This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry.
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.
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.
Search our Compliance Calendar for current regulatory changes & updates.
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.
National Mortgage Professional--Christine Stuart
The Federal Reserve Bank of New York's Center for Microeconomic Data reported that rejection rates for new mortgage applications declined over the past four months.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
DS News--Eric C. Peck
Fannie Mae has executed its ninth and final Credit Insurance Risk Transfer (CIRT) transaction of 2023, transferring $270.7 million of mortgage credit risk to private insurers and reinsurers.
MBA Newslink--Bill Killmer, Pete Mills
This update includes information on FHA's annual report to Congress, the harmful impacts of increased bank capital requirements, VA foreclosure protection, and more.
Reverse Mortgage Daily--Chris Clow
Ginnie Mae’s portfolio of Home Equity Conversion Mortgage backed Securities poses a “significant risk” to the U.S. Department of Housing and Urban Development in 2024, stemming from the high interest-rate environment of the moment and Ginnie Mae’s seizure of Reverse Mortgage Funding‘s HMBS portfolio late last year, according to a new report issued by HUD’s Office of the Inspector General.
FHA seeks additional public feedback on the new Loss Mitigation Options Payment Supplement.
Automated compliance tests to ensure compliance on more loans in less time
MBA NewsLink
According to the Mortgage Bankers Association’s National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.62% of all loans outstanding at the end of the third quarter of 2023.
On Wednesday, November 1st, 2023, the OCC published revised examination procedures for the Telephone Consumer Protection Act (TCPA). Revision highlights include how consumers can revoke consent, use of automated fraud notifications, and safe harbors.
In this bulletin, Freddie Mac announced updates to income, timeshare-related obligations, unacceptable appraisal practices, and a few additional guide updates.
MBA Newslink--David Coleman
MISMO has announced that the industry standard dataset mapping for several pre-closing and closing datasets, including Fee Sheet, ALTA CPL, ALTA Title Commitment, and Endorsements, have achieved “Candidate Recommendation” status, meaning that they have been reviewed by a wide range of organizations and industry participants and are available for use across the industry.
