News By Edition

The Consumer Financial Protection Bureau (CFPB) released its report on the legal violations identified by its 2020 examinations, including issues in mortgage origination, servicing, and fair lending.

“Today’s release of supervisory highlights reinforces the importance of the bureau’s supervisory work, including during the COVID-19 pandemic, to find and correct systemic problems that hurt consumers,” CFPB acting Director Dave Uejio said.

For more about the report, read on.

Solidus Labs, a leader in crypto-native risk monitoring, market surveillance, and fraud-prevention, has hired former Consumer Financial Protection Bureau Director Kathy Kraninger to its team as vice president of regulatory affairs.

Responsibilities for this position include leading the company’s regulatory strategy as the company works toward its goal of enabling safe crypto markets and transforming financial risk monitoring.

Read on for more details.

October Research, LLC’s 17th annual National Settlement Services Summit (NS3) in Naples, Fla., will kick off with a keynote address on Aug. 31 from HomeServices of America CEO Gino Blefari.

Other first-day speakers will address the growing cannabis industry and the tension between state and federal regulations, the secrets to landing referrals, and state regulatory trends and priorities around the country.

Read on for more about first day of the three-day conference.

The Consumer Financial Protection Bureau (CFPB) recently celebrated its 10-year anniversary of pursuing its mission to increase transparency and fairness and clearly define the “rules of the road” when it comes to consumer protection and lending.

Acting CFPB Director Dave Uejio, U.S. Senator Elizabeth Warren, and Consumer Bankers Association President and CEO Richard Hunt acknowledged the milestone.

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Sales Boomerang released its inaugural Mortgage Market Opportunities Report for the second quarter of 2021.

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The Mortgage Bankers Association’s Builder Application Survey showed mortgage applications for new home purchases decreased in June 2021, falling for the third consecutive month.

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The Federal Housing Finance Agency (FHFA) is requesting comment on its collection of information regarding the minority and gender classification of individuals serving on the boards of directors of the Federal Home Loan Banks and of the Office of Finance.

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The Office of the Comptroller of the Currency (OCC) announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020 and finalized June 2020. The agency stated it was committed to working with the Federal Reserve Board and the Federal Deposit Insurance Corp. to issue a joint rulemaking to “strengthen and modernize” the CRA.

The decision followed a review initiated by acting Comptroller of the Currency Michael Hsu shortly after he took office.

Read on for more details.

The Consumer Financial Protection Bureau entered a stipulation requiring the bureau to issue a notice of proposed rulemaking on the regulations to implement Section 1071 of the Dodd-Frank Act by Sept. 30, 2021.

The stipulation and proposed order are related to a case in the U.S. District Court for the Northern District of California. 

Read on for more details.

Fannie Mae’s Q2 2021 Mortgage Lender Sentiment Survey showed business process streamlining and talent management are the top priorities in the industry as it moves into a post-pandemic era.

Over 200 senior mortgage executives were surveyed to gain a better view of lenders’ most pressing business priorities and challenges.

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According to the Mortgage Bankers Association’s Mortgage Credit Availability Index, mortgage credit availability decreased in June.

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Fannie Mae’s Economic and Strategic Research Group forecasted a shift in the economy as historically high home price growth is expected to moderate. However, the home price growth is still expected to add to overall inflation pressure.

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The National Credit Union Administration has granted its second federal credit union charter this year. Community First Fund Credit Union in Lancaster, Pa. is sponsored by Community First Fund, a nonprofit community development financial institution.

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The Federal Housing Finance Agency (FHFA) has eliminated the adverse market refinance fee put in place during the COVID-19 pandemic for loan deliveries to Fannie Mae and Freddie Mac, effective Aug. 1, 2021.

The Mortgage Bankers Association and the Independent Community Bankers of America issued reactions to the decision.

To learn why the FHFA eliminated the fee, read on.

The Office of the Comptroller of the Currency, Federal Reserve Board of Governors, and Federal Deposit Insurance Corp. have issued proposed guidance designed to help banking organizations manage the risks inherent to third-party relationships.

It is intended to assist institutions in identifying and addressing risk, including in relationships with fintech-focused entities.

Read on for more details.

Freddie Mac’s quarterly forecast predicts the market will remain strong through 2021.

“Of note, high house price growth has been buoyed by increased demand due to low mortgage rates, disposable after-tax income that has risen during the current recession and a major shortage of housing supply relative to our population,” Sam Khater, Freddie Mac chief economist, said.

Read on for more details. 

MobilityRE, a real estate intelligence technology company for mortgage lenders and real estate agents, named a “mortgage technology leader” as director of growth and client success.

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Promontory MortgagePath, LLC announced its mortgage fulfillment services and proprietary point-of-sale technology called Borrower Wallet has been officially endorsed by the Oklahoma Bankers Association.

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The National Association of Minority Mortgage Bankers of America has partnered with Mortgage Capital Trading to address the housing needs of underserved communities and encourage and develop a more diverse workforce in the mortgage sector.

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The U.S. Government Accountability Office (GAO) published its findings on the impact of the COVID-19 protections and other federal efforts, and how they have reduced default and foreclosure risks.

The report considers data from the National Mortgage Database, the Mortgage Bankers Association, and Black Knight, Inc. The GAO also interviewed representatives from federal agencies on the efforts to communicate with borrowers and limit default and foreclosure risks.

Read on for more details.

The Consumer Financial Protection Bureau issued a consent order against GreenSky, LLC, a nonbank fintech company headquartered in Atlanta, for enabling contractors and other merchants to take out loans on behalf of thousands of consumers without consent or authorization.

The bureau found the company engaged in unfair practices against their customers in violation of the Consumer Financial Protection Act of 2010.

For more details from the consent order, read on.

The Independent Community Bankers of America (ICBA) wrote a letter to the Department of the Treasury, asking it to examine abuses of the tax code that have caused increased acquisitions of community banks by tax-exempt credit unions.

In its letter, ICBA proposed an exit fee to offset tax losses imposed by these transactions.

Read on for more details.

In honor of the program’s 20th anniversary, Freddie Mac launched an updated version of CreditSmart, the organization’s financial capability curriculum aimed at helping consumers learn about the importance of building, maintaining, and using credit.

Read on for more details.

The Consumers Bankers Association’s executive banking school celebrates 70 years of providing rising stars with the skills and broad perspective to propel them into complex leadership opportunities.

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The Federal Housing Finance Agency issued a policy statement providing a foundation for its fair lending program and requiring Fannie Mae and Freddie Mac to submit fair lending reports.

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The American Bankers Association and the Consumer Bankers Association (CBA) both issued statements on President Joe Biden’s executive order designed to promote competition in the American economy.

“As consumer needs evolve, so must our nation’s leading banks,” CBA President and CEO Richard Hunt said. “Any sensible regulation should support these efforts, not stifle them.”

Read on for more details.

Fannie Mae updated its lender letters that addressed borrower assistance in light of the COVID-19 pandemic.

Its letters to its single-family servicers on the flex modification for COVID-19 impacted borrowers and the impact of COVID-19 on servicing contained policy changes that must be implemented no later than Aug. 31, 2021.

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Mr. Cooper announced the promotion of a vice chairman to president, with operating responsibility for the originations and servicing segments and key business functions such as technology and digital transformation.

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The Mortgage Bankers Association’s Commercial Real Estate Finance loan performance survey showed commercial and multifamily mortgage delinquency rates held steady for June.

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In Fannie Mae’s Home Purchase Sentiment Index, consumers continue to feel it is a good time to sell, and a bad time to buy. Other components of the survey were closely associated with household finances and job security.

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The Consumer Financial Protection Bureau issued a new rule that amends the federal mortgage servicing regulations to facilitate a smooth transition as federal foreclosure protections expire.

The bureau said the amendments will help prevent a surge of foreclosures and protect the American economy as it recovers from the COVID-19 pandemic. The new rule will take effect on Aug. 31, 2021.

Read on for more details.

The Bank Policy Institute released a report focusing on the best practices for banks as they continue to support closing racial gaps and improving diversity.

The report is the result of a year-long project that called on banks to identify, study, and share the steps they are taking to improve engagement, broaden access to affordable financial services and credit, diversify their workforces, and “serve as engines of shared prosperity.”

Read on for more details.

loanDepot has appointed an “accomplished tech veteran” as chief digital officer and executive vice president.

In this role, he will oversee all of the company’s technology capabilities, including its proprietary platform mello, and lead loanDepot’s technological innovation as it serves mortgage purchase and refinance customers.

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October Research, LLC’s second of its four-part Economic Forecast Series featured Jessica Lautz, vice president of demographics and behavioral insights for the National Association of Realtors.

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MISMO is seeking comment on a proposed standard for commercial green utility data to facilitate an efficient exchange across the industry.

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The Federal Housing Finance Agency made three new appointments from its agency staff to its leadership team.

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