The MBA, along with other mortgage and banking industry trade groups, are challenging CFPB’s ‘Proposed Guidance’ for handling the disclosure of HMDA data. The CFPB proposes to exclude certain loan-level data points, modify other data points prior to disclosure, and disclose other information without modification. The trade groups say the disclosure of information will put the consumer at risk. Consumers…
In case you didn’t attend the National MBA Conference in Denver, here are some snippets on what’s going on. Fannie Mae Fannie Mae made some new announcements about more D1C authorized vendors and on expanding pilots to test out the use of single vendors for all required validations. They also announced their new Application Interfaces providing lenders with everything needed…
MBA recently announced two promotions in their regulatory arena. Justin Wiseman is being promoted to Associate Vice President & Marketing Regulatory Counsel, and Sara Singhas is being promoted to Associate Regulatory Counsel, mainly responsible for all servicing issues. Congrats to both! These promotions are the result of the retirement of Ken Markinson, current MBA Vice President, and Regulatory Counsel. Well…
The Mortgage Bankers Association, along with several of the mortgage industry’s largest trade groups, continue on their quest to make things better for consumers and mortgage lenders. MBA, along with the others, are seeking a meeting with the new Attorney General, Jeff Sessions, to discuss issues related to enforcement actions against lenders under the False Claims Act. These discussions would…
Previously, I mentioned that VA had issued a request for comments on proposals to update the fees a veteran could pay in connection with their mortgage. If you missed that one you can read all about it HERE. It’s about time. VA allowable fees haven’t been updated in over 60 years. Maybe it’s about time for a facelift. The MBA…
It’s little surprise that the most recent MBA first quarter Performance Report reflects a major drop in net gains on loans sold by independent mortgage bankers and those operating as subsidiaries of chartered banks. Not such good news. According to the report: Net income declined to $224 per loan from $575 prior quarter Average volume per company declined by $235…
