This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
M Report - Demetria Lester
In the second quarter of 2022, housing affordability dropped to its lowest point since the Great Recession due to the increasing mortgage rates, inflation, decrease in existing inventory, and elevated home prices.
This week's update includes information on Inflation Reduction Act of 2022, fair lending data, affordable housing and other industry issues.
Search our Compliance Calendar for current regulatory changes & updates.
The Federal Trade Commission is sending payments totaling more than $9.7 million to 61,990 consumers who were charged hidden fees by LendingClub Corporation.
Mortgage Bankers Association–Mike Sorohan
CoreLogic and ATTOM show a decrease in mortgage delinquencies and foreclosure activity before the quarterly MBA National Delinquency Survey release.
Mortgage Bankers Association – Mike Sorohan
The Mortgage Bankers Association contacts federal regulatory agencies to discuss topline issues crucial to improving the current Community Reinvestment Act plan.
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
PacRes Mortgage Improves Quality Control Accuracy by over 30% While Decreasing non-compliance incidents by 25%
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.
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.
Automated compliance tests to ensure compliance on more loans in less time
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.
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.
