Mortgage

CFPB Will Not Assess Penalties for 2018 HMDA Data Submissions

In a major win for the industry, the Consumer Financial Protection Bureau announced today that it will not assess penalties with respect to errors in Home Mortgage Disclosure Act data collected in 2018 and reported in 2019, and will not require banks to resubmit data for that period unless errors are found to be material.

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FHFA Sets 2018 Performance Goals for Fannie, Freddie

The Federal Housing Finance Agency today issued the metrics on which it will assess the 2018 performance of Fannie Mae, Freddie Mac and their jointly owned securitization platform, which will be implemented for the “Single Security” to be issued by both GSEs in the second quarter of 2019.

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Lawmakers Raise Concerns About Tax Transcript Issue

A bipartisan group of lawmakers -- led by Rep. Gregory Meeks (D-N.Y.) and including House Ways and Means Committee Chairman Kevin Brady (R-Texas) -- wrote to the Internal Revenue Service yesterday to express concerns about recent changes to the IRS’ tax transcript processing system that could result in significant delays for consumers when attempting to purchase or refinance a home.

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