This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
Mortgage Bankers Association
According to the Mortgage Bankers Association, mortgage credit availability dropped for the fifth straight month in July to its lowest level in nine years
The Orange County Register--Jeff Lazerson
Rising interest rates, FHA mortgage insurance premiums and large rebates to loan originators are not leaving senior borrowers much opportunity to pull out cash from their equity.
Search our Compliance Calendar for current regulatory changes & updates.
M Report – Eric C. Peck
The mortgage rate dropped below the 5% mark for the first time in four months.
The Real Deal--TRD Staff
Equifax provided wrong scores for millions of consumers for three weeks with scores off by 20 points or more.
DS News - Demetria Lester
The Housing Financial Services Committee has passed several bills to strengthen our nation’s affordable housing oversight and address the housing and homeless crises.
Mortgage Professional America--Roxanne Libatique
Fannie Mae revealed that its net income for Q2 2022 was $4.7 billion, an increase of $245 million compared to the first quarter of 2022.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
M Report – Eric C. Peck
The U.S. House of Representatives has passed bipartisan legislation, HR 3962—the Securing and Enabling Commerce Using Remote Electronic (SECURE) Notarization Act, to update and modernize the notarization process in and outside of the United States.
MBA Newslink
The Mortgage Bankers Association’s advocacy arm, the Mortgage Action Alliance, is calling for bipartisan legislation that would allow notaries in all states to perform Remote Online Notarization transactions.
Mortgage Professional America (MPA) - Tony Cantu
After the individuals attempted to avoid prosecution, the US Attorney's Office for the Southern District of Texas has announced that three more co-conspirators are now in custody on charges related to a multi-layered mortgage fraud, credit repair and government loan fraud scheme.
MBA Newslink--Bill Killmer; Pete Mills
This weeks update includes information on Capital Hill multiple activities, FHFA Director testimony, affordable tax incentives and more.
"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
Housingwire--Bill Conroy
Mortgage executives say that non-QM lenders failing to bump rates fast enough could result in a portfolio of underwater loans.
DS News--Demetria Lester
Representatives sent a letter to the FHFA urging a final rule for the GSEs toto obtain approval prior to rolling out product offerings for appropriate transparency as was proposed in October of 2020.
MBA Newslink
The MBA supports modernizing and streamlining the process to purchase a home for our Veterans, including efforts related to home appraisals and has advised Congress of their support.
Housingwire--Georgia Kromrei
FHFA Director Sandra Thompson is not saying whether or not Fannie Mae and Freddie Mac should exit conservatorship or when a decision will be made on credit scoring models.
