Mortgage

The Consumer Financial Protection Bureau’s (CFPB) 18th Supervisory Highlights report, the first released since Kathy Kraninger became CFPB director, highlights observations the bureau’s examiners made about potential consumer harm related to automobile lending, deposits, mortgage servicing and remittances.

The report also highlights developments in the bureau’s supervision programs – Supervisory Recommendations – which it will use in addition to its Matters Requiring Attention supervisory tool.

Find out more about what is covered in the report.

Recognizing that more and more mortgage lenders are seeing the value in offering eClosings and working towards digitalizing the entire mortgage process, October Research LLC and Dodd Frank Update put together a webinar with two top-tier industry experts to answer common questions about what challenges lenders face when trying to get into the eMortgage business.

Fannie Mae Director of eMortgage Strategy and Operations Shane Hartzler and Pepper Hamilton LLP Special Counsel John Levonick offered insight about how lenders can address a multitude of those perceived barriers to getting started in the digital mortgage space and spelled out some of the benefits to doing so.

Read on to find out more details about what the experts discussed.

The final day of the Ellie Mae Experience event in San Francisco kicked off with a conversation with a noted author and a mortgage market update from one of the leading names in the industry. 

Author and motivational speaker Simon Sinek sat down with Ellie Mae’s Joe Tyrrell, and Mortgage Bankers Association Chief Economist Michael Fratantoni followed with an updated presentation on the market.

Read on for details from the event.

For lenders and compliance attorneys preparing to implement procedures necessary to comply with the government-sponsored enterprises’ (GSEs) new Uniform Residential Loan Application (Form 1003), there are bound to be questions that come up along the way.

To provide answers, Dodd Frank Update invited DocMagic Chief Compliance Officer Gavin Ales and Garris Horn PLLC Partner Richard Horn to offer straight-forward, comprehensive explanations pertaining to a myriad of common questions about the new requirements in a recent webinar entitled “New Loan Application (URLA): Your Questions Answered.”

Read on to learn more about what insight the experts have to offer.

In her first statutorily required appearance before Congress as director of the Consumer Financial Protection Bureau, Kathy Kraninger was asked to address the bureau’s plans pertaining to its enforcement of fair lending laws, its stance on ongoing litigation against companies, restitution for harmed consumers and its rules regulating payday lenders and overdraft services.

Questions from Democrats were reminiscent of previous challenges to Kraninger’s commitment to the bureau’s mission, and many pertained to changes enacted under former acting director Mick Mulvaney. Republicans decried Democrats for “badgering” Kraninger and defended her and Mulvaney. 

Find out more details about her testimony.

The Federal Housing Finance Agency (FHFA) issued a final rule requiring Fannie Mae and Freddie Mac to align programs, policies and practices that affect the cash flows of certain Mortgage-Backed Securities (MBS). The rule is intended to help improve the predictability of cash flows to MBS investors.

The rule will apply in instances where a “to-be-announced” MBS is offered to settle a trade for an actual MBS that will be delivered at a later date and time. Such securities are announced 48 hours prior to the established trade settlement date.

Find out more details about the rule and commentary that was considered.

Digital mortgage solutions are proving to be valuable tools in facilitating collaboration with fewer compliance pitfalls than tradition mortgage transactions.

PromonTech’s Michael Kolbrener and Pavaso’s Dan McGrew shared their philosophies with Dodd Frank Update regarding the benefits of facilitating collaboration through different types of eMortgage solutions.

Find out more about the path they believe the industry is on. 

Senate Banking Committee voted along party lines to advance Mark Calabria’s nomination to serve as the next director of the Federal Housing Finance Agency (FHFA), and also approved the advancement of nominees for the National Credit Union Administration Board and the Treasury Department.

The fact that Calabria’s committee vote was identical to the margin that advanced Kathy Kraninger’s nomination to become director of the Consumer Financial Protection Bureau does not reflect the difference between their confirmation hearings.

Read on for more details.

Asserting that it could negatively impact mortgage rates and credit availability, Rep. Blaine Luetkemeyer (R-Mo.) wrote to the acting director of the Federal Housing Finance Agency, Joseph Otting, asking him how the Financial Accounting Standards Board’s current expected credit loss (CECL) standard will affect Fannie Mae and Freddie Mac.

Luetkemeyer included several questions addressing his concerns about how implementation of the CECL standard will affect the government-sponsored enterprises’ capital reserves and lending abilities.

Find out what specific concerns he raised.

After four straight weeks of declines, mortgage applications saw a modest increase of 3.6 percent on a seasonally adjusted basis for the week ending Feb. 15, 2019, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

MBA Associate Vice President of Industry Surveys and Forecasts Joel Kan noted that such results could be indicative of positive momentum going forward.

Read on to learn more details.