Mortgage

LexisNexis released its 2022 True Cost of Fraud Study which examines current fraud trends in the U.S. and Canadian retail and financial services industries. The study analyzes data from in-depth surveys from over a thousand fraud executives.

The study offered findings on a variety of fraud-related issues and recommendations for addressing potential threats.

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In a release last week, President Joe Biden announced plans designed to ease the burden of housing costs. This will be done by increasing the supply of quality housing in “every community.”

Republicans criticized the plan for perceived failures to promote new construction and for using Fannie Mae and Freddie Mac to promote a political agenda.

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Guild Mortgage has introduced a new program which helps homebuyers compete with all-cash offers.

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The Mortgage Bankers Association estimated 470,000 homeowners remain in an active forbearance plan bringing the total number of mortgage loans in forbearance below 1 percent.

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The Consumer Financial Protection Bureau (CFPB) has issued its annual report on the bureau’s fair lending activities for 2021. The report highlights enforcement actions, amicus briefs, rulemaking procedures, and outreach and engagement activities.

The CFPB has also issued an advisory opinion on the scope and timeframe in which fair lending laws apply.

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The Federal Housing Administration issued a mortgagee letter which added a 30-day buyer preference for certain home sales. The objective of this addition is to increase supply and access to affordable housing and homeownership for low- and moderate- income homebuyers.

The change also creates a preference for Housing and Urban Development approved nonprofits and governmental entities as part of the post-foreclosure sales period.

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The financial world has been inundated with new technology. Mobile banking, digital wallets, cryptocurrencies, blockchain. These are all phrases that were meaningless five to 10 years ago but are now the latest in the ever-changing world of fintech.

ICE Mortgage Technology Senior Vice President of Product Strategy Stephanie Durflinger spoke with Dodd Frank Update on utilizing technology to solve problems and help customers throughout the mortgage process.

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Since 1977, the Community Reinvestment Act (CRA) has ensured that banks continue to meet the needs of the communities they are meant to serve by promoting lending in lower-income areas. With only one major update in the mid-1990s, the banking regulators have introduced a proposal to update the CRA to better reflect the changes in the banking and lending industries in the past 30 years.

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After two years of record sale price increases for homes, the average asking price of a homeowner has begun to decline.

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Redwood Trust has announced it has entered into a definitive agreement to acquire Riverbend Funding and its subsidiaries in an all-cash transaction.

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