News By Edition

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted in 2010 in response to the Great Recession.

For the past 10 years, Dodd Frank Update has been covering the financial services industry’s compliance journey, from the changes instituted by the Consumer Financial Protection Bureau to partial appeals and rollbacks.

To learn about how far the industry has come, and the challenges still to face, read on.

David Benson, president of Fannie Mae, shares three lessons from past challenges that helped the corporation survive during the COVID-19 crisis.

“As the pandemic hit the U.S. economy one year ago, many people understandably worried about their jobs and families, and what would happen if they couldn’t pay their mortgage or rent. Addressing these concerns quickly and effectively was paramount,” he wrote.

Read on to learn more.

The Mortgage Bankers Association released its report on commercial/multifamily mortgage debt outstanding for the fourth quarter of 2020.

The report showed an increase in the amount of outstanding debt since the end of 2019. The analysis summarizes the holdings of loans, or if the loans are securitized, the form of security.

To learn more about this report, read on.

Canopy has partnered with moby, a digital identifications service provider, on a new, biometric-driven federated identity tool.

Read on for more details.

Federal Trade Commission acting Chairwoman Rebecca Slaughter appointed a director for the agency’s Office of Public Affairs.

To learn who, read on.

The Mortgage Bankers Associations’ Open Doors foundation has announced a new partnership with a children’s hospital in Tulsa, Okla.

Read on for more details.

The Federal Trade Commission (FTC) provided the Consumer Financial Protection Bureau (CFPB) an annual summary on the commission’s enforcement of the Fair Debt Collections Practices Act.

The FTC summary is used in the CFPB’s annual report to Congress, and highlights the commission’s efforts to halt unfair, deceptive, and otherwise unlawful debt collection practices during 2020.

For details from the summary, read on.

Freddie Mac announced a new automated payroll income verification option is now available to its clients.

“This is another win for borrowers and lenders as we continue our industry-leading advancements toward a true digital mortgage experience,” Freddie Mac Single-Family Chief Operating Officer Andy Higginbotham said.

Read on for more details on how Freddie Mac is enhancing the digital mortgage experience.

According to the Mortgage Bankers Association’s (MBA) Builder Application Survey, mortgage applications for new home purchases increased in February, compared with a year ago.

However, in comparison to the previous month, the rate of applications has decreased, Joel Kan, MBA associate vice president of economic and industry forecasting, said.

To learn why, and more about the results of the survey, read on.

Black Knight, Inc. has acquired a cloud-based loan origination system from NexSpring Financial, LLC, the company announced.

Read on for more details.

Norcom Mortgage announced it has partnered with SimpleNexus to launch an application for iOS and Android mobile devices that provides borrowers a complete application-to-closing experience for buying a home.

Read on for more details.

Mortgage rates continue to rise, according to Freddie Mac’s Primary Mortgage Market Survey.

To learn the average increased interest rates, read on.

In a study conducted on behalf of the American Bankers Association, a majority of American consumers said they were happy with their banks and the support provided during the COVID-19 pandemic.

The survey gauged consumers’ perception of banks’ performance during the pandemic, including relief options, the processing of economic impact payments, and the distribution of paycheck protect program loans.

For more details from the report, read on.

Black Knight’s McDash Flash Forbearance Tracker recently showed the largest weekly decline in forbearance plans since early January.

“While month-end expirations scheduled for the end of March are down from 1.1 million a week ago, there are still more than 800,000 plans currently listed with March month-end expirations,” Black Knight’s Andy Walden wrote on the company’s blog.

Read on for more details.

The Financial Services Innovation Coalition and Creative Investment Research released a report showing artificial intelligence (AI) and algorithmic lending can play an important role in reducing racial disparities in mortgage lending.

The report examined the rise of nonbank lenders, their adoption of AI and algorithmic systems, obstacles faced by lenders in creating non-biased underwriting, and the path forward.

For details from the report, read on.

October Research, LLC recently produced a webinar titled Getting to Know Your Regulators, designed to help industry professionals get a firmer picture of the current regulatory outlook and prepare for upcoming examinations.

Read on for more details.

The Federal Housing Finance Agency announced Freddie Mac and Fannie Mae will extend temporary loan flexibilities until April 30, 2021.

Read on for more details.

The Consumer Financial Protection Bureau released a statement encouraging financial institutions and debt collectors to allow economic impact payments to reach consumers.

For acting Director Dave Uejio’s statement, read on.

After making the announcement that it will no longer work with broker owners who partner with Rocket Mortgage and Fairway Independent Mortgage Corp., United Wholesale Mortgage shared the results from its “all-in” addendum request.

Rocket Mortgage’s executive vice president, Austin Niemiec responded to UWM’s claims, stating the information was false and misleading.

Read on for more details. 

Freddie Mac released the results of its primary mortgage market survey, showing an increase in the mortgage rates. Additionally, Fannie Mae’s mortgage lender sentiment survey showed how the rising rate affected lenders’ expectations for coming profit margins.

“As the economy improves given labor market optimism, continued vaccination roll-out and additional stimulus pending, mortgage interest rates increased this week,” Freddie Mac’s Chief Economist Sam Khater said.

For more details from these reports, read on.

Freddie Mac announced a member of its board of directors and veteran of the financial services industry has been appointed as the company’s interim CEO.

“He is ideally suited to lead the company as we continue a thorough search for a permanent CEO,” Sara Mathew, non-executive chair of Freddie Mac’s board of directors, said.

Read on for more details.

FormFree of Athens, Ga. announced the election of an individual the company calls a “mortgage banking authority” to its board of directors.

Read on for more details.

Guaranteed Rate announced the formation of a new mortgage technology company that will provide solutions for the entire loan process.

Read on for more details.

The Federal Reserve System, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency issued a joint interim final rule to support the Treasury Department’s Emergency Capital Investment Program.

Read on for more details.

The Consumer Financial Protection Bureau issued an interpretive rule to clarify it is illegal for lenders to discriminate based on sexual orientation and gender identity.

The prohibition, codified by the Equal Credit Opportunity Act and Regulation B, also includes discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes.

For more details from the interpretive rule, read on.

The Federal Deposit Insurance Corp. (FDIC) has released the agency’s strategic plan to reinforce diversity, equity, and inclusion.

“My goal is to build and maintain an FDIC workforce that is talented, diverse, and committed to fostering a safe, fair, and inclusive workplace and banking system,” FDIC Chairman Jelena McWilliams said.

For more details about the plan, read on.

The National Association of Federally-Insured Credit Unions and other financial services trade organizations joined together in a letter to leadership in congressional small-business committees about the U.S. Small Business Administration’s efforts to clear loan holds currently in the paycheck protection program.

The Independent Community Bankers of America also asked Congress to ensure all loan applications received by the cutoff date be considered for PPP loans.

Read on for more details.

Indecomm Global Services recently released DecisionGenius, a mortgage automation solution that assists with the underwriting process.

Read on for more details.

Freddie Mac announced it is now offering its CreditSmart Homebuyer U education course in Spanish.

Read on for more details.

Fannie Mae’s Home Purchase Sentiment Index decreased in February, while consumers reported a more positive view of the labor market compared to January.

Read on for more details.

The Consumer Financial Protection Bureau (CFPB) issued a report stating over 11 million families are behind on their rent or mortgage payments, putting them at risk of losing their homes once the foreclosure and eviction moratoriums are lifted.

“We have very little time to prevent millions of families from losing their homes to eviction and foreclosure,” CFPB acting Director Dave Uejio said.

For more details from the report, read on.

The New York State Department of Financial Services (DFS) announced a settlement with Residential Mortgage Services, Inc. regarding violations of cybersecurity regulations.

The violation in question involved a cybersecurity breach in 2019 the company failed to report until its July 2020 DFS exam, almost 18 months after the fact.

For more details from the consent order, read on.

Fannie Mae announced it has appointed two new members to its board of directors. The organization said both additions are “proven policy leaders” who will bring economic, regulatory, and business expertise to the board.

The board also extended a term limit for one of its members, allowing him to serve until June 2024.

To learn more about these changes, read on.

Realogy Holdings Corp. announced it has partnered with the National Association of Minority Mortgage Bankers of America to attract and support real estate professionals from diverse communities.

Read on for more details.

The Mortgage Bankers Association’s MISMO is seeking public comment on its commercial appraisal dataset, its Life of Loan business model, and its engineering guidelines three and six.

Read on for more details.

The National Credit Union Administration appointed Rodney Hood, former chairman and current board member, as the agency’s representative on NeighborWorks America’s board of directors.

Read on for more details.

Ahead of Rohit Chopra’s confirmation hearing, the Consumer Bankers Association (CBA) wrote the director-designate outlining four core principles the organization said is necessary for the Consumer Financial Protection Bureau to achieve the shared goal of “protecting consumers equally across institutions and putting an end to the political pendulum swing.”

For details from CBA’s letter and the confirmation hearing, read on.

The Consumer Financial Protection Bureau (CFPB) has issued a notice of proposed rulemaking (NPR), asking whether to delay the mandatory compliance date for the new general qualified mortgage (QM) rule.

Acting CFPB Director David Uejio said: “[W]e are working to provide needed options for both homeowners and lenders during a time of uncertainty and hardship.”

For more details on the NPR, read on.

In a speech delivered at the Defense Credit Union Council’s Defense Matters webinar forum, National Credit Union Administration Chairman Todd Harper addressed his priorities, regulatory philosophy, and plans to pursue economic and social justice.

“The credit union system now sits at the intersection of several crossroads,” Harper stated.

For more details from Harper’s speech, read on.

The American Bankers Association has launched a radio advertising campaign urging small businesses to apply for PPP loans.

Read on for more details.

The National Association of Federally-Insured Credit Unions has named a vice president of communications and media relations.

Read on for more details.

The Federal Housing Finance Agency has authorized a record-setting disbursement for Fannie Mae and Freddie Mac’s affordable-housing allocations for 2020.

Read on for more details.

In an announcement on Facebook live, President and CEO of United Wholesale Mortgage Mat Ishbia announced the company will no longer do business with those who also work with Rocket Mortgage and Fairway Independent Mortgage Corp.

The move is in response to the two companies allegedly taking actions to solicit loan officers away from brokers and working to completely cut brokers out of the mortgage process.

Read on for more details. 

The Consumer Financial Protection Bureau issued a statement and updated guides regarding the ability to repay and the qualified mortgage (QM) rules.

The bureau also announced it is considering initiating a rulemaking to revisit the seasoned QM final rule and may consider revisions to the general QM final rule in the future.

Read on for more details.

The Federal Housing Finance Agency (FHFA) announced the Enterprises are extending single-family foreclosure and real estate owned eviction moratoriums.

“From the start of the pandemic, FHFA has worked to keep families safe and in their home, while ensuring the mortgage market functions as efficiently as possible,” FHFA Director Mark Calabria said.

Read on for extended dates and details.

Salt Lake City-based Finicity has launched a software that improves mortgage verification services.

Read on for more details. 

The Mortgage Bankers Association announced its 2021 members of its two affordable housing advisory councils.

Read on for more details.

According to the Federal Housing Finance Agency, U.S. house prices increased both year-over-year and from the third quarter of 2020 to the fourth quarter of 2020.

Read on for more details. 

The U.S. Small Business Administration (SBA), along with the Biden administration, has taken steps to focus on the smallest of small businesses in the latest round of Paycheck Protection Program funding.

The SBA has revealed five “simple progressive” steps to reach low- and moderate-income, rural, urban, and other underserved areas.

To learn what steps SBA is taking, read on.

The Federal Housing Finance Agency (FHFA) has finalized a rule of practice and procedure that addresses an inflation adjustment for civil money penalties.

The adjustment was made in accordance with the FHFA’s authority under the Federal Civil Penalties Inflation Adjustment Act of 1990. The Adjustments Act also dictates the formula agencies must use when making these annual adjustments.

Read on for more details. 

In its second open meeting of 2021, the National Credit Union Administration (NCUA) approved a final rule amending the regulation requirements of joint-ownership share accounts.

The NCUA also heard updates on the share insurance fund’s performance during the fourth quarter of 2020 and on the Treasury’s Emergency Capital Investment Program.

Read on for more details

The Officer of the Comptroller of the Currency has released economic and financial market scenarios for use in the upcoming Dodd-Frank stress test.

Read on for more details.

The National Association of Federally-Insured Credit Unions has two new additions to its regulatory compliance team.

Read on for more details.

The Independent Community Bankers of America wrote a letter to the Federal Reserve addressing updates to the Community Reinvestment Act regulations.

Read on for more details.