Joseph Otting’s dual role as acting director of the Federal Housing Finance Agency and head of the Office of the Comptroller of the Currency puts him in a position to push hard for changes that will help create a “healthy” non-agency mortgage market, according to the Structured Finance Industry Group.
Market participants welcomed the new FHA guidance that allows the use of third-party vendors as an alternative method to verify a borrower’s employment, income and assets directly with the employer and financial institutions.
In a show of bipartisanship, work on reforms in the credit bureau industry kicked off this week, with legislation circulating and the House Financial Services Committee’s hearing testimony from CEOs of three major rating agencies.
The Department of Veterans Affairs issued guidance on policies regarding cash-out refinancing loans on Feb. 15, the same day the rules were to become effective.
State regulators went on the offense last week, contending week contended that the Consumer Financial Protection Bureau lacks authority to create a regulatory fintech sandbox.
Federally regulated financial institutions must accept private flood insurance on loans secured by properties in special flood hazard areas, according to a partially approved inter-agency final rule.
The New York Department of Financial Services last week rejected Fidelity National Financial’s application to acquire control of Stewart Information Services’ NY-based title insurance company.
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