This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
MBA Newlink
Last week's advocacy efforts include Congress Clearing the Debt Ceiling Legislation; FHA Proposes New Foreclosure Prevention Solution; MBA Joins Broad Coalition Requesting Uniform ROV Process; and more.
The CFPB, OCC, FRB, FDIC, NCUA, and FHFA issued a Notice of Proposed Rulemaking related to AVMs that would require QC standards for the use of AVMs by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer’s principal dwelling.
Search our Compliance Calendar for current regulatory changes & updates.
DS News – Eric C. Peck
Fitch Ratings has placed Fannie Mae and Freddie Mac on Rating Watch Negative (RWN).
MBA Newslink--Bill Killmer; Pete Mills
This update includes information about actions in the House Financial Services Committee, Florida mortgage loan originators' remote work, state actions, and more.
MBA Newslink--Bill Killmer; Pete Mills
The week's update includes information on the CFPB's constitutionality of the bureau's funding structure, the GSE's single-family pricing framework, recent bank failures, and more.
DS News--E. Thomas Booker III
The current market feeling is that repurchase risk is increasing because Fannie Mae and Freddie Mac are taking a closer look at loan underwriting and are facing a trifecta of risk including market complexity, investor expectation for accuracy, and mortgage rate unpredictability.
"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
FHFA Director Sandra L. Thompson will testify before the House Financial Services Committee to speak about their mission to maintain the safety and soundness of the GSEs, and access to affordable and sustainable housing.
MBA NewsLink article | Phil McCall
If the year thus far could be summed up in one word, it would be “volatility.” The interest rate environment and resulting decline in originations have triggered a slew of activity throughout the market, including layoffs, mergers and acquisitions, withdrawals from specific lending channels and complete market exits. For those that have survived the volatility thus far, the word that should be top of mind moving forward is “protect.”
DS News–Eric C. Peck
According to the MBA monthly Loan Monitoring Survey, the total number of loans in forbearance decreased by four basis points from 0.55% of servicers’ portfolio volume in the prior month to 0.51% as of April 30, 2023.
Black Knight has issued their Mortgage Monitor report providing trends and observations based on their repository of loan-level residential mortgage data and performance information.
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MBA NewsLink
According to the latest MBA monthly Loan Monitoring Survey report, loans in forbearance decreased by four basis points to 0.51% of servicers’ portfolio volume as of April 30 from 0.55% in March.
Mortgage Professional America
According to a new analysis by Zillow, a potential US debt default could send mortgage rates soaring by 22%, jeopardizing housing affordability and causing home sales to plummet.
MBA Newslink--Bill Killmer; Pete Mills
This week's update includes information on FHFA's recall of proposed LLPA for DTI ratios and proposed amendments to the enterprise capital framework, legislature updates and more.
Housingwire--Bill Conroy
Independent mortgage banks are dealing with a surge of repurchase requests from Fannie Mae and Freddie Mac, where it is felt that the GSEs are being too aggressive in pursuing the repurchase option on loans with minor underwriting defects that could be cured without buyback demands.
