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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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July 22, 2022

MBA Weighs In to Support Improving Access to the VA Home Loan Benefit Act

MBA Newslink

The MBA supports modernizing and streamlining the process to purchase a home for our Veterans, including efforts related to home appraisals and has advised Congress of their support.

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July 22, 2022

Sandra Thompson tight-lipped on credit score changes, ending GSE conservatorships

Housingwire--Georgia Kromrei

FHFA Director Sandra Thompson is not saying whether or not Fannie Mae and Freddie Mac should exit conservatorship or when a decision will be made on credit scoring models.

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July 22, 2022

Mortgage Rates on the Rise in Advance of Fed Meeting

MReport – Eric C. Peck

Mortgage rates increased for the second consecutive week ahead of the next Federal Open Market Committee (FOMC) meeting of the Federal Reserve Board scheduled for July 26 -27.

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July 21, 2022

First Mortgage Default Rate at Highest Level Since September 2020

DS News–Kyle G. Horst

According to the most recent Consumer Credit Default Indices Report for June 2022, the first mortgage default rate is at the highest since September 2020.

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July 20, 2022

Refinance applications see double-digit increase

Mortgage Professional America - Candyd Mendoza

According to Fannie Mae’s Refinance Application-Level Index (RALI), refinance applications increased for the week ending July 15, 2022.

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July 19, 2022

Forbearance Data: Exits, Results & More

DS News – Eric C. Peck

According to the most recent Loan Monitoring Survey from the Mortgage Bankers Association (MBA) the total number of loans now in forbearance nationwide decreased by just four basis points, from 0.85% of servicers’ portfolio volume in the prior month to 0.81% as of June 30, 2022.

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July 18, 2022

MBA Advocacy Update July 18 2022

MBA Newslink--Bill Killmer; Pete Mills

This weeks update includes information on modernizing the CRA, PACE legislation, State news and more.

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July 18, 2022

What the Frontline Fraud Fighters Are Seeing

BAI--Jack Sundstrom

A recent survey by ID Insight and About-Fraud reports that despite documented increases in stolen credentials and identity fraud incidents, the survey responses indicate that fraud fighters are motivated by the impact they are having in detecting and preventing fraud.

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July 15, 2022

Foreclosure Starts Up in First Half of 2022

DS News – Eric C. Peck

According to ATTOM’s Midyear 2022 U.S. Foreclosure Market Report, foreclosure filings are up 153% year-over-year but down just 1% from two years ago.

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July 13, 2022

MISMO Launches New Adverse Action Notice Dataset

Mortgage Bankers Association – Tara Dunion

MISMO introduced its new dataset standard that maps to a sample Adverse Action Notice form and accompanying XML file.

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July 11, 2022

MBA Advocacy Update July 11, 2022

MBA Newslink--Bill Killmer; Pete Mills

This update includes information on improvements to GSE appraiser guidance for manufactured housing, GSE bulk acquisitions, state legislature decisions and more.

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July 08, 2022

New Fee May Affect Fannie Mae, Freddie Mac’s Single Security

DS News--Demetria Lester

The GSEs will each charge a 50 basis-point fee for commingled securities issued on or after July 1 to cover the additional capital required under the recently implemented Enterprise Regulatory Capital Framework but could pose some risk to the UMBS over the long term.

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July 08, 2022

Trade groups take aim at CFPB’s expansion of UDAAP authority

Ballard Spahr LLP--Alan S. Kaplinsky

Four leading trade groups, the American Bankers Association, the Consumer Bankers, the Independent Community Bankers of America, and the U.S. Chamber of Commerce, are calling on the CFPB to rescind the recent updates to the UDAAP section of its Supervision and Examination Manual that instruct examiners to consider discrimination in connection with non-credit products and services as an unfair act or practice.

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July 08, 2022

What Banks Can Do to Close the Fraud Knowledge Gap

BAI--Christina Luttrell

The financial services industry has made made many advancements in fighting application fraud by developing creative ways to verify the identities of their customers however, the average consumer does not have the same level of awareness and more investment needs to be made in cyberfraud security education.

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