After months of gathering and reviewing comments on credit-scoring options, the Federal Housing Finance Agency abruptly called off its plan to announce new guidelines for Fannie Mae and Freddie Mac by the end of this year. The two major credit-score providers aren’t happy with the news.
The Mortgage Bankers Association has met with state regulators in an effort to speed implementation of transitional licenses for loan originators who move from banks to nonbanks or to a new state.
The Consumer Financial Protection Bureau recently announced plans to create a “regulatory sandbox” to encourage consumer-friendly innovation in financial services. The mortgage industry sees it as an opportunity to enhance the emerging niche of loans that fall outside the qualified mortgage standard.
“Customers are more promptly and efficiently served when they contact their financial institution directly with a concern,” said the American Bankers Association…
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