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Recent News

Legal News | January 15, 2019

Wells Fargo asset cap to last all year, says CEO

Mortgage Professional America--Ryan Smith

Wells Fargo has revised its estimate for the lifting of a Federal Reserve-ordered asset cap again. Now the embattled lender will continue to operate under the asset cap through the end of 2019.

The Fed placed the cap on Wells Fargo’s assets in February of last year, citing “widespread consumer abuses” and demanding that the...

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Agency | GSE News | January 15, 2019

HUD Addresses Questions About Shutdown Impact

DSNews--Radhika Ojha

As the longest government shutdown in history continues, the Department of Housing and Urban Development (HUD) has issued guidelines on what lenders and borrowers can do to address their concerns.

The guidelines, which are in the form of frequently asked questions (FAQ), give lenders and servicers a sense of the business they can and cannot...

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Industry News | January 15, 2019

Expert: A look under the hood of the mortgage industry

HousingWire--Kelsey Ramírez

While the front end of mortgage lending might look good, a look into the back end of operations shows a much different story. Mortgage lending is in desperate need of a technology update.

Nominations for HousingWire’s Tech100 Award opened at the beginning of this month and nominations close on January 25. 

One of the biggest changes to this year’s...

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Webinar: Agency and Regulatory Reporting Essentials

Industry News | January 15, 2019

Which Borrowers Are Impacted By the ATR Rule?

M Report--Radhika Ojha

Despite debt-to-income ratios rising in recent years, delinquencies have remained low in the five years since the Ability to Repay (ATR) requirements were introduced under the Dodd-Frank Act, according to the findings of the Consumer Financial Protection Bureau's(CFPB's) long-awaited report on the Ability to Repay (ATR) and the Qualified Mortgage (QM) Rule (ATR-QM Rule).

The report...

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Legal News | January 14, 2019

Supreme Court refuses to hear case challenging constitutionality of CFPB

The Hill--Lydia Wheeler

The Supreme Court on Monday refused to hear a case challenging the constitutionality of the Consumer Financial Protection Bureau (CFPB). 

The State National Bank of Big Spring, the Competitive Enterprise Institute and the 60 Plus Association had asked the justices to review the U.S. Court of Appeals for the District of Columbia Circuit's decision to reject their...

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ACES Intelligent Questionnaires

Industry News | January 14, 2019

Assessing our rules: Our reports on the Ability to Repay and Qualified Mortgage Rule and the RESPA Mortgage Servicing Rule

CFPB--David Silberman--1/11/2019 

Today, I am pleased to announce we have published two reports assessing significant CFPB rules: The first assesses the effectiveness of our Ability to Repay and Qualified Mortgage Rule. The second assesses the effectiveness of the Mortgage Servicing Rule we issued under the Real Estate Settlement Procedures Act (RESPA).

For each of our significant rules or orders, section 1022(d) of...

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Industry News | January 14, 2019

Democrats move to prevent foreclosures, evictions on unpaid federal workers

Housingwire--Ben Lane

There are approximately 800,000 federal workers who are either furloughed or working without pay thanks to the government shutdown. The Federal Housing Administration has already asked the mortgage industry to help those workers with their mortgages, but a group of nearly two dozen congressional Democrats want more protection than that.

This week, a group of 22 Democrats introduced legislation in...

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