This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
Mortgage Professional America--Carmen Arroyo
US home mortgage lenders have been busy hiring for the last two years but due to rising rates job cuts will be inevitable in the coming months.
Federal Trade Commission--Bridget Small
5.7 million people filed reports with approximate losses of over $5.8 billion due to fraud, a $2.4 billion increase in losses in one year including reports of identity theft and complaints related to other consumer issues, such as problems with credit bureaus, banks and lenders.
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Mortgage Professional America--Christopher Rugaber
Federal Reserve likely to raise interest rates more than the traditional quarter-point at the central bank’s meeting next month for the first time since 2018.
MBA Newslink
This weeks update includes comments on OCC’s draft principles for climate-related financial risk management, FHA Catalyst implementation extension, IRS facial recognition, and California's CRA bill.
Mortgage Professional America--Tony Cantu
Appraisal expert John Tallinger provides insight into what lies ahead with refinances slowing along with a strong purchase market amid rising interest rates.
CoreLogic's 2021 Climate Change Catastrophe Report details over 14.5 million single and multifamily homes were impacted by natural catastrophes with an estimated $56.92 billion in property damage.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
The VA has announced it will only report a medical bill after all other collection efforts have been exhausted, largely eliminating coercive credit reporting as a debt collection technique which, coupled with the other announced additional protections, will result in a 99% reduction of unfavorable debt that it reports to consumer reporting companies.
Reverse Mortgage Daily – Chris Clow
According to the Office of the Comptroller of Currency (OCC), a U.S. Department of the Treasury division, updates will be made to guidance issued in 2010 regarding compliance risk and reputation management for reverse mortgage products.
The FDIC and FinCEN have opened registration for participation in a Tech Sprint intended to measure the effectiveness of digital identity proofing, the process used to collect, validate, and verify information about an individual.
Housingwire--Georgia Kromrei
Consumer advocates, fair housing groups, banks and mortgage lenders joined together to object to FHA's proposed servicing defect taxonomy noting that it does not provide specifics on loan-level defects or assess severity based on the level of harm to borrowers and not just harm to the property and the FHA as is currently written.
Automated compliance tests to ensure compliance on more loans in less time
MBA Newslink
This weeks update includes comments on the HMDA rule assessment and the CFPBs request for public comment seeking information on fees that are not subject to competitive processes.
HousingWire
Fannie Mae and Nar are at odds over the future of the federal government’s cash-strapped flood insurance program.
The OCC has conditionally approved applications from Social Finance Inc. (SoFi) to create SoFi Bank, National Association as a full service national bank headquartered in Cottonwood Heights, Utah.
Black Knight has released it's December origination data noting December as the fourth consecutive month with a decline in origination activity, falling lock volume, inflation concerns and more.
