News By Edition

The Federal Deposit Insurance Corp. (FDIC) issued a request for information (RFI) regarding the agency’s supervisory approach to examinations during the pandemic and related economic crisis.

“Throughout the COVID-19 pandemic, examiners have continued the FDIC examination program despite pandemic conditions, in part by leveraging prior efforts and existing technology systems,” the agency stated.

Read on for more details.

The Federal Housing Finance Agency (FHFA) announced Fannie Mae will begin considering rental payment history in the underwriting process.

“With this update, Fannie Mae is taking another step toward understanding how rental payments can more broadly be included in a credit assessment, providing an additional opportunity for renters to achieve the dream of sustainable homeownership,” FHFA acting Director Sandra Thompson said.

Read on for more details.

National Credit Union Administration (NCUA) Chairman Todd Harper gave testimony in front of the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

In front of Committee Chairman Sherrod Brown, Ranking Member Pat Toomey, and the rest of the committee members, Harper spoke on the state of the credit union system, the National Credit Union Share Insurance Fund, the NCUA’s response to the pandemic economic fallout, recent rulemakings, and legislative requests.

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The Mortgage Bankers Association forecasts commercial and multifamily lending this year will close at a higher volume than in 2020. Last year, commercial and multifamily lending closed at a volume of $442 billion.

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Sales Boomerang has been recognized by Mortgage Professional America magazine as a 5-star mortgage tech provider and debuted on Inc. magazine’s Inc. 5000 of America’s fastest growing companies.

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The Federal Financial Institutions Examination Council has issued guidance to financial institutions on effective authentication and access risk management principles and practices, titled Authentication and Access to Financial Institution Services and Systems.

For highlights from the new guidance, read on.

The Federal Housing Finance Agency proposed housing goals for Fannie Mae and Freddie Mac for the period between 2022 to 2024.

The proposal is designed to ensure the two entities responsibly promote “equitable access to affordable housing that reaches low- and moderate-income families, minority communities, rural areas, and other underserved populations.”

Read on for more details. 

The Federal Housing Finance Agency and the U.S. Department of Housing and Urban Development have entered into a collaborative agreement regarding fair housing and fair lending coordination.

The agencies stated the memorandum of understanding (MOU) is an important mechanism to strengthen their ability to enforce fair housing and fair lending requirements.

For more on the MOU, read on.

Gateless, a recently formed mortgage technology company that provides solutions for the entire loan process, named its first chief operating officer.

The role is responsible for driving the development and adoptions of the company’s AI Mortgage product offering and leading the company’s new integration and business transformation consulting services.

Read on for more details.

The Mortgage Bankers Association’s annual report of the multifamily lending market revealed the monetary amount of new mortgages for apartment buildings with five or more units for 2020. Read on for more details.

First American Docutech has integrated its loan document generation technology and eSignature solution with SimpleNexus’ homeownership platform.

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Freddie Mac is now offering a new mortgage to enable homebuyers and homeowners to finance the cost of small-scale renovations with a single-close mortgage, saving time and money.

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In light of the new federal holiday instituted on June 19, 2021, (Juneteenth), the Consumer Financial Protection Bureau has issued an interpretive rule on the mortgage and disclosure timing requirements.

The rule will assist the industry in determining whether to treat Juneteenth as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections.

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During the last year, we have become even more keenly aware of the need to be innovative and stay in compliance with state and federal laws and regulations.

During this year’s National Settlement Services Summit (NS3) in Naples, Fla., industry experts will be sharing their expertise in different areas viewed through the lenses of innovation and compliance, such as electronic transactions, emerging technologies, and mergers and acquisitions.

Read on for more about the NS3 sessions.

The Consumer Financial Protection Bureau published a report detailing the COVID-19 pandemic response of 16 large mortgage servicers. The report showed a widely varied response across the industry.

The bureau used supervisory data that included call center data and delinquency data as borrowers exited forbearance plans, or of those borrowers who did not request a forbearance.

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Freddie Mac has appointed someone to serve as the company’s senior vice president, chief human resources officer, and chief diversity officer.

The new officer will be a member of the company’s senior operating committee and will report directly to CEO Michael DeVito. She will begin in her new role on Sept. 15, 2021.

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Black Knight, Inc., has integrated several of its products into its Servicing Digital solution, enhancing its abilities to give customized information to its customers about their homes and mortgages and providing a variety of self-service capabilities.

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The Mortgage Bankers Association’s monthly Commercial Real Estate Finance loan performance survey showed a decline in the delinquency rates for mortgages backed by commercial and multifamily properties.

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With cybersecurity being in the forefront of the industry’s mind, and the nation’s, the U.S. government has launched new resources and initiatives to protect American businesses and communities from ransomware attacks.

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AXIS Lending Academy is a new nonprofit corporation offering a free mortgage education program to help improve and promote diversity in the mortgage industry.

Paul Gigliotti, CEO and co-founder of AXIS and chief operating officer of Pinnacle Home Lending, spoke with Dodd Frank Update about the company’s goals and what he sees for the future of the industry.

Read on for more details.

Freddie Mac’s multifamily business released its midyear outlook, projecting rising rents, falling vacancies, and a record-setting origination market for 2021.

The forecast is supported by a demand for multifamily housing that exceeds pre-pandemic levels and is expected to remain strong for the rest of 2021, though it remains to be seen if it will exceed the 2020 total.

Read on for more details.

Cherry Creek Mortgage has named a chief technology officer.

The new role is responsible for the company’s information technology operations, software development, and project management teams.

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The Consumer Financial Protection Bureau confirmed the effective date for the two final debt collection rules under the Fair Debt Collection Practices Act issued in the second half of 2020. The decision is the result of a notice of proposed rulemaking in April 2021.

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The National Credit Union Administration appointed a director for the Office of Minority and Women Inclusion, who will oversee the agency’s requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

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House Financial Services Committee Member Blaine Luetkemeyer (R-Mo.) introduced a bill that would change the leadership structure of the Consumer Financial Protection Bureau from a single director to a five-person, bipartisan commission.

“My bill provides increased accountability and transparency so the American people can trust the CFPB to do its job without political motivation,” Luetkemeyer said.

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Former Consumer Financial Protection Bureau Director Kathy Kraninger will speak during the third day of the 17th annual National Settlement Services Summit. The in-person event will be held Aug. 31-Sept. 2 in Naples, Fla.

Her address will be followed by the “iBuyer Buy in” session, an opportunity to Ask the Experts, and a discussion on avoiding the common mistakes leading to title insurance claims.

Read on for more details.

The Consumer Financial Protection Bureau and the Federal Housing Finance Agency released updated data from the National Survey of Mortgage Originations.

The report highlights borrowers’ experiences in obtaining a mortgage from 2017 to 2019, just prior to the COVID-19 pandemic, as well as their perceptions of the market and their future expectations.

Read on for more details.

The Alternative Reference Rates Committee formally recommended the Chicago Mercantile Exchange Group’s Secured Overnight Financing Rate term rates as the market further transitions from the London Interbank Offered Rate. The Federal Housing Finance Agency and the Federal Deposit Insurance Corp. have published additional information and clarifications for the change.

The formal recommendation is a major milestone and marks the completion of the transition plan outlined in 2017.

Read on for more details. 

Black Knight, Inc.’s recent Mortgage Monitor Report showed the impact of expanded, complex forbearance expiration times by government agencies and offered an overview on the homeowner assistance funds from the American Rescue Act.

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Draper and Kramer Mortgage Corp. has improved its national standing in a series of recently released rankings of top mortgage lenders and originators, the company announced.

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The U.S. Small Business Administration opened a direct forgiveness portal to help borrowers with Paycheck Protection Program loans under a certain threshold.

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The Conference of State Bank Supervisors (CSBS) has approved new regulatory standards to enhance and align states’ existing authority over nonbank mortgage servicing.

State agencies may use the standards to formulate law, rules, guidance, or procedures under their individual jurisdictional authority or legislative process, CSBS stated. Uniform adoption is important to regulate multistate entities and to minimize regulatory burden.

Read on for more details. 

The Consumer Financial Protection Bureau has released an online tool to assist renters and landlords impacted by the COVID-19 pandemic find and apply for payment assistance for rent, utilities, and other expenses.

The tool, called Rental Assistance Finder, links renters and landlords with the state and local programs distributing federal assistance to help renters stay housed during the pandemic.

Read on for more details.

SimpleNexus has appointed three new executives in operations, revenue generation, and customer success. These changes were part of an organizational restructuring.

“SimpleNexus’ continued success requires a corresponding commitment to ensuring the proper strategic-level thinking and oversight are in place in all aspects of the company,” SimpleNexus CEO Cathleen Schreiner Gates said.

Read on for more details.

The National Association of Federally-Insured Credit Unions and other organizations responded to the National Credit Union Administration’s request for comment on the policy and methodology used to set the National Credit Union Share Insurance Fund’s normal operating level.

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MISMO has created a community of practice that will focus on potential standards for environmental, social, and governance initiatives to meet the needs of market participants.

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The Federal Housing Finance Agency, as well as the U.S. Departments of Agriculture, Housing and Urban Development, and Veterans Affairs, released a joint statement on their actions to prevent evictions as the Centers for Disease Control and Prevention’s eviction moratorium expired July 31, 2021.

Read on for more details.

The Consumer Financial Protection Bureau released an issue brief showing consumer applications for a variety of categories, including new mortgages, have mostly recovered to pre-pandemic levels.

The report broke consumer data down by credit type and credit score, as well as state-by-state. Before being provided to the bureau, the data was stripped of any information that would reveal consumers’ identities.

Read on for more details.

The annual National Settlement Services Summit (NS3) returns live in Naples, Fla. this year from Aug. 31, 2021 to Sept. 2, 2021.

During the second day of the conference, Stan Middleman, founder and CEO of Freedom Mortgage Corp., will share insights on how to lead through the inevitable change coming to the real estate transaction.

To learn about other sessions that day, read on.

In a letter addressed to Sens. Kyrsten Sinema (D-Ariz.) and Rob Portman (R-Ohio), the National Association of Federally-Insured Credit Unions (NAFCU), the Credit Union National Association (CUNA), and other trade organizations urged Congress against using guarantee fees from the government-sponsored enterprises as a source of funding offsets.

Both NAFCU and CUNA have previously supported legislation prohibiting the use of G-fees to offset unrelated federal spending.

Read on for more details. 

Mr. Cooper made two additions to its executive leadership team as it works to become the nation’s largest home loan company.

One of them will serve as executive vice president and chief revenue officer and focus on the company’s growth strategies and originations business, the other as executive vice president to lead the company’s servicing business.

Read on for more details. 

CoreLogic has selected Paradatec, Inc.’s artificial-intelligence-based document classification and data extraction technology for its HMDA Check loan auditing tool.

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MISMO announced 14 technology platforms have successfully completed the organization’s remote online notarization certification. New platforms accounted for a 40 percent increase in the number of certified platforms in the past three months.

Read on for more details.

The Federal Housing Finance Agency published its house price index report for May 2021.

Read on for more details.