This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
The CFPB announced that the filing period for HMDA data collected in 2023 is open and will be considered timely if received on or before Friday, March 1, 2024.
The Office of the Comptroller of the Currency has issued a Frequently Asked Questions bulletin regarding the State Small Business Credit Initiative 2.0.
Search our Compliance Calendar for current regulatory changes & updates.
According to HouseCanary, Inc., December Market Pulse Report activity in net new listings placed on the market is up 5% versus December 2022.
MBA Newlink--Bill Killmer; Pete Mills
This week’s advocacy update includes MBA suggesting improvements to FHA’s 2023 (k) Renovation Programs, VA releasing circular warning servicers of assumptions of non-compliance, and much more.
DS News–Kyle G. Horst
According to the monthly bankruptcy filing report published by Epiq AACER, bankruptcies increased in 2023.
MBA Newslink--Bill Killmer; Pete Mills
This week's update includes information on FHA and GNMA funding, the current Basel III bank capital proposal, and more.
"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
The full report, titled Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel claims to provide new insights on consumer experiences with overdraft and NSF fees and is expected to be used to bolster the CFPB's anticipated overdraft and NSF fee proposed rule.
MBA NewsLink
According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Dec. 15, 2023, mortgage applications decreased 1.5% from one week prior.
On Monday, December 18th, 2023, the CFPB announced updates to the asset-size exemption thresholds for small creditors under the Home Mortgage Disclosure Act (Regulation C) and the Truth in Lending Act (Regulation Z).
MBA NewsLink
According to the Mortgage Bankers Association’s monthly Loan Monitoring Survey, the total number of loans in forbearance decreased by three basis points from 0.29% of servicers’ portfolio volume in the prior month to 0.26% as of Nov. 30, 2023.
Automated compliance tests to ensure compliance on more loans in less time
DENVER, Colo., Dec. 14, 2023—ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced the release of its quarterly ACES Mortgage QC Industry Trends Report covering the second quarter (Q2) of 2023. The latest report analyzes post-closing quality control data derived from ACES Quality Management & Control® software.
On November 28, 2023, the FHFA) announced the maximum conforming loan limits also known as CLL, which can impact the entitlement calculation for some Veterans.
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.
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.
