This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
MReport- Eric Peck
According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), mortgage rates have exceeded the 4% threshold for the first time since May 2019with the the 30-year fixed-rate mortgage (FRM) averaging 4.16 percent.
MISMO is seeking public comment on its new Mortgage Insurance Activation API specification that is designed to facilitate the activation of a MI Commitment to Certificate Status.
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Mortgage Bankers Association – Adam DeSanctis
According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey, mortgage applications decreased 1.2 percent from the week prior.
Reverse Mortgage Daily – Chris Clow
The National Reverse Mortgage Lenders Association (NRMLA) has announced it will resume in-person reverse mortgage conferences in May when hosting the Western Regional Meeting.
American Land Title Association (ALTA) - ALTA Blog
ALTA has published a blog post that includes information about social engineering red flags.
The Joint Center for Housing Studies at Harvard University (JCHS) indicates 40% of the nation's rental housing stock (representing 17.6 million dwellings) is in danger of experiencing “substantial annual losses from increasingly common environmental hazards” based on the census tract they have been placed in.
"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
This CFPB blog post reminds industry participants and borrowers that funds from the Homeowner Assistance Fund (HAF) can help homeowners avoid foreclosure, but only if mortgage servicers work with state housing finance agencies and HUD-approved housing counselors to help borrowers as they complete the HAF application process.
MReport- Demetria Lester
The MBA's Mortgage Credit Availability Index (MCAI) report indicates a loosening of credit standards for February.
DS News-Kyle G. Horst
According to the most recent Foreclosure Market Report for February, there was a total of 25,833 properties with foreclosure filings against them, up 11% from January (which saw 23,204 filings) and up 129% from a year ago.
Mortgage Professional America – Richard Torne
According to ATTOM, properties in foreclosure in the United States are at the highest since March 2020.
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Mortgage Professional America--Candyd Mendoza
The CFPB will be increasing its oversight of AVMs after the Federal Housing Finance Agency discovered discriminatory statements in some home appraisals.
ABA Risk and Compliance -- Dustin Palmer, Christopher Sidler and Conor Stanhope
The COVID-19 pandemic will have a lasting effect on BSA /anti-money laundering programs such as operational shocks, rapid and dramatic changes in economic activity.
DS News--Kyle G. Horst
Fannie Mae survey results reveal a need for more consumer awareness regarding the National Flood Insurance Program, flood risk, flood insurance, and related resources.
MBA Newslink
ATTOM's First Quarter Vacant Property and Zombie Foreclosure Report indicates a drop in vacant “zombie” properties in the first quarter in spite of the increase in foreclosure activity for the second straight quarter.
