Many mortgage industry trade groups believe changing the mission of the Federal Home Loan Bank system is Congress’ responsibility rather than that of the FHFA.
A week after the CFPB released proposed updates to Regulation X servicing standards, mortgage industry groups are seeking more comment time on the proposal.
The rule would require mortgage servicers to only pursue foreclosure as a last resort and increase disclosure requirements. Loss-mitigation application requirements would also be streamlined.
The Supreme Court’s decision, overturning a deference that courts have provided to regulators for 40 years, should be a relief for the mortgage industry, according to an attorney.
FHA to host stakeholder meeting on new reconsideration of value requirements; former Ginnie Mae executive joins the Housing Policy Center; and more news in brief.
VA said lenders cannot include the buyer-broker compensation in the loan amount but must consider it in determining whether the borrower has sufficient liquid assets to close the loan.