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Industry News

This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry. 

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January 19, 2023

When volumes decline, loan quality must reign supreme

While the new year is here, the effects and fears of 2022 have yet to run their course. The Mortgage Bankers Association (MBA) reported that mortgage applications recently hit their lowest rate since 1996, and Fannie Mae’s most recent estimate shows that origination volume will decline to $1.7 trillion in 2023. As financial institutions weather this shift in the market, every loan opportunity becomes more critical than the last.

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January 11, 2023

Wells Fargo Stepping Back From Mortgage Market

DS News – Demetria Lester

According to CNBC, Wells Fargo is stepping back from the Housing Market; the company will focus on home loans for existing bank and wealth management customers and borrowers in minority communities.

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January 09, 2023

United Van Lines 46th Annual Movers Survey Released

DS News - Demetria Lester

The United Van Lines 46th Annual National Movers Survey have been released for 2022.

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January 09, 2023

MISMO Issues Implementation Guide for SMART Doc Version 3 Verifiable Profile

MBA Newslink

MISMO has released its Implementation Guide for the SMART Doc® Version 3 Verifiable Profile, which outlines the requirements to create MISMO SMART Docs in PDF format.

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January 09, 2023

MBA Advocacy Update Jan. 9, 2023

MBA Newslink--Bill Killmer; Pete Mills

This week’s bulletin includes information on MBA-Backed VA Appraisal Modernization Legislation, now public law 117-308, the Introduction of the Bipartisan Bill aimed at flawed IRS implementation of updated IVES system, and the FHFA releases the annual scorecard for the GSEs and common securitization solutions.

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January 06, 2023

Year Begins With Mortgage Rates on the Upswing

M Report – Eric C. Peck

According to Freddie Mac’s most recent Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) the FRM averaged 6.48% for the week ending January 5, 2023, up from the prior when it closed out 2022 at 6.42%.

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Introducing: ACES PROTECT®

Introducing: ACES PROTECT®

Automated compliance tests to ensure compliance on more loans in less time

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January 05, 2023

New Fees Add to Pain for Mortgage Lenders

Housingwire--Flávia Furlan Nunes

The FHFA implemented new fees for most cash-out refinance loans beginning February 1, 2023, making cash-outs more expensive adding to the expectation that refinance transactions will be even more expensive and harder to get in 2023.

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January 04, 2023

December Percent of Businesses Unable to Pay Rent On Time Over 40% for 3rd Month in 2022

Scotsman Guide - Arnie Aurellano

A report from Alignable shows that the percentage of businesses struggling to make rent payments remains high despite slowing inflation rates.

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January 04, 2023

Overall Mortgage Performance Improves in Q3

DS News – Eric C. Peck

According to OCC Mortgage Metrics Report, during the third quarter of 2022, first-lien mortgage performance improved in the federal banking system.

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January 04, 2023

MBA Weekly Survey Jan. 4, 2023: Mortgage Applications Down 13% over Holidays

MBA NewsLinks

According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the weeks ending December 23 and December 30, mortgage applications decreased by 13.2 percent, the lowest level in 26 years.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"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

Hear Why

January 04, 2023

CFPB: Annual Report on Credit Reporting Companies Cites ‘Ongoing Challenges’

MBA NewsLinks

The Consumer Financial Protection Bureau (CFPB) released its annual report for the three largest credit reporting companies based on complaints it received.

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January 04, 2023

CFPB Will Look Into New Credit Bureau Rules

Law360--Jon Hill

CFPB Director Rohit Chopra stated that new regulations could be on the horizon for major credit bureaus after the agency released a report highlighting improvements in their consumer complaint handling as well as noting continued concerns.

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January 03, 2023

Former MBA Chair Regina Lowrie, CMB, Passes Away

MBA Newslink

Regina Lowrie, CMB, the first female elected Chair of the Mortgage Bankers Association, passed away on Jan. 1, 2023.

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December 30, 2022

Shifting Gears in Distressed Disposition

DS News--Daren Blomquist

As the housing market downshifts, sellers need to take not of 3 emerging distressed disposition trends going into 2023, downward pressure on sales rates at foreclosure auction, home price appreciation switching to a headwind for REO and a shift in buyers toward local investors with a track record of converting distressed properties into quality, affordable housing for owner-occupants.

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