The Mortgage Bankers Association has asked the CFPB to expedite changes to loss-mitigation requirements, noting that regulatory standards haven’t evolved to take into account changes in servicing practices.
The FDIC closed First Republic Bank this week and JPMorgan Chase acquired substantially all of the bank, with help from a loss-sharing agreement provided by the FDIC.
Disagreements about the Federal Housing Finance Agency’s new pricing grids for Fannie Mae and Freddie Mac highlight differences between Democrats and Republicans.
A combination of internal mismanagement and lax regulation led to the failures of Silicon Valley Bank and Signature Bank, according to reviews by the Fed and the FDIC. The regulators plan to tighten regulation of banks, including a focus on interest rate risk.
FHFA Director Sandra Thompson said critics of the new schedule of upfront fees for loans backed by Fannie Mae and Freddie Mac misunderstand the nature and purpose of the price changes.
The Mortgage Bankers Association is opposed to the Federal Trade Commission’s plan to ban most noncompete clauses. However, several individual commenters from the mortgage industry favor the proposal.
CFPB raises concerns about algorithms in the mortgage industry; share of borrowers buying points increased in 2022; recession coming, though home prices won’t go down as much as initially expected.