The Compliance NewsHub

Industry News | November 28, 2023

Foreclosure Starts Rose in October, but Remain at Historically Low Levels

DS News - Kyle G. Horst

According to the ICE monthly report mortgage performance for October 2023, it was found that foreclosure starts rose by 33,000 during the month to their highest level in 18 months.

Federal Legislation | November 27, 2023

Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans

The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency have announced that the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400.

Agency | GSE News | November 27, 2023

MBA Advocacy Update Nov. 27

MBA NewsLink - Bill Killmer

Last week's advocacy efforts included the FHFA issues Final Rule Amending Enterprise Regulatory Capital Framework, VA asking servicers to pause foreclosures through May 2024, FHA updating new Loss Mitigation proposal, and more.

Agency | GSE News | November 27, 2023

Fannie Mae Servicing Transfer Approvals - Quick Exchange Enhancements

Fannie Mae announced the Quick Exchange application, used for requesting servicing and sub-servicing transfers (via Form 629 data submission), has been updated (2.1.0 release) effective 13, 2023.

Industry News | November 22, 2023

Existing Home Sales Hit 13-Year Low in October

According to data from the National Association of Realtors, existing home sales fell 4.1% from September 2023 to a seasonally adjusted annual rate of 3.79 million in October 2023, the slowest pace since August 2010.

Agency | GSE News | November 22, 2023

VA Pauses Foreclosures for Veterans & Servicemembers Thru May 31, 2024

On Friday, November 17th, 2024, the VA called on mortgage servicers to pause foreclosures on VA-guaranteed loans through May 31st, 2024, and extended their COVID-19 Refund Modification program through the same time period.

Federal Legislation | November 22, 2023

Joint Agencies Request Comment on Large Bank Long-Term Debt Proposal

The Federal banking regulatory agencies have asked for comments on a proposed rule to improve the financial stability of banks with assets of $100 billion or more by requiring a layer of long-term debt to be maintained by these institutions.

Agency | GSE News | November 22, 2023

USDA Procedure Notice 597 HB-1-3550 Edits

Edits to the tax service fee and other minor edits to the USDA Handbook-1-3555, Chapter 7, and announced on November 21, 2023.