Dodd-Frank Reform Gets Messy | Senate to Debate Bill With 100 Proposed Amendments

In the ongoing policy overhaul of the Trump administration, Dodd-Frank is up for major changes. Many in the housing industry have voiced support for the bill, including the National Association of Federally Insured Credit Unions, which commented that “regulatory burden is the top challenge facing credit unions today.” The proposed bill has also received support Read More

Ginnie Mae Takes Action Against Predatory Lending Targeting Veterans

In light of a recent investigation into lenders who are part of the Department of Veterans Affairs home-mortgage program, Ginnie Mae has notified nine lenders of pending punishments if they do not eliminate churning practices immediately. Said punishment would involve being relegated to a custom pool of mortgage-backed securities rather than traditional Ginnie Mae bonds. Read More

CFPB Strategic Plan Goes Back to Basics, Abandons Stance As Enforcer

On February 12, the Consumer Financial Protection Bureau (CFPB) released its five-year Strategic Plan, a revision of the draft previously released in October 2017. While sticking closely to Dodd-Frank and the Consumer Protection Act, the Bureau’s new direction seems to focus less on being a watchdog and more on “protecting the legal rights of all, Read More

The New Tax Bill & The Home Lending Industry | Changes to Mortgage Interest Deduction

After the Trump Administration’s passage of what has been called a ‘sweeping’ new tax bill on December 22, the mortgage industry has had time to digest changes and react to their effects. Upon release of initial drafts of the bill, several key industry advocacy groups voiced concern for the consequences of many of the bill’s Read More

Updates on CFPB Acting Director Power Struggle | Leandra English Seeks Appeal

After conflict in November regarding the successor of Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB), former Chief of Staff and claimant of the director position, Leandra English, seeks an appeal in what will be the issue’s third court appearance. Although judges have thus far ruled to allow Mick Mulvaney’s appointment as Read More

FHFA Considers Changing Credit Scoring Model | Will It Make A Difference?

In what on the surface seems to be a good faith effort to expand homeownership opportunities, the Federal Housing Finance Agency recently evaluated the possibility of switching credit score requirements from classic FICO to either FICO 9 or VantageScore 3.0. Critics of the proposed adjustment argue that changing requirements will do little to expand the Read More

Increased IRS Data Security Slows Mortgage Application Process

After the Equifax breach this past fall in which hackers stole the personal information of 143 million U.S. consumers, the credit reporting industry is going to greater length to protect consumer data from cybersecurity threats. In an effort to safeguard sensitive data, the Internal Revenue Service recently beefed up security of their Income Verification Express Read More

Trump Moves to Stop Insuring Mortgages With PACE Loans

On December 7, the Trump administration announced the reversal of the Obama era rule allowing the Federal Housing Administration to insure mortgages with additional liens from the Property Assessed Clean Energy program (PACE). Several major housing industry groups, including the Mortgage Bankers Association and National Association of Realtors, have voiced support for the policy change. Read More

CFPB Confusion | One Bureau, Two Acting Directors?

Earlier this month, Richard Cordray resigned as Director of the Consumer Financial Protection Bureau. According to Housing Wire, “this decision [came] after months of speculation over Cordray’s future at the CFPB. Most recently, President Donald Trump openly discussed firing Cordray with members of Congress while signing the resolution to repeal the CFPB’s controversial arbitration rule.” Read More

Embracing Innovation | How Technology Can Make Appraisers More Efficient

As technology continues to improve and automation is on the rise, anxiety among appraisers has reached a fever pitch. While artificial intelligence and predictive software have made the appraisal process increasingly easier, many appraisers are wary of being worked out of a job by a computer crunching numbers. Adding to fears, Fannie Mae and Freddie Read More

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