This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
MBA Newslink
Last week's advocacy efforts include the GSE's release of desktop appraisal information, Pennsylvania HB 1588 and a Safe Act settlement.
Mortgage Bankers Association
According to MBA's most recent Monthly Loan Monitoring Survey, loans in forbearance fell to 1.41 percent of servicers' portfolio volume as of December 31, from 1.67 percent the previous month.
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National Mortgage Professional - David Krechevsky
A new report from Fannie Mae indicates that Black borrowers refinancing their homes received slightly lower appraisal values relative to automated valuation models while white borrowers received slightly higher values, on average.
Mortgage Professional America--Richard Torne
Freddie Mac is continuing to transform the mortgage process with Loan Product Advisor® (LPASM) asset and income modeler (AIM), which automates borrower capacity and reduces risk while simplifying processes.
Housingwire--Georgia Kromrei
Desktop appraisals will be an option in loans submitted after March 19th for certain transactions, purchases secured by a 1 unit primary residence with an LTV of 90% or less and the GSE's have updated their AUS systems to support the use of desktop appraisals.
National Mortgage Professional - Navi Persaud
Despite being the lowest percentage in 12 months, bidding wars remained present in 59.6% of the home offers written by Redfin agents in December 2021.
Automated compliance tests to ensure compliance on more loans in less time
BAI--Idan Keret
Many older anti money-laundering systems are not coping well with the rise in financial crime since the COVID-19 pandemic and artificial intelligence is emerging as a potential game-changer with potential benefits regardless of data quality.
Last week's advocacy efforts include nomination hearings, OSHA updates, MBA opposed bill increasing VA funding fees, flood insurance program updates and more.
Mortgage Bankers Association
Black Knight reported rising mortgage interest rates have decreased the number of “high-quality” refinance candidate households to just 7.1 million, the lowest total since November 2019.
Mortgage News Daily – Jann Swanson
ATTOm reported that foreclosure activity in 2021 was at the lowest level since it began tracking it in 2005.
"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
Mortgage Professional America -- Duffie Osental
According to Redfin, the median US home sale price surged to an all-time high during the week ending January 9, 2022.
DSNews - Demetria Lester
About 40% of Americans are considering a move in 2022, but the "must haves" vary among the different generations based on a recent LendingTree survey.
National Mortgage News - Bonnie Sinnock
"Very seriously" is the term used in a statement released by the Department of Housing Urban Development indicating it’s view on allegations by 20 state attorneys general that some mortgage companies failed to offer a recently added FHA modification option as required.
Mortgage Bankers Association – Michael Tucker
According to Fitch Rating, New York, the commercial mortgage-backed securities delinquency rate dipped nine basis points in December to 2.67 percent.
