This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
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.
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Weiner, Brodsky, Kider P.C.- Financial Services Update
Lawsuits have been filed by three states' attorneys general alleging violations of consumer protection laws against a program offered by a real estate brokerage in at least 33 states and advertised as a "loan alternative".
The Biden-Harris administration announced efforts to protect renters and rental affordability including a set of principles known as the "Blueprint for Renters Bill of Rights".
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.
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.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
DS News - Demetria Lester
The United Van Lines 46th Annual National Movers Survey have been released for 2022.
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.
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.
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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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.
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.
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.
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.
