This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
DS News -- Kyle G. Horst
According to Black Knight’s McDash Flash daily mortgage performance dataset, the number of mortgages in active forbearance plans continued to decrease in January.
DS News--Kyle G. Horst
M plans.
According to Black Knight, mortgages that are in active forbearance plans continue to fall in January by 73,000 or 8%, led by FHA/VA loans.
Search our Compliance Calendar for current regulatory changes & updates.
Ballard Spahr LLP--Mark J. Furletti
As previously reported by American Banker, Equifax will add a business industry code for buy-now-pay-later (BNPL) transactions so that these transactions will appear on credit reports; similarly; TransUnion is also working on adding its own BNPL credit reporting service.
National Mortgage News - Spencer Lee
Government approval of state plans for homeowner assistance through the nearly $10-billion Homeowner Assistance Fund continues, with Oklahoma, Rhode Island, Tennessee and Pennsylvania being the latest states to announce government approval.
MReport - Kyle G Horst
PropertyShark, a property research firm for commercial and residential tracts, has reissued a survey completed three years ago and found that both Millennials and Generation Z have become more pessimistic about their housing options.
The CFPB has announce that the filing period for HMDA data collected in 2021 opened on January 1, 2022 and submissions will be considered timely if received on or before Tuesday, March 1, 2022.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
According to the 2021 edition of the LexisNexis True Cost of Fraud Study: Financial Services & Lending, fraud costs have increased over pre-pandemic rates and they're costing mortgage lenders even more.
National Mortgage Professional- Katie Jensen
Rate lock volume and funded loan volume decreased year over year and month over month as both purchase and refinance rates increased in the month of December.
Mortgage Professional America--Prashant Gopal
According to Freddie Mac, mortgage rates in the US jumped to the highest level since the early months of the pandemic with an average of 3.22% for a 30 year loan up from 3.11% last week and the highest since late May 2020.
MBA Newslink
THE CFPB is shaming Equifax, Experian and TransUnion alleging changes in complaint responses resulted in fewer meaningful responses and less consumer relief of less than 2% of covered complaints.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
Housing Wire - Georgia Kromrei
According to the Federal Housing Finance Agency, neither Fannie Mae nor Freddie Mac's 2022-2024 federally mandated Duty to Serve plans are sufficient to help households of moderate, low, or very low income by providing lending liquidity and preservation goals for manufactured, rural, and affordable housing.
ABA--Lyn Farrell and Kathryn Reimann
The key regulatory compliance trends priorities are fair lending, technology and consumer protection, consumer product digital marketing, fintech partnerships, market power and consumer choice, overdrafts, ESG: climate and supervision in a “WFH” world.
DS News--Rich Haber, Brian Scibetta
The impact argument of the “strict compliance” and “separate envelope” compliance stemming from New York Statute NY RPAPL 1304, that requires servicers to send a 90 day notice including mandatory language prior to beginning the foreclosure in New York rages on.
Mortgage Professional America--Max Reyes
According to Cowen Inc., US policy makers may block large regional-bank takeovers with a push for greater scrutiny of mergers.
