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New condo guidelines cause strain for mortgage lenders
Posted Date: Wednesday, March 2, 2022
In the wake of the condominium tower collapse in Surfside, Fla., that left 98 dead and 136 homes lost, Fannie Mae and Freddie Mac issued letters with temporary requirements of condo and co-op projects related to the maintenance of these buildings.
Orest Tomaselli, CondoTek president of project review, spoke with Dodd Frank Update on how mortgage lenders are handling the new guidelines and how they may affect affordability going forward.
Read on for more details.
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CFPB modifies adjudication rules, strengthens enforcement abilities
Posted Date: Wednesday, March 23, 2022
The Consumer Financial Protection Bureau (CFPB) has modified its Rules of Practice for Adjudication Proceedings. These modified rules allow CFPB to engage in tougher enforcement actions while decreasing the need to bring actions before the federal courts.
Although these modifications have immediate effect, the public comment period is open until April 8, 2022.
Read on for more details.
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CFPB targets unfair discrimination practices in consumer finance
Posted Date: Wednesday, March 23, 2022
The Consumer Financial Protection Bureau (CFPB) announced changes to supervisory operations to protect families and communities from illegal discrimination. These changes are designed to cover areas where fair lending laws might not typically apply. The CFPB published an updated exam manual for evaluating unfair, deceptive, and abusive acts and practices.
Read on for more details.
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Congress asking SEC for details in crypto investigation
Posted Date: Wednesday, March 23, 2022
Rep. Tom Emmer (R-Minn.) and seven other members of Congress have sent a letter to the Securities and Exchange Commission (SEC) Chair Gary Gensler asking for answers regarding the probing of crypto companies.
The questions were primarily focused on the use and scope of the SEC’s authorities in its Division of Enforcement and Division of Examination.
Read on for more details.
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MCT integrates with Fannie Mae Connect
Posted Date: Wednesday, March 23, 2022
Mortgage Capital Trading (MCT) capital markets platform MCTlive! Is being integrated with the Fannie Mae Connect Whole Loan Purchase Advice Seller API. This integration allows MCT Mark-to-Market and Hedge Accounting Reports to be updated with Fannie Mae purchase data instantly.
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Incenter adds Edgemac to family of companies
Posted Date: Wednesday, March 23, 2022
Business solutions firm Incenter acquired mortgage due diligence and document management to its offered services with the acquisition of advisory firm Edgemac.
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Banking committee clears Fed, FHFA nominees for full Senate vote
Posted Date: Wednesday, March 23, 2022
Following weeks of protest and standoffs from the Republican members of the Senate Committee on Banking, Housing, and Urban Affairs, committee Democrats led by Chair Sherrod Brown (D-Ohio) cleared President [Joe] Biden’s nominees for the Federal Reserve Bank and the Federal Housing Finance Agency.
Read on for more details.
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Fed rate increases causing pessimism
Posted Date: Monday, March 21, 2022
The Federal Reserve increased short-term interest rates by a quarter percentage point which will have a direct impact on consumers as rates on everything from credit cards to mortgages increase as a result.
Accordingly, Fannie Mae’s first-quarter mortgage lender sentiment survey showed a majority of mortgage lenders expect to see decreases in near-term profitability amid rising mortgage rates and declines in refinancing activity.
Read on for more details.
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Warren, Porter weigh in on FINRA arbitration case
Posted Date: Monday, March 21, 2022
As the push to restrict the usage of mandatory arbitration continues for congressional Democrats, Sen. Elizabeth Warren (D-Mass.) and Rep. Katie Porter (D-Calif.) weighed in on an ongoing legal dispute involving alleged dealings between Wells Fargo and FINRA to manipulate arbitration between the bank and consumers.
Robert Cook, CEO of FINRA, provided a response to previous questions issued by the two members of Congress which they said raises “new concerns about the extent of wrongdoing” according to their joint statement.
Read on for more details.
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LoanDepot facing investor suit over poor IPO
Posted Date: Monday, March 21, 2022
In a complaint filed in the Federal District Court of Delaware, investors asserted mortgage lending company LoanDepot’s stocks decrease of over 40 percent following its IPO was reflective of real value. The complaint further states that the IPO was artificially inflated due to materially false or misleading information released by LoanDepot, its board of directors, and founder.
Read on for more details.
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Citibank eliminates overdraft fees
Posted Date: Monday, March 21, 2022
Citibank announced it is planning to discontinue charging overdraft fees, returned item fees, and overdraft protection fees effective a yet unspecified date this summer. This comes as the Consumer Financial Protection Bureau (CFPB) has been monitoring bank overdraft fees and “junk fees” with the likely result of rulemaking to regulate overdraft fees.
Read on for more details.
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Mortgage Coach integrates with Black Knight’s Surefire
Posted Date: Monday, March 21, 2022
Mortgage Coach, a borrower conversion platform that helps lenders educate borrowers, has announced an enhanced integration with Surefire, a Black Knight CRM and marketing automation software.
Read on for more details.
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Senate banking committee examines prohibition of mandatory arbitration
Posted Date: Wednesday, March 16, 2022
The Senate Committee on Banking, Housing, and Urban Affairs held hearings on mandatory arbitration in financial services.
This comes as Sen. Sherrod Brown (D-Ohio), chair of the committee, has introduced legislation intended to limit the ability to use mandatory arbitration in certain financial services.
Read on for more details.
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SEC wants public companies to disclose more about cybersecurity risks and responses
Posted Date: Wednesday, March 16, 2022
The Securities and Exchange Commission (SEC) proposed a rule amendment that would increase requirements of companies when disclosing information about cybersecurity risks and responses to those risks.
The proposed amendment would require, among other things, current reporting about cybersecurity incidents and periodic reporting of updates about previously reported cybersecurity incidents.
Read on for more details.
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GAO reports on efforts to increase access to banking services
Posted Date: Wednesday, March 16, 2022
The Government Accountability Office (GAO) has published a report on the progress federal agencies and regulators have made to increase access to banking services to those that are historically underserved.
The report endeavored to determine why these groups, who historically have seen less access to banking services, continue to face limitations to accessibility, affordability, and use of banking services.
Read on for more details.
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TD expands to southeast US with First Horizon acquisition
Posted Date: Wednesday, March 16, 2022
TD Bank Group has announced it has signed a definitive agreement to acquire First Horizon Corporation. TD anticipates the acquisition will offer significant growth potential in the southeast United States.
Read on for more details.
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MISMO seeks participants to create eVault standards
Posted Date: Wednesday, March 16, 2022
MISMO issued a request for participates of a new development work group focused on creating eVault standards that foster interoperability among eVault providers.
Read on for more details.
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FDIC quarterly banking profile shows strong end to 2021
Posted Date: Wednesday, March 16, 2022
The Federal Deposit Insurance Corporation (FDIC) released its banking profile for the fourth quarter of 2021. The quarterly banking profile showed strong gains in the banking industry to close out the year.
Read on for more details.
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Biden directs agencies to study US-backed cryptocurrency
Posted Date: Monday, March 14, 2022
President Biden signed an executive order directing federal agencies to examine the legal and economic ramifications of creating a U.S. central bank digital currency (CBDC). The order sets a 180-day deadline for a series of reports on “the future of money.”
Read on for more details.
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Fifth Circuit remands FHFA case back to its district court
Posted Date: Monday, March 14, 2022
In the ongoing saga of Collins v. Yellen, the Fifth Circuit has remanded the case back to the Southern District of Texas following last year’s Supreme Court decision on the issues of the Federal Housing Finance Agency’s constitutionality and the scope of its authority as conservator of Fannie Mae and Freddie Mac.
Read on for more details.
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MoneyGram allocates $16M for NYDFS, CFPB settlements
Posted Date: Monday, March 14, 2022
MoneyGram International said that it has set aside approximately $16 million to pay potential settlements with the New York Department of Financial Services (NYDFS) and the Consumer Financial Protection Bureau (CFPB).
Read on for more details.
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Neat Capital releases new modern mortgage origination platform
Posted Date: Monday, March 14, 2022
Neat Capital has announced the release of Neatify, the company’s new mortgage origination platform. The company said Neatify is the only mortgage origination platform built in the last decade.
Read on for more details.
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Federal Reserve begins 2022 survey of consumer finance
Posted Date: Monday, March 14, 2022
The Federal Reserve Board announced the start of the Survey of Consumer Finances, a statistical study of household finances. The survey is intended to provide policymakers with insight into the economic condition of a broad cross section of Americans.
Read on for more details.
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FTC and DOJ plan to heighten restrictions on mergers and acquisitions
Posted Date: Wednesday, March 9, 2022
Amalgamated Financial decided to terminate its application for regulatory approval to acquire Amalgamated Bank of Chicago. In a statement from the board of directors, the inability to garner regulatory approval was cited as the reason for this termination.
Read on for more details.
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PayPal faces class action suit over buy now, pay later
Posted Date: Wednesday, March 9, 2022
A class action suit against PayPal has been filed in the U.S. District Court for the Northern District of California. The complaint alleges that PayPal targeted and misled poor consumers to get them to use PayPal’s “Pay in 4” service.
Read on for more details.
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Ellington Financial to acquire Longbridge Financial
Posted Date: Wednesday, March 9, 2022
Real estate investment trust Ellington Financial Inc. announced a definitive agreement to acquire majority ownership of national reverse mortgage loan originator and servicer Longbridge Financial.
Read on for more details.
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Equifax says CFPB is investigating its handling of consumer disputes
Posted Date: Wednesday, March 9, 2022
In an annual regulatory filing, Equifax stated that the Consumer Financial Protection Bureau is investigating the company’s process for handling consumer disputes to determine whether Equifax followed the Fair Credit Reporting Act requirement for handling such disputes.
Read on for more details.
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The Federal Reserve examines idea of a US-backed cryptocurrency
Posted Date: Monday, March 7, 2022
In a white paper published by the Federal Reserve, the bank discussed the potential development of a “central bank digital currency” (CBDC). The Fed also used this paper to ask for the public and stakeholders for comment and response to specific questions.
Read on for more details.
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Lenders seek to have convenience fee ruling upheld
Posted Date: Monday, March 7, 2022
Lending industry groups filed an amicus brief with the Ninth Circuit Court of Appeals to have a California District Court decision upheld. The case at issue regards convenience fees charged for different payment methods.
Read on for more details.
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Buy now, pay later garners attention from public and private interests
Posted Date: Monday, March 7, 2022
According to a PYMTS and Amount study, an overwhelming majority of buy now, pay later users would prefer using a version of the service through their bank, rather than a fintech provider.
The Consumer Bankers Association said these findings reveal a unique opportunity for banks to increase their market share in this rapidly growing market.
Read on for more details.
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CFPB offers new way for public to petition agency
Posted Date: Monday, March 7, 2022
The Consumer Financial Protection Bureau has announced reforms to the ways the public may petition the agency for action. The CFPB said the reforms will help the public exercise their constitutional rights.
Read on for more details.
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Finance of America Companies CEO Patricia Cook to retire
Posted Date: Monday, March 7, 2022
Finance of America Companies Inc. CEO Patricia Cook recently announced her retirement from the company. Cook will continue to serve as chief executive until a successor is appointed.
Read on for more details.
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Court certifies questions regarding CFPB’s enforcement authority
Posted Date: Wednesday, March 2, 2022
A Delaware Federal District Court circuit judge gave approval for interlocutory appeal to answer questions regarding the Consumer Financial Protection Bureau’s (CFPB) constitutionality and the scope of its enforcement authority. The two issues arise from a 2017 enforcement action taken by CFPB against the National Collegiate Loan Trusts for engaging in forbidden debt-collection and litigation practices.
Read on for more details.
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CFPB monitoring bank overdraft fees
Posted Date: Wednesday, March 2, 2022
The Consumer Financial Protection Bureau has begun monitoring and seeking public comment on banks’ overdraft and non-sufficient fund fees.
The bureau has voiced concerns about the impact of bank overdraft fees on families. These fees cost Americans $15.5 billion in 2019.
For more information on what the CFPB is considering, and what banks are doing in light of this scrutiny, read on.
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MISMO seeks public comment on forbearance data exchange guide
Posted Date: Wednesday, March 2, 2022
MISMO has announced it is seeking public comment on a new guide and sample credit response designed to help industry professionals better report on loans that have been in or are in forbearance.
The 30-day comment period runs through March 15, 2022.
Read on for more details
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Constellation Mortgage Solutions acquires ReverseVision
Posted Date: Wednesday, March 2, 2022
Constellation Mortgage Solutions Inc., part of the Constellation Real Estate Group, acquired ReverseVision, Inc. a provider of Home Equity Conversion Mortgage and private reverse mortgage sales origination software.
Read on for more details.
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Freddie Mac names new general counsel
Posted Date: Wednesday, March 2, 2022
Freddie Mac has named a former Wells Fargo senior deputy general counsel as executive vice president and general counsel.
Her duties begin March 7, 2022.
Read on for more details
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