Industry News

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

December 14, 2018

State of the Foreclosure Market

DSNews--Radhika Ojha

Servicers of some of the largest banks in the U.S. initiated 28,508 new foreclosures during the third quarter of 2018, according to the Office of the Comptroller of Currency's (OCC's) Mortgage Metrics report. This marked a 3.7 percent quarter-over-quarter decrease and a 16.8 percent decline from a year ago.

Home forfeiture actions during the quarter that included...

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December 13, 2018

TRID 2.0 Hot Topic: Disclosing with the “Best Information Reasonably Available”

HousingWire--Jacob Gaffney

Mortgage Quality Management and Research sent out its bi-weekly frequently asked questions paper Thursday morning, this time addressing TRID 2.0, as it pertains to disclosing with the “Best Information Reasonably Available.” 

Here's is that answer to the latest compliance hot topic.

QUESTION:

Can property taxes and other charges paid to third party service providers for services not required by...

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December 12, 2018

OCC NR 2018-136 OCC Reports Third Quarter 2018 Bank Trading Revenue

WASHINGTON — The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $7.1 billion in the third quarter 2018, which was $0.2 billion, 2.7 percent, more than the previous quarter.

In the report, Quarterly Report on Bank Trading and Derivatives Activities, the OCC also noted that trading revenue in...

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ACES Automated Document Manager

December 12, 2018

CoreLogic: Delinquency Rates Up in Natural Disaster Areas; Down Nearly Everywhere Else

MBA Newslink--Mike Sorohan

CoreLogic, Irvine, Calif., reported year-over-year U.S. serious delinquency and foreclosure rates fell for the ninth consecutive month and were the lowest for September in 12 years, despite upward spikes in areas affected by recent natural disasters.

The company's monthly Loan Performance Insights Report said nationally, 4.4 percent of mortgages were in some stage of delinquency (30 days...

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December 12, 2018

Real Estate Appraisals - In Need of Reform

M Report--Stephen Wagner

A stack of growing and outdated rules and regulations weighs down real estate appraisers in the United States.

An antiquated regulatory structure and layers of federal rules and regulations add costs and a false sense of added protection that is duplicative and unnecessary. This aging regulatory structure, in place for nearly 30 years, is unlike any other...

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December 12, 2018

CFPB moves to further ease enforcement on financial services industry

Housingwire--Ben Lane

In the last few days of his leadership at the Consumer Financial Protection Bureau, Mick Mulvaney moved to further ease the bureau’s enforcement of the industries that it oversees.

In a proposal set to be introduced into the Federal Register soon, the CFPB is proposing new rules surrounding “no-action letters,” a bureau enforcement measure introduced under former CFPB Director Richard Cordray...

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December 11, 2018

Black Knight: Tappable Equity Falls for First Time Since Housing Recovery

MBA Newslink--Mike Sorohan

Black Knight, Jacksonville, Fla., said softening home prices in equity-rich markets led to the first decline in tappable housing equity since the housing recovery began.

The company's monthly Mortgage Monitor Report said total equity on mortgaged properties now stands at $9.8 trillion, $5.9 trillion of which is tappable. Tappable equity--the amount available for homeowners with mortgages to...

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ARMCO Mortgage QC Industry Trends Report

December 11, 2018

Federal Home Loan Bank of San Francisco Will Stop Publishing Cost of Funds Indices in Early 2020

Bakersfield.com--Amy Stewart

SAN FRANCISCO, Dec. 07, 2018 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco announced today that it will stop publishing three cost of funds indices early in 2020 because of the significant decline in the number of financial institutions eligible to report the data used to calculate the indices.

The Bank will no longer calculate...

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December 10, 2018

Opinion: Mortgage lenders must step up to the plate when it comes to wire fraud

National Mortgage News--Thomas W. Cronkright II

There's a lot to talk about these days when it comes to the world of mortgage origination: rate hikes, purchase market, consolidation, e-mortgage, margin compression. All of these are critical topics that affect us day in and day out. But, when it comes to the issues of the day, we seem to consistently forget to...

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December 10, 2018

CFPB catches flak from banks, credit unions on risks of AI

National Mortgage News--Kate Berry

The Consumer Financial Protection Bureau on Thursday got an earful on the use of artificial intelligence from members of three advisory boards who said traditional financial institutions are at a competitive disadvantage against nonbank fintech firms.

Federal financial regulators have pushed banks and credit unions to adopt new innovation such as AI, most recently in a...

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December 10, 2018

MBA Advocacy Update

MBA Newslink--Steve O'Connor, Bill Killmer

The passing of President George H.W. Bush Nov. 30 and memorial services prescribed in his honor have been much of the focus in Washington last week. President Donald Trump ordered a national day of mourning on Wednesday with the federal government closed to pay respect.  

In light of this development, congressional leaders unveiled and passed...

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