The CFPB this week issued guidance warning mortgage comparison-shopping digital platforms that they are violating federal law if they direct shoppers to lenders or other real estate settlement service providers who pay referral fees to the platform.
Lending standards for most business and consumer loans tightened during the fourth quarter of 2022, with weaker demand reported in almost every category, according to the Federal Reserve’s senior loan officer opinion survey released this week.
The OCC this week issued a bulletin to inform banks and examiners that the loan origination threshold for reporting Home Mortgage Disclosure Act data on closed-end mortgage loans has changed due to a recent court decision.
Consumer Financial Protection Bureau Director Rohit Chopra this week questioned the appropriateness of having an independent nonprofit set home appraisal standards across the country, suggesting regulators may want to take a closer look at the arrangement in the future.
Fannie Mae and Freddie Mac will reduce the upfront fee for commingled securities to 9.375 basis points starting April 1, the Federal Housing Finance Agency said this week.
The agency expects servicers to continuing using ‘all the tools at their disposal’ to keep consumers in their homes.
In a letter this week, the American Bankers Association and 18 industry and advocacy groups urged the Veteran’s Administration to expand the loss mitigation options available under the VA Home Loan Guaranty Program to help borrowers avoid foreclosure.
The notice is intended to communicate FHFA’s supervisory expectations for Fannie Mae and Freddie Mac “to establish and implement risk management policies and procedures for monitoring and valuing seller/servicers’ mortgage servicing rights.”
This draft also proposes updated appraisal review standards intended to provide mortgagees and appraisers with clarifying guidance regarding the quality of an appraisal report.
Fannie Mae and Freddie Mac today announced plans to transition legacy Libor loans and securities to the Secured Overnight Financing Rate, the Alternative Reference Rates Committee’s preferred Libor alternative.