This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
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.
Search our Compliance Calendar for current regulatory changes & updates.
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.
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.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
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.
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.
PacRes Mortgage Improves Quality Control Accuracy by over 30% While Decreasing non-compliance incidents by 25%
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.
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.
