CFPB moves Section 1071 compliance dates forward; ICE launches APOR Index; CFPB to continue lawsuit against Student Loan Pro; DOJ seeks to end Lakeland Bank consent order early; California’s CRA bill moves forward; CFPB acting enforcement director resigns; Georgia approves changes to residential mortgage licensing law; RiskExec updates software to comply with the NY CRA.
Republicans may hope to use any windfall the government gets from selling its stake in the GSEs to offset revenue cuts in their “Big Beautiful Bill,” but housing advocates have other ideas.
Fannie and Freddie both issued sellers guide updates alerting lenders to upcoming changes to UAD 3.6 and URAR. Other updates affect quality control procedures, measurement standards and attorney fees.
In a random sample of loans, Fannie found that undocumented rental income was the most common initial loan defect. Among loans more likely to have defects, “undisclosed liabilities” jumped to the top of the list.
In keeping with the rest of the Trump administration, FHFA has significantly reduced public visibility into its policy and actions since Bill Pulte took over as the agency’s director.
The names of most of the members of the leadership team responsible for the activities covered in the report are no longer listed among the agency’s key management officials.