MBA Cautions Against FSOC Designations for Nonbank Mortgage Companies November 1, 2023 Brandon Ivey FSOC plans to set new standards for applying a “systemically important financial institution” designation to nonbank financial companies.Read More
CFPB Proposal on Open Banking Excludes Mortgage Companies November 1, 2023 Sam Manas With the CFPB's open banking proposal, consumers would be able to connect checking, credit card, digital wallet and prepaid accounts to third-party institutions in order to access different products and services.Read More
GSE Move to Bi-Merge Credit Score Process Faces Pushback October 31, 2023 Dennis Hollier Republicans in the Senate have concerns and a report from TransUnion highlighted negative impacts from the move.Read More
GSE Shareholders Get Another Win October 25, 2023 Dennis Hollier A federal district court adds interest to the damages a jury awarded Fannie Mae shareholders in August.Read More
Federal Reserve Approves New Community Reinvestment Act Rule October 24, 2023 Sam Manas New rule maintains the tiered evaluation framework that exists under the current CRA rules while adding some requirements and flexibilities.Read More
Capital Rule Comment Period Extended October 23, 2023 Brandon Ivey Trade groups called on regulators to reconsider the proposal altogether...Read More
DOJ, Ameris Bank Settle Redlining Allegations October 20, 2023 Sam Manas The settlement requires Ameris to issue $7.5 million in mortgage subsidies in majority-Black and Hispanic neighborhoods.Read More
Short Takes: More to Come From DOJ / PrimeLending Posts Loss / AGMIT Close to Acquiring WAMC October 20, 2023 Brandon Ivey The DOJ has more than 24 investigations into redlining in progress.Read More
Compliance Still a Concern With LOs Working Remotely October 19, 2023 Sam Manas Standards for remote work by loan originators vary by state.Read More
States Settle Mortgage Payment Fiasco With ACI October 18, 2023 Sam Manas ACI Payments erroneously charged payments on the accounts of 480,000 mortgage holders serviced by Mr. Cooper.Read More