A hearing of the Federal Financial Institutions Examination Council’s Appraisal Subcommittee covered gaps in appraisal training and the lack of appraisers in rural areas.
The Federal Emergency Management Agency said debt for the flood insurance program is currently costing $309 million in semiannual interest payments, which could be utilized on disaster operations.
Mr. Cooper is working on an MSR fund with institutional investors, with plans for the nonbank to handle subservicing, while Rithm Capital is still planning a spinoff of its mortgage unit despite the tough market.
People’s Bank of Commerce and First National Bank of Long Island have shuttered mortgage lending businesses due to rising rates and stiffer competition from nonbanks.
Even as the geographic area of the FEMA-designated 100-year floodplain has expanded, the number of properties considered to be in the floodplain has declined.
Federal banking regulators issued a final rule updating the Community Reinvestment Act regulatory framework. Most of its provisions will become applicable on Jan. 1, 2026, or later.
Focusing on existing customer databases and adding referral partners, as well as an enhanced social media presence, are key for boosting originations, according to industry participants speaking at the MBA convention.
The Consumer Financial Protection Bureau floats a rule that would require financial institutions to make certain transaction and account information available to consumers and authorized third parties.
The residential finance industry is hoping the Federal Reserve and/or the GSEs might come to the rescue by playing a role in driving down mortgage rates. How’s it looking, then? Not so good.
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