Many mortgage industry trade groups believe changing the mission of the Federal Home Loan Bank system is Congress’ responsibility rather than that of the FHFA.
The Department of Housing and Urban Development charged Rocket Mortgage with appraisal bias in connection with a denied refinance application. loanDepot settled a similar charge with the CFPB this year.
Treasury office considers reforms for title insurance; FHFA sets tenant protections for GSE multifamily borrowers; Biden administration calls for rent control; two states slow on index change.
The rule would require mortgage servicers to only pursue foreclosure as a last resort and increase disclosure requirements. Loss-mitigation application requirements would also be streamlined.
The Supreme Court’s decision, overturning a deference that courts have provided to regulators for 40 years, should be a relief for the mortgage industry, according to an attorney.
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