Search our Compliance Calendar for current
regulatory changes & updates from Fannie,
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The Compliance NewsHub delivers mortgage, credit and compliance headlines and breaking news to help compliance and quality control professionals easily find relevant news and important regulatory dates.
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.
View SourceThe 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.
View SourceSearch our Compliance Calendar for current
regulatory changes & updates from Fannie,
Freddie, FHA, VA, and USDA.
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.
View SourceFannie 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.
View SourceAccording 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.
View SourceOn 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.
View Source"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews. The platform has enabled us to focus on pre-funding reviews and allocate our resources to other areas where defects need correction."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
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.
View SourceEdits to the tax service fee and other minor edits to the USDA Handbook-1-3555, Chapter 7, and announced on November 21, 2023.
View Source"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage