Federal banking regulators can take actions to address issues among regional banks without legislation from Congress, the Biden administration said in a statement. Bank trade groups asked for a wait-and-see approach.
The updated UAD is supposed to improve the accuracy and efficiency of the appraisal process, but lenders worry it will add significant costs to the mortgage process.
Industry stakeholders have welcomed the FHFA’s plan to make payment deferrals a regular part of loss mitigation. MBA suggested more standardization of workout options is in order.
The failures of Silicon Valley Bank and Signature Bank have put much of the banking system on shaky ground. Lenders with similar balance sheets that are more heavily involved in the mortgage market are under scrutiny.
With a bank liquidity crisis taking seed, some nonbank CEOs started asking a basic question: Are our escrows safe? What about our corporate deposits? Needless to say, it’s been an interesting week.
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