Regulatory oversight of nonbank mortgage lender/servicers has increased in recent years, but most of the actions have been uncoordinated. In the latest move, FHFA proposed financial standards for GSE seller/servicers.
In a statement of interest, the Department of Justice said the court should hold that the Fair Housing Act applies to discriminatory appraisal practices.
The FHA said its multifamily portfolio has proven to be consistently resilient to significant COVID-19 impacts, and temporary underwriting requirements were no longer needed.
Acting Comptroller of the Currency Michael Hsu believes updated CRA standards should reflect changes in the business of banking, particularly the increased use of mobile and internet delivery channels.
The Federal Housing Finance Agency’s OIG found that the $250,000 “retention award” in question could amount to the payment of a “bonus” in violation of the STOCK Act.
When it comes to guarantee fees, some industry participants say they don’t see much policy difference between current FHFA Acting Director Sandra Thompson and her predecessor, Mark Calabria.
Once a “flexibility” intended to help lenders deal with the pandemic, the desktop appraisal is about to become a permanent fixture of Freddie’s Loan Advisor and Fannie’s Desktop Underwriter.
It’s not easy to bring multi-state enforcement actions, yet regulators from 44 states signed consent orders with 441 loan officers who lied about having completed required annual continuing education courses.
The mortgage industry has resigned itself to no administrative end to the Fannie and Freddie conservatorships. It’s still unclear what happens to the GSEs’ capital requirements.
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