The Mortgage Bankers Association recently asked the federal banking agencies to provide an update on a proposal to increase the amount of mortgage servicing assets that a bank may count to-wards Tier 1 capital. In a letter to the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and the Federal Reserve, the MBA reiterated its support for the agencies’ proposal to raise a recommended 25 percent cap on the amount of mortgage servicing assets that may be ...
Rep. Maxine Waters, D-CA, is none too thrilled with plans by the Treasury Department and Comptroller of the Currency to open up federal banking charters to fintech firms.
The U.S. Treasury Department this week called for a major technology push in financial markets that includes big upgrades in government mortgage-insurance programs. While most of the proposals could be accomplished by the agencies themselves, they also require funding from Congress. A new Treasury report backed Trump administration proposals to fund FHA technology up-grades, some of which could be used to expand digitalization of loan files. Funding legislation on ...
The denial rate on mortgage applications calculated solely from Home Mortgage Disclosure Act data provides a misleading measure of credit availability, according to industry analysts. Analysts from the Urban Institute and the Federal Deposit Insurance Corp. authored a paper suggesting that the attributes of loan applicants should be taken into consideration when determining denial rates. “Higher denial rates can be the result of either a tighter credit environment or an increase in ...
There are dozens of residential lenders that use the phrase “fintech” to describe their activities, but whether they will file to become a depository is a different matter.
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