The trade group’s call comes weeks after the CFPB hinted it may look to rescind its loan originator compensation rule.The trade association's new white paper comes weeks after the CFPB hinted it may look to rescind the LO Comp rule altogether.
Changes to Common Securitization Solutions, including being renamed U.S. Financial Technology, appear to set the company up to serve additional secondary mortgage market participants.
Industry insiders push the National Directory of New Hires as an alternative to a current process involving the IRS as a way to verify income and employment while expanding the digitization of the mortgage process.
The Mortgage Bankers Association has suggested the FHFA end its tri-merge process, replacing it with a single credit report rather than the bi-merge model as currently planned.
The FHFA director’s criticism of FICO gave lenders a chance to call for price reductions on credit scores and reports. FICO countered by saying its wholesale prices are a tiny fraction of closing costs.
FHFA Director Bill Pulte criticized recent cost increases by FICO and indicated he’ll continue the move from Classic FICO to a combination of FICO 10T and VantageScore 4.0.
NAMB has urged FHFA to end the GSEs’ use of LLPAs targeting second homes and investment properties and to lower the AMI threshold for borrowers to qualify for affordable housing programs.
Smaller shops may support an end to the GSE conservatorships, but only if it’s done in a way that preserves pricing parity, avoids additional charters and maintains the cash window.
Bill Pulte, Trump’s choice to run the FHFA, is a scion of a homebuilding industry giant, but his background is mostly in private equity and philanthropy.