The SEC has a proposed rule that would mandate climate-related disclosures. The Federal Housing Finance Agency and federal banking regulators are also incorporating climate-change assessments.
Rising interest rates helped to push up income tied to mortgage servicing rights more than they reduced income from originations among a group of publicly-traded nonbanks. Results varied to some extent, with one large mortgage company even taking a loss in the quarter. (Includes data chart.)
If projections by the MBA are correct, interest rates for mortgages are levelling off, which should relieve some of the pressure lenders are facing on originations and profit margins.
Chairman Mat Ishbia suggests those calling for cost reductions and layoffs at United Wholesale Mortgage don’t understand the lender; impact of Biden administration’s housing plan expected to be “limited;” mortgage costs soaring.
Ginnie and FHFA are working together to set capital and liquidity requirements for nonbanks. Separately, Ginnie is working to allow for changes at the loan level and FHFA is considering reforms involving the Federal Home Loan Banks.
It could be years before the Fed sells any of its holdings of agency MBS, according to John Williams, president and CEO of the Federal Reserve Bank of New York.