The MBA wants significant changes to the Federal Financing Bank risk-sharing program. Reforms are also needed in the multifamily accelerated processing program, according to the trade group.
The Treasury Department announced $100 million in affordable housing funding, while HUD named recipients of its Pathways to Removing Obstacles to Housing grant competition.
The final rule on the use of automated valuation models in mortgage lending includes a standard that seeks to ensure compliance with nondiscrimination laws.
The CFPB has permanently banned three companies from servicing reverse mortgages. Separately, the bureau issued a proposed order against Freedom Mortgage for repeated submissions of faulty HMDA data.
Homeownership rates and household incomes differ dramatically within the AANHPI demographic. Some 65% of Filipino-Americans own their home while just 44% of Tongan-Americans do.
The CFPB issued a proposed rule this week to ban medical debt from credit reports. The debt isn’t an accurate predictor of loan repayment, according to CFPB Director Rohit Chopra.
Cybersecurity insurance is getting more difficult for mortgage companies to obtain and some lenders appear to be unable to meet reporting requirements set by the GSEs on security.
The combination of the NAR settlement, better coordination between White House and FHFA, and the resurgence of the CFPB may help establish real price competition in the housing and mortgage markets.
Critics say the data giant’s exclusive contracts with data providers and strategic acquisition of potential competitors make it impossible for new market entrants to gain scale or price competitively.
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