This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
The Board of Governors of the Federal Reserve System, FDIC, and OCC issued a joint statement highlighting liquidity risks to banking organizations associated with certain sources of funding from crypto-asset-related entities and some effective practices to manage those risks.
Housingwire--James Kleimann
As widely anticipated by the industry, FHA has announced a 30 basis point reduction in the annual premium charged to mortgage borrowers, resulting in mortgage insurance premiums of 55 bps for most borrowers, down from 85.
Search our Compliance Calendar for current regulatory changes & updates.
You may not have heard the terms “dual pathing” or “single point of contact” lately, but just wait. COVID-era forbearances are ending and odds are some borrowers won’t be able to come current on their loans without help. HousingWire recently spoke to Amanda Phillips, executive vice president of compliance at ACES Quality Management, about getting servicing staff and technology ready to meet upcoming regulatory requirements while ensuring quality throughout the life of the loan.
Mortgage Professional America--Fergal McAlinden
Fannie Mae’s net income fell by $1 billion in the 4th quarter from the 3rd quarter of 2022, as a result of the shifting housing market.
Mortgage applications have been on the rise for the last three weeks. As we began the year at record-low applications since 1996, this is some much-needed optimism for the industry.
MBA Newslink
This update includes information relating to the new DTI based LLPA, court rulings, and more.
"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
Reverse Mortgage Daily--Chris Clow
Serious weaknesses in the home equity conversion mortgage program sponsored by FHA have been brought to light that will need to be substantively addressed by FHA and Ginnie Mae in order to keep the program accessible for American seniors, according to experts.
MBA NewsLink
The Mortgage Bankers Association expressed concerns regarding the Federal Housing Finance Agency’s announcement of changes to loan-level price adjustments by GSEs, notably the addition of an LLPA based on the debt-to-income ratio.
DS News--Kyle G. Horst
According to a report from HouseCanary, rising home prices have flatlined due to low market activity, while median home price averages have remained the same month-over-month.
DS News--Kyle G. Horst
According to new bankruptcy filing data from Epiq Bankruptcy, bankruptcies of all types are up and the total amount of filings in January 2023 was 31,087, a 19% increase from the 26,215 reported in January 2022.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
MPA--Tony Cantu
Builder's 4th quarter earnings report provides insight into the shifting landscape.
MBA Newslink--Bill Killmer; Pete Mills
This update includes information on the Federal Reserve rate increase, the debt ceiling, current legislation and more.
MBA Newslink--Bill Killmer; Pete Mills
This week’s bulletin includes information on MBA’s Mike Fratantoni testifying to FFIEC on appraisal reform, Ginnie Mae announcing the effective date for new re-pooling requirements, and the Federal Reserve setting an effective date for LIBOR Termination, and Illinois extending the comment period for new CRA Rules; Maryland introducing new CRA Bill.
DS News--Kyle G. Horst
According to a Fitch Ratings report, new REO inventory of properties in the 1-179 day category, have increased by 14.5%, reflecting an increase in active foreclosure filings in the 4th quarter of 2022.
