulatory changes & updates.
Reverse Mortgage Daily--Chris Clow
The CFPB has released its latest edition of its “Supervisory Highlights” report, in which the Bureau calls out different kinds of loan originator compensation for different mortgage product types, including reverse mortgages.
MBA NewsLink – Anneliese Mahoney
According to CoreLogic, Irvine, California report in May, just 2.6% of all mortgages in the U.S. were in some stage of delinquency, matching the all-time low.
This week's update includes information on the banking agencies' issues, proposed changes to bank capital requirements, HUD released proposed rules revising FHA requirements for investor lenders and mortgagees, and more.
ACUMA Pipeline Summer edition: While credit unions have been slow to adopt technology in the QC and auditing space, the current market conditions necessitate a strategic approach to quality control and compliance without sacrificing compliance.
"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
Reuters- Macro Matters- By Howard Schneider and Michael S. Derby
A 25 basis point rate hike by the Federal Reserve today puts the benchmark overnight interest rate to a level not seen in about 22 years.
DS News – Eric C. Peck
Freddie Mac’s 2022 Green MBS Impact Report shows that the company issued $1.372 billion in Single-Family Green Mortgage-Backed Securities (MBS) for 2022.
Yahoo Finance- Business Wire
The percentage of people migrating into flood and disaster prone areas since the pandemic started has more doubled, according to a recent study by Redfin.
DS News – Kyle G. Horst
The U.S. Department of Housing and Urban Development (HUD) received a rating of “A+” from the Small Business Administration for the Fiscal Year of 2022.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
DS News - Eric C. Peck
The Federal Housing Finance Agency (FHFA) Foreclosure Prevention, Refinance, and Federal Property Manager's Report for April 2023, Fannie Mae and Freddie Mac completed 16,132 foreclosure prevention actions in April, bringing the total to 6,787,233 since the start of the conservatorships in September 2008. Of those actions, approximately 39% have been permanent loans.
This week's update includes information on the CFPB's policy statement on abusive acts or practices, GSE condo repair guidelines, and more.
DS News – Eric C. Peck
Data released from the U.S. Department of the Treasury on the Homeowner Assistance Fund (HAF) shows a substantial increase in assistance to homeowners at risk of losing their homes in the first quarter of 2023.
DS News–Eric C. Peck
According to the Mortgage Metrics Report, in the first quarter of 2023, the Office of the Comptroller of the Currency (OCC) reported an improvement in performing first-lien mortgages in the federal banking system compared to the previous quarter.
