This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
MReport – Eric C. Peck
Mortgage rates increased for the second consecutive week ahead of the next Federal Open Market Committee (FOMC) meeting of the Federal Reserve Board scheduled for July 26 -27.
DS News–Kyle G. Horst
According to the most recent Consumer Credit Default Indices Report for June 2022, the first mortgage default rate is at the highest since September 2020.
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Mortgage Professional America - Candyd Mendoza
According to Fannie Mae’s Refinance Application-Level Index (RALI), refinance applications increased for the week ending July 15, 2022.
DS News – Eric C. Peck
According to the most recent Loan Monitoring Survey from the Mortgage Bankers Association (MBA) the total number of loans now in forbearance nationwide decreased by just four basis points, from 0.85% of servicers’ portfolio volume in the prior month to 0.81% as of June 30, 2022.
MBA Newslink--Bill Killmer; Pete Mills
This weeks update includes information on modernizing the CRA, PACE legislation, State news and more.
BAI--Jack Sundstrom
A recent survey by ID Insight and About-Fraud reports that despite documented increases in stolen credentials and identity fraud incidents, the survey responses indicate that fraud fighters are motivated by the impact they are having in detecting and preventing fraud.
Automated compliance tests to ensure compliance on more loans in less time
DS News – Eric C. Peck
According to ATTOM’s Midyear 2022 U.S. Foreclosure Market Report, foreclosure filings are up 153% year-over-year but down just 1% from two years ago.
Mortgage Bankers Association – Tara Dunion
MISMO introduced its new dataset standard that maps to a sample Adverse Action Notice form and accompanying XML file.
MBA Newslink--Bill Killmer; Pete Mills
This update includes information on improvements to GSE appraiser guidance for manufactured housing, GSE bulk acquisitions, state legislature decisions and more.
DS News--Demetria Lester
The GSEs will each charge a 50 basis-point fee for commingled securities issued on or after July 1 to cover the additional capital required under the recently implemented Enterprise Regulatory Capital Framework but could pose some risk to the UMBS over the long term.
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Ballard Spahr LLP--Alan S. Kaplinsky
Four leading trade groups, the American Bankers Association, the Consumer Bankers, the Independent Community Bankers of America, and the U.S. Chamber of Commerce, are calling on the CFPB to rescind the recent updates to the UDAAP section of its Supervision and Examination Manual that instruct examiners to consider discrimination in connection with non-credit products and services as an unfair act or practice.
BAI--Christina Luttrell
The financial services industry has made made many advancements in fighting application fraud by developing creative ways to verify the identities of their customers however, the average consumer does not have the same level of awareness and more investment needs to be made in cyberfraud security education.
MBA Newslink--Mike Sorohan
The Mortgage Bankers Association has issued a white paper examining how climate change is dramatically reshaping the approach taken by lenders and policymakers to the U.S. real estate market.
This Lender Letter contains the COVID origination policies previously published that are still in effect with changes and removes all prior COVID policies that expired in 2021 and 2020.
