Industry News

This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry. 




June 22, 2018

Mortgage payments require biggest share of income in years

Mortgage Professional America--Ryan Smith

Mortgage payments now take the largest share of homeowners’ income since 2009, according to a new report.

Zillow’s latest affordability report found that a combination of rising mortgage rates and strong home-value appreciation in the first quarter led to one of the largest recorded quarterly increases in mortgage burden since the Great Recession. In the first quarter...

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June 22, 2018

Here’s what really happens during a CFPB examination under Mulvaney’s watch

HousingWire--Kelsey Ramírez

About six months ago, Mick Mulvaney took over as acting director of the Consumer Financial Protection Bureau, and has received criticism for his actions, and lack thereof, while leading the bureau.

So what exactly does a CFPB exam look like under today’s standards, and what can lenders expect from exams under Mulvaney’s bureau? One lender gave the inside scoop in...

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Customer Testimonials

June 22, 2018

Hensarling Statement on Court Finding Bureau of Consumer Financial Protection Unconstitutional

Financial Services Committee--Sarah (Rozier) Flaim; Keeley Christensen

WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) released the following statement on today’s federal court ruling that the structure of the Bureau of Consumer Financial Protection (Bureau) is unconstitutional:

Today is a good day for democracy, economic freedom, due process, and the Constitution.  The District Court for the Southern District of New York...

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June 21, 2018

ATTOM: Housing affordability falls to 10-year low

Housingwire--Jeremiah Jensen

U.S. Home Affordability is the worst it has been since 2008. Woah.

According to a report from ATTOM Data Solutions, Q1 2018 home affordability was at its lowest since Q3 2008. The Home Affordability Index has fallen from 102 to 95, the lowest since Q3 2008’s index of 86. This index is based on the percentage of income needed to buy...

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June 21, 2018

DACA Status has Mortgage Lenders in a Catch-22!

Fair Lending Diversity--Tammy Butler, Master CMB

Will Fannie Mae, Freddie Mac, FHA or USDA accept the DACA Visa status-C33 for their mortgage loan programs?  Lately, this question is one of the most frequently asked questions received at Mortgage Currentcy; which a subscription-based technical resource platform for mortgage originators and mortgage operations staff.  We are writing this article to bring awareness to...

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June 21, 2018

End of conservatorship? Trump administration proposes privatizing Fannie Mae, Freddie Mac

HousingWire--Ben Lane

Later this year, the housing industry will “celebrate” the 10-year anniversary of Fannie Mae and Freddie Mac being taken into conservatorship at the height of the housing crisis, but if the Trump administration has its way, the conservatorship of the government-sponsored enterprises could actually be ending soon.

The Trump administration on Thursday proposed a massive, sweeping overhaul of the federal government.

And while...

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ACES Automated Document Manager

June 21, 2018

Merrill Lynch hit with 2nd SEC fine this month

Mortgage Professional America--Ryan Smith

Merrill Lynch has been slapped with its second SEC penalty this month for misleading institutional clients.

The Securities and Exchange Commission has charged the bank $42 million in civil penalties for hiding where client transactions of more than 15 million shares were taking place, according to a report by OnWallStreet.com. Merrill Lynch agreed to settle and admitted...

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June 21, 2018

Harvard Joint Center: Improvement in Housing Market, But Much Has Worsened

MBA Newslink--Mike Sorohan

In its 30th annual edition, the Harvard Joint Center for Housing Studies State of the Nation's Housing Report said while the U.S. housing market appears to be on "sound footing," opportunities for low-income and medium-income households have worsened, with the gap between white and black homeownership widening further.

The report (www.jchs.harvard.edu/state-nations-housing-2018) said in the past 30 years, more than...

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June 21, 2018

Combatting the Illicit Use of Virtual Currencies

Financial Services Committee--Sarah (Rozier) Flaim; Keeley Christensen

WASHINGTON – The Subcommittee on Terrorism and Illicit Finance met today to examine the problems law enforcement agencies encounter in their efforts to address the illicit funding potential of virtual currencies (VCs).

“Today’s hearing was an excellent opportunity to learn more about the illicit use of virtual currencies and what we can do to...

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