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Industry News

This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry. 

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March 23, 2023

Fed Adds 25 Basis Points to Federal Funds Rate

MBA Newslink--Mike Sorohan

The Federal Open Market has raised the federal funds rate by another 25 basis points, and now stands at 4.75-5%, its highest rate since 2009.

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March 22, 2023

Critical Defect Rate Reaches Report-High in Q3 2022, Per ACES Quality Management Mortgage QC Industry Trends Report

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March 21, 2023

Forbearance Rate Falls Across All Investor Types in February

DS News--Eric C. Peck

The MBA's monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by four basis points from 0.64% of servicers’ portfolio volume in the prior month to 0.60% as of February 28, 2023, estimating that approximately 300,000 homeowners are still in forbearance plans.

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March 20, 2023

MBA Advocacy March 20, 2023

MBA Newslink

This update includes information relating to FHFA Delays Implementation of DTI-based LLPA and more.

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March 14, 2023

Quality is key for credit unions to thrive in today's volatile lending market

Credit Union Journal spoke with Amanda Philips, EVP of compliance at ACES Quality Management, about why down cycles are an ideal time for credit unions to shore up their compliance and quality control processes.

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February 27, 2023

MBA Advocacy Update Feb. 27 2023

MBA Newslink

This update includes information relating to HUD reducing mortgage insurance premiums for FHA-insured mortgages and more.

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"Of all the systems and vendors we vetted, ACES had what we needed to accomplish from start to finish."

- Wesley Klepfer, Compliance Program Director at Celink

Hear Why

February 24, 2023

Agencies Issue Joint Statement on Liquidity Risks Resulting from Crypto-Asset Market Vulnerabilities

The Board of Governors of the Federal Reserve System, FDIC, and OCC issued a joint statement highlighting liquidity risks to banking organizations associated with certain sources of funding from crypto-asset-related entities and some effective practices to manage those risks.

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February 22, 2023

FHA Cuts Mortgage Insurance Premiums by 30 bps

Housingwire--James Kleimann

As widely anticipated by the industry, FHA has announced a 30 basis point reduction in the annual premium charged to mortgage borrowers, resulting in mortgage insurance premiums of 55 bps for most borrowers, down from 85.

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February 15, 2023

HousingWire Interview: 2023 will be a brave new servicing world

You may not have heard the terms “dual pathing” or “single point of contact” lately, but just wait. COVID-era forbearances are ending and odds are some borrowers won’t be able to come current on their loans without help. HousingWire recently spoke to Amanda Phillips, executive vice president of compliance at ACES Quality Management, about getting servicing staff and technology ready to meet upcoming regulatory requirements while ensuring quality throughout the life of the loan.

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February 14, 2023

Fannie Mae sees profits fall in Quarter 4

Mortgage Professional America--Fergal McAlinden

Fannie Mae’s net income fell by $1 billion in the 4th quarter from the 3rd quarter of 2022, as a result of the shifting housing market.

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ACES Impact: ROI Infographic

ACES Impact: ROI Infographic

ACES Customers Achieve Proven, Measurable ROI

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February 14, 2023

Maximizing Servicing Revenue Requires Stringent QC Processes

Mortgage applications have been on the rise for the last three weeks. As we began the year at record-low applications since 1996, this is some much-needed optimism for the industry.

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February 13, 2023

MBA Advocacy Update Feb. 13, 2023

MBA Newslink

This update includes information relating to the new DTI based LLPA, court rulings, and more.

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February 10, 2023

Reverse Mortgage Program is a Fraying Senior Lifeline

Reverse Mortgage Daily--Chris Clow

Serious weaknesses in the home equity conversion mortgage program sponsored by FHA have been brought to light that will need to be substantively addressed by FHA and Ginnie Mae in order to keep the program accessible for American seniors, according to experts.

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February 08, 2023

MBA Letter Voices Concerns Over FHFA DTI-Based LLPA

MBA NewsLink

The Mortgage Bankers Association expressed concerns regarding the Federal Housing Finance Agency’s announcement of changes to loan-level price adjustments by GSEs, notably the addition of an LLPA based on the debt-to-income ratio.

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