The senators argue that the failure to gather market-wide information will result in disparate treatment of borrowers and lead to data quality issues.

“To foster competition that serves consumers, the new strategic plan and scorecard aim to provide a level playing field for all market participants such that success depends on running a better business rather than special regulatory and statutory advantages,” the FHFA states.

In a TV interview, HUD Secretary Ben Carson noted: “We love the non-depository lenders but we want to normalize the market.”

And now for the big question: Where do we go from here?

The temporary measure is expected to generate billions of dollars in VA funding fees between Jan. 1, 2022, and Oct. 1, 2027. It would offset new direct spending by $86 million over the five-year period.

If banks meet the safe harbor requirements, the FDIC won’t reclaim assets from a non-agency MBS if a bank is subsequently placed in conservatorship or receivership.

Dems say the language preference question and associated housing counseling information sections of the URLA were designed to improve access to mortgage financing for limited-English-speaking but credit-worthy homebuyers

A decision by the Supreme Court in the case, Seila Law v. CFPB, could be issued as early as June 2020.

Mortgage industry groups largely support a proposal by the Federal Deposit Insurance Corp. that would ease disclosure requirements for privately-placed non-agency residential MBS.