President Joe Biden last week proposed a mortgage tax credit of $400 a month for up to two years to help borrowers buy their first homes.

The FHLBanks, like Fannie Mae and Freddie Mac, have a public/private structure that can incentivize private profits at public cost. Don Layton, former Freddie CEO, said the banks are ripe for reform.

What does the stalled mortgage job market need? An interest rate cut by the Federal Reserve. Otherwise, limited hiring and layoffs will be the order of the day.

Millennials, defined as borrowers aged 27 to 42, received the majority of mortgage offers made through LendingTree’s platform.

The CFPB is looking into closing costs associated with mortgage originations. The move is facing pushback from the MBA.

The Cantero v. BofA mortgage-escrow case, which has major ramifications for federal preemption of state laws, could swing either way, depending on how three justices rule.

The CFPB is looking to stop attempts by servicers to tack on convenience fees for payments made online or by phone. Meanwhile, trade groups are advocating for federal preemption in a Supreme Court case.

At the first NMLS ombudsman meeting of the year, the MBA raised concerns regarding state regulation of nonbank mortgage companies.

The CFPB last month issued its first contested supervisory designation order against a nonbank. The bureau said other companies that had received notices consented to supervision.

Large credit card issuers’ late fees will be capped at $8 in a few months following a new rule from the CFPB. Industry groups have filed a lawsuit to stop implementation of the rule.