News By Edition

A federal judge struck down the national eviction moratorium the Center of Disease Control and Prevention put in place last year to combat effects of the COVID-19 pandemic. The moratorium was slated to expire at the end of June 2021.

Mike Flood, Mortgage Bankers Association senior vice president of commercial and multifamily, spoke with Dodd Frank Update about the moratorium and what the organization recommends for a smooth transition once it ends, whether it is at its predetermined expiration date, or sooner.

Read on for more details. 

The Office of the Comptroller of the Currency (OCC) announced it is reconsidering a final rule passed in June 2020, which was meant to modernize the agency’s regulations under the Community Reinvestment Act (CRA).

During this reconsideration, the OCC said it will not object to suspension of the development of systems for, or other implementation of, provisions with a compliance date of Jan. 1, 2023 or Jan. 1, 2024, under the CRA Rule.

For more effects of this ruling, read on.

NewRez, LLC, a national mortgage lending and servicing organization headquartered in Fort Washington, Pa., has hired a chief risk officer (CRO).

The new CRO “brings a wealth of experience in risk, audit, management and process improvement” to the company, NewRez President Baron Silverstein said.

For more details on the CRO, read on.

Mortgage Capital Trading, Inc., a mortgage hedge advisory and secondary marketing software firm, introduced BAM Marketplace, which it called “the world’s first truly open loan exchange between unapproved counterparties.”

Read on for more details. 

Black Knight, Inc. has integrated two of its offerings to help provide certain clients with significant benefits.

Read on for more details.

Black Knight, Inc. offered some good news on the rate of delinquencies as the economy continues to recover from the effects of the COVID-19 pandemic.

For more details, read on. 

The Government Accountability Office (GAO) published a report on the Home Mortgage Disclosure Act, reviewing the uses and benefits of new data, assessing how partial exemptions have changed the extent of data availability, and examining the federal oversight activities related to those partial exemptions.

While reporting exemptions had minimal impact on data availability, the agency said, it was determined that additional information would enhance oversight.

To learn about the GAO’s recommendations, read on. 

In a speech given at the Federal Society Conference, Federal Deposit Insurance Corp. Chairman Jelena McWilliams discussed the agency’s actions in improving the U.S. financial system.

“What can a regulatory agency do to ensure that our financial system remains resilient, competitive and the leading destination for financial investments and innovation while enabling people from all walks of life to achieve their American Dream?  Please allow me to tell you,” McWilliams said.

To learn more about her remarks, read on. 

In a letter to board of directors and CEOs, the National Credit Union Administration (NCUA) addressed what federally insured credit unions should do to prepare for the cessation of the London Inter-bank Offered Rate (LIBOR).

NCUA Chairman Todd Harper said the extension of certain LIBOR settings is not an opportunity to continue using LIBOR. Instead, it will allow some legacy LIBOR contracts to mature naturally.

Read on for more details.

MISMO is seeking comments on two of its engineering guidelines and the recent updates made by its architecture workgroup.

Read on for more details.

Several agencies announced they have extended the comment period for the request for information issued on financial institutions’ use of artificial intelligence.

For more details, read on.

The Office of the Comptroller named its senior deputy comptroller and chief counsel.

To find out who will fill the role, read on.

In a brief, Ginnie Mae highlighted how the organization has incorporated artificial intelligence (AI) into its business.

The organization has been experimenting with AI algorithms, machine learning, and state-of-the-art technical simulations to increase efficiency and free employee’s time for more valuable endeavors. Ginnie Mae plans for some of these changes to roll out later this year.

Read on for more details.

In its latest Borrower and Lender Insights survey, ICE Mortgage Technology found the pandemic has changed the way consumers utilize technology and caused lenders to reevaluate their technology partners.

“Last year brought our industry a perfect storm,” ICE Mortgage President Joe Tyrrell said. “You not only had COVID, which required lenders to shift to virtual workforces, but you also had to conduct business in a safe and socially distanced way with borrowers; at the same time, we were experiencing a historical increase in loan volume.”

For more details from the survey, read on.

Federal Housing Finance Agency Director Mark Calabria spoke at a Brookings Institution event addressing the resolution plans, aka “living wills”, for government-sponsored enterprises and the recent rule the agency passed on the matter.

In his statements, Calabria highlighted the agency’s authority to pass the rule, how the rule will be implemented, and what its impact will be.

Read on for more details.

Black Knight, Inc. has acquired eMBS, Inc., a Tampa, Fla.-based company that provides complex mortgage-backed securities information and analytics to market participants.

Read on for more details. 

The Mortgage Bankers Association’s Mortgage Credit Availability Index showed an increase in mortgage credit availability.

Read on for more details.

According to Black Knight’s Originations Market Monitor Report, mortgage originations fell in April, reaching their lowest level since May 2020.

For more details, read on.

Fannie Mae released its first quarter results for 2021.

The company’s CEO Hugh Frater offered his insight and spoke about Fannie Mae’s priorities as 2021 continues and the economy recovers from the COVID-19 pandemic. Fannie Mae Executive Vice President and Chief Financial Officer Celeste Mellet Brown gave a detailed overview of the results.

Read on for more details.

The Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) released a report showing less than 10 percent of homeowners and renters have missed more than two payments during the COVID-19 pandemic.

“RIHA’s study continues to provide an accurate, real-time picture of households’ ability to make their housing and student debt payments during the COVID-19 pandemic,” Edward Seiler, MBA executive director, research institute for housing America, and associate vice president, housing economics, said.

Read on for highlights from the report.

According to the Mortgage Bankers Association’s (MBA) National Delinquency Survey, mortgage delinquencies in the first quarter of 2021 decreased for one-to-four-unit residential properties.

For purposes of the survey, and to take mortgages in COVID-19 forbearance into account, MBA asked servicers to report loans in forbearance as delinquent if they payment was not made based on the original terms of the mortgage.

Read on for more details. 

Freddie Mac announced the winners of its Home Possible RISE awards.

To find out who the recipients are, read on.

The Independent Community Bankers of America has hired a director of innovation.

To find out who, read on.

The U.S. Department of the Treasury named an acting comptroller of the currency, replacing Blake Paulson.

Read on to learn who will be filling the role.

The Federal Housing Finance Agency (FHFA) has published a final rule requiring Fannie Mae and Freddie Mac to develop resolution plans.

The plans, also known as “living wills,” will provide a rapid and orderly resolution for the two companies should the FHFA be appointed their receiver under the Housing and Economic Recovery Act of 2008.

For details from the final rule, read on.

The Consumer Financial Protection Bureau released two reports on the challenges mortgage borrowers continue to face because of the COVID-19 pandemic and subsequent economic downturn.

One report shows Black and Hispanic mortgage borrowers are more likely to be delinquent or in a forbearance program than white borrowers. The second report shows overall mortgage complaints are at a three-year high.

Read on for more details on these reports.

The Federal Housing Finance Agency has issued a request for information on Fannie Mae and Freddie Mac’s eligibility requirements for condos, co-ops, and planned unit development projects where units are offered for short-term rentals, vacation/recreational lodging, or may otherwise be considered transient housing.

The agency included a list of questions to be considered when interested parties submit their comments, and said it will consider all provided information, along with supporting data, analysis, and outreach.

Read on for more details.

Former leaders from several housing agencies have joined together to launch Gate House Strategies, LLC, a mortgage compliance and affordable housing advisory venture.

For more details, read on.

The Consumer Bankers Association (CBA) announced five new hires and seven promotions.

To learn who has joined the CBA team, read on.

After the Federal Housing Finance Agency’s announcement of a new refinance option for low-income families offered through the government-sponsored enterprises, Fannie Mae released details about its new RefiNow option.

Read on for more details.

The Federal Housing Finance Agency has announced a new refinance option for low-income families with mortgages backed by Fannie Mae and Freddie Mac.

“Racial and income disparities in refinance take-up rates have persisted for far too long. With this initiative, we strive to narrow the gap,” Sheila Bair, Fannie Mae chairwoman of the board, said.

Read on for more details. 

In its monthly Mortgage Monitor Report, Black Knight, Inc.’s Data & Analytics division delivered good news: the inflow of new mortgage delinquencies has dropped since February.

“Some other key metrics also point to a robust recovery under way,” Black Knight Data & Analytics President Ben Graboske said.

For more details from the report, read on.

The Mortgage Bankers Association’s monthly CREF Loan Performance Survey showed delinquency rates for mortgages backed by commercial and multifamily properties decreased in April.

This survey collects information on commercial and multifamily mortgage portfolios and was developed to better understand the effect the pandemic has had on commercial mortgage loan performance.

For highlights from the report, read on.

Mr. Cooper and Google Cloud are partnering to create a mortgage servicing platform.

Read on for more details.

Two staff members from the Mortgage Bankers Association were recognized by the National Diversity Council as being leaders in diversity, equity, and inclusion.

Read on for more details.

The Federal Financial Institutions Examination Council’s State Liaison Committee announced the election of its chairman.

To find out who, read on.

Several Mr. Cooper customers received a shock when unauthorized mortgage payments were withdrawn from their accounts, resulting in large overdraft and insufficient fund fees and penalties for some.

Mr. Cooper, a Texas-based mortgage servicing company, said it was an inadvertent issuance, not a security breach.

For details of the incident, and a comment from the Consumer Financial Protection Bureau, read on.  

The Consumer Financial Protection Bureau announced it has delayed the mandatory compliance date for the General Qualified Mortgage Final Rule. Prior to this decision, the bureau asked for the industry’s comment on the action.

Groups who submitted input included the Housing Policy Council, National Association of Federally-Insured Credit Unions, National Association of Mortgage Bankers, and Mortgage Bankers Association.

For highlights from the comments submitted by prominent organizations, read on.

The Consumer Financial Protection Bureau has issued a consent order against a reverse mortgage lender, alleging the company sent deceptive loan advertisements to older borrowers.

According to the bureau, advertisements by the lender violated the Mortgage Acts and Practices Advertising Rule, the Truth in Lending Act, and the Consumer Financial Protection Act of 2010.

Read on for more details. 

The Change Co. announced it has acquired Connect Escrow, a woman-owned and operated real estate escrow services company.

For more details about the acquisition, read on.

The Consumer Financial Protection Bureau shared the result from its first two tech sprints, according to a blog post made by acting Director Dave Uejio.

To learn about the tech sprints, read on.

The Federal Housing Finance Agency released its monthly housing price index, showing house prices rose month-over-month and year-over-year.

Read on for more details.