This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
Fannie Mae has published its document custodian notice, including updates to the Requirements for Document Custodian (RDC) Section 8.1 - Mortgage (or Deed of Trust) Note and Active Document Custodians list for 2023.
MBA Newslink
MISMO has published an enhanced version of the Industry Loan Application Dataset (iLAD), an industry standard for the exchange of loan application information.
Search our Compliance Calendar for current regulatory changes & updates.
M Report--Kyle G. Horst
According to Fannie Mae’s Economic and Strategic Research Group, a predicted recession remains the most likely outcome based on the Federal Reserve’s monetary tightening and other market aspects such as inflation, which has lightened slightly due to the easing of domestic and global economic growth.
MBA Newslink
This week's update includes information relating to current bills, flood insurance legislation, and more.
FDIC
Federal bank regulatory agencies have published the 2023 list of distressed or underserved nonmetropolitan middle-income geographies, the Community Reinvestment Act (CRA) encourages banks to help meet the credit needs of their local communities, including low- and moderate-income communities, in a safe and sound manner.
MBA Newslink--Michael Tucker
The ATTOM U.S. Foreclosure Market Report showed 35,196 U.S. properties with foreclosure filings in May, adding to the 7% increase from April in foreclosure filings, default notices, scheduled auctions and bank repossessions.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
MBA Newslink
MISMO, the real estate finance industry’s standards organization, has announced the new MISMO Engineering Guideline (MEG) 24, which outlines the MISMO architecture development and interoperability principles for XML technologies and service requirements as identified by the MISMO constituency.
The OCC has closely monitored the condition of the institutions it supervises and is reporting that the overall strength of the federal banking system is sound.
The most recent CFPB reports on financial matters in the South indicate multiple challenges when it comes to access to banking and other financial services.
MBA NewsLink
According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for June 16, 2023, mortgage applications increased 0.5 percent from one week earlier.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
MBA NewsLink
According to the Mortgage Bankers Association’s monthly Loan Monitoring Survey report, the total number of loans in forbearance decreased to 0.49% for May from 0.51% of servicers’ portfolio volume in April.
This week's update includes information on GNMA's expanded use of RON, COVID-19 loss mitigation, legislation updates and more.
DS News - Eric C. Peck
U.S. Senators introduced the Middle-Class Mortgage Insurance Premium Act, which would cut taxes for middle-class homeowners by restoring and permanently extending an expired tax deduction for middle-class homebuyers with mortgage insurance (MI) and expanding the number of families qualifying for the tax deduction.
DENVER, Colo., June 15, 2023—ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced the release of its quarterly ACES Mortgage QC Industry Trends Report covering the fourth quarter (Q4) of 2022, as well as the full calendar year (CY). The latest report analyzes post-closing quality control data derived from ACES Quality Management & Control® software.
