Some 62% of mortgage fraud incidents involve the misrepresentation of income and employment, while 33% involve the understating of borrower liabilities, a Fannie survey showed.
The big winner was the Finovation team, which floated the idea of creating an industry cooperative similar to the Mortgage Electronic Registration System.
Fannie said the LIBOR transition for 25 legacy CMOs resulted in one version of SOFR for the CMO itself and another version of SOFR for the related derivatives. This could result in payment mismatches.
Most GSE sellers increased production in the second quarter, though first-half deliveries were still off 60.9% from a year ago. (Includes two data charts.)
Consolidating FHFA’s authority to support fair housing and fair lending laws under the umbrella of the GSEs’ equitable housing finance plans will improve access to mortgage credit for underserved communities, supporters say. The GSEs, however, see key problems.
Lenders have chafed at the temporary regulations put in place following the collapse of a Surfside, FL, condo in 2021, but those rules become permanent in September.
The inclusion of sales data on comparable properties and statistics on the racial and ethnic composition of neighborhoods should allow researchers to better identify incidents of appraisal bias.
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