Four financial regulatory agencies recently recommended that appraisers get temporary practice permits and waivers when moving to another state in order to help alleviate the shortage of appraisers, especially in rural areas. The Federal Reserve System, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the National Credit Union Administration are concerned that the limited number of state-certified and licensed appraisers is slowing down appraisal turnaround times. They suggest that when an appraiser moves to another state, that the new state regulator recognize the certification or license issued by another state on a temporary basis for federally related transactions. The banking regulators also recommend...
Mortgage lenders say they need another year, at least, to prepare for all the new requirements they will confront under the Consumer Financial Protection Bureau’s revised Home Mortgage Disclosure Act rule. One of the biggest problems is that the industry is waiting for multiple actions to be completed by the bureau before it can fully implement the new changes and test compliance systems, the Mortgage Bankers Association said in a comment letter filed with the CFPB last week. Back in April, the bureau proposed...
Franklin American Mortgage has relaxed and removed many of its overlays across the company’s portfolio of products, including revising the minimum FICO credit score down by 20 points on Fannie Mae and Freddie Mac loans. The company said it wants to more closely align its policies with current agency requirements for loans sold to the government-sponsored enterprises and insured by the FHA and VA. Franklin revised...
Federal banking regulators this week took action against two mortgage lenders for failing to enforce flood insurance requirements on properties in flood-prone areas. Separately, House lawmakers mulled over draft Republican legislation to reform and reauthorize the National Flood Insurance Program. The Office of the Comptroller of the Currency announced it slapped Colonial Savings Bank with an $87,500 penalty for violation of the Federal Disaster Protection Act of 1973. The FDPA requires...
The mortgage industry has come to the conclusion that meaningful housing-finance reform is so elusive that any legislation being introduced is a long shot, even in the Senate Banking, Housing and Urban Affairs Committee, which seems to be more involved in the topic than any other panel on Capitol Hill. Over the past month, rumors have circulated that some senators on the committee, including Bob Corker, R-TN, have been discussing with fellow members what an outline for housing-finance reform might look like, but with nothing committed to paper. A spokeswoman for the committee told...
The House of Representatives this week began voting on H.R. 10, the Financial CHOICE Act, the Republican effort to replace significant portions of the Dodd-Frank Act. The legislation, introduced earlier this year by House Financial Services Committee Chairman Jeb Hensarling, R-TX, passed out of committee in early May on a party-line basis. The final vote was expected to be completed late this week. The House Rules Committee voted...
“Will we see the loanDepots of the world jump in?” he asked rhetorically. “There’s a lot of top lenders out there looking for innovative products to offer,” Pollock noted and left it at that.
PwC estimates that by the early 2030s, up to 38 percent of existing U.S. jobs will be susceptible to automation from robotics and artificial intelligence.
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