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 for the weeks ending December 23 and December 30, mortgage applications decreased by 13.2 percent, the lowest level in 26 years.
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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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.
MBA Newslink
Regina Lowrie, CMB, the first female elected Chair of the Mortgage Bankers Association, passed away on Jan. 1, 2023.
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.
According to the Mortgage Bankers Association’s (MBA) monthly Loan Monthly Survey, the total number of loans in forbearance remained flat relative to the previous month at 0.70% as of November 30, 2022.
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DENVER, Colo., Dec. 15, 2022—ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced the release of its quarterly ACES Mortgage QC Industry Trends Report covering the second quarter (Q2) of 2022. The latest report analyzes post-closing quality control data derived from ACES Quality Management & Control® software.
UpNext- Next Mortgage News
Data contained in Black Knight's Mortgage Monitor Report for the 3rd quarter indicates that economic factors and housing inventory are causing recent homebuyers to owe more than the home is worth.
MBA Newslink--Bill Killmer; Pete Mills
This weeks bulletin includes information on 2023 loan limits, CFPB refinances and forbearance recommendations, inflation and more.
DS News – Eric C. Peck
According to CoreLogic’s Loan Performance Insight Report, for September, the nation’s overall delinquency rate continues to decrease for the 18th straight month on an annual basis.
"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
MBA Newslink--Bill Killmer; Pete Mills
This week’s update includes information on FHA mandatory flood insurance requirements, withdrawal of the mandatory use date for its FHA Catalyst EAD Module, and MBA participation in a follow-up White House Meeting on Tenant Protections.
The monthly report of new residential home sales for October 2022 was issued by HUD and the US Census Bureau.
In a November 21, 2022 press release, Fannie Mae's Economic and Strategic Research (ESR) Group forecasts that economic growth will decline through the end of Q4 2022 and continue into a modest recession through Q2 2023 before rebounding.
MBA Newslink--Caitlin Groves
MISMO® announced an updated version of its eModification Reference Flyer, an industry resource designed to help servicers and other mortgage organizations easily navigate the investor requirements for electronically-signed loan modification agreements (eModifications).
