FHFA and CFPB insiders expect the new administration to make quick changes in agency leadership, a process made easier by Republicans gaining control of the Senate.
The MBA is focusing on regulatory reforms to help reduce the cost of mortgages. There is also some hope that Congress will pass legislation addressing trigger leads.
The FHFA announced an expansion of Freddie Mac’s pilot program that uses a fee-based structure as an alternative to repurchases of defective but performing loans.
The final rule doesn’t apply to mortgage companies, but the CFPB is considering a future rulemaking tied to the mortgage industry. For now, the new rule could help mortgage lenders approve more borrowers.
TD Bank plans to sell some of its jumbo mortgages and a correspondent business to free up asset space under a new cap set by the OCC. Wells Fargo, meanwhile, appears to be nearing a release from its cap.
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