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

FHA Issues Disaster Re-Inspection Waivers

Prompted by Hurricanes Harvey, Irma and Maria, and the California wildfires, the MBA has negotiated with HUD and FHA for shorter re-inspection periods for homes in a pending sale at the time of a natural disaster. According to MBA President and CEO David Stevens, “Because FEMA incident periods can run anywhere from a few weeks Read More

Cybersecurity Advice for Lenders | Simple Tips for Increased Protection

In our last blog post, we discussed an alarming new trend of phishing scams plaguing the mortgage industry. Attackers pose as mortgage agents and send borrowers new wiring instructions via email. Borrowers are at risk of losing money and having their personal information stolen. Lenders are at risk of losing the confidence of borrowers. While Read More

Lenders, Stay Alert | Sophisticated Spear Phishing Mortgage Scams On the Rise

As an appraisal management company, Janus is particularly interested in helping our clients maintain regulatory compliance and helping them avoid potential pitfalls. As cybercrime becomes more prevalent and harder to defend against, both borrowers and lenders have to keep a critical eye on all communications and transactions. Most recently, spear phishing attacks targeting mortgage closures Read More

CFPB’s Interim Final Rule | Mortgage Servicers’ Communication with Borrowers at Risk of Foreclosure

On October 4 the Consumer Financial Protection Bureau (CFPB) issued an interim final rule to give mortgage servicers more clarity surrounding communication restrictions and requirements when conveying information to borrowers. This rule, and a second proposed rule, modify previously standing mortgage servicing amendments from 2016. Under the Fair Debt Collection Practices Act passed in 2016, Read More

MBA Backs Bipartisan Flood Insurance Market Parity and Modernization Act

The House of Representatives recently voted 264-155 in favor of the Flood Insurance Market Parity and Modernization Act, which aims at increasing flood insurance options for private property owners. The bill has gathered bipartisan support, sponsored by Reps. Dennis Ross (R-Florida) and Kathy Castor (D-Florida), and even an endorsement from the Mortgage Bankers Association (MBA). Read More

Sign up to receive the latest industry news and updates.