This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.
MBA Newslink--Mike Sorohan
FHA has published a proposed rule that once finalized will allow mortgagees to provide a 40-year loan modification option to borrowers who may not otherwise qualify for payment reduction or other loss mitigation options.
Search our Compliance Calendar for current regulatory changes & updates.
Reverse Mortgage Daily – Chris Clow
In March, the reverse mortgage industry’s monthly volume reached the highest total activity since March of 2011.
MBA Newslink
This weeks update includes information on the 2023 fiscal budget, appraisal reform, climate-related financial risk for financial institutions, IVES System testimony and more.
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According to Black Knight, the national mortgage delinquency rate increased in February for the first time in nine months.
The Washington Post--Kathy Orton
The 30-year fixed average has risen more than a percentage point and a half in three months and according to the latest data released by Freddie Mac, the 30-year fixed-rate average climbed to nearly 5% at 4.67%.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
Housingwire--Georgia Kromrei
Initial discussions have begun relating to a bill that would remove the Appraisal Foundation and replace it with an independent federal agency.
MISMO has released its updated Industry Loan Application Dataset (iLAD) for a 30-day public comment period.
This weeks updates include the following, federal agencies release action plan to address appraisal bias, monthly affordability index based on weekly applications survey data and more.
BankDirector.com - Susan Sabo and Erica Crain
There are five focus areas identified to address weaknesses due to complacency as the Office of the Comptroller of the Currency (OCC) has warned about in its 2022 Fiscal Year Bank Supervision Operating Plan.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
FDIC State Profiles is a quarterly summary of banking and economic conditions in each state.
This weeks update includes the following topics; senate banking committee votes on key housing & finance nominations, new UDAAP supervisory policy, State specific issues and more.
Mortgage Professional America – Candyd Mendoza
Senate Democrats and other lawmakers have asked regulators to investigate Wells Fargo’s treatment of Black homeowners seeking to refinance mortgages during the pandemic.
ABA Banking Journal Newsbytes
Survey indicates that the LIBOR transition is progressing, but a large percentage of firms continue to face challenges in various stages of the transition.
