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Politics and policy

FHA seeks feedback on how to improve property standards

FHA, HUD, Politics and policy, Regulation and compliance /

The Federal Housing Administration is seeking feedback on its current single family minimum property requirements, after the Mortgage Bankers Association and others nudged the agency earlier this month.  Processing Content The FHA published a request for information in the Federal Register Friday, looking for stakeholder comment on how to improve and modernize standards that have […]

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Report: Private credit opacity poses risk to financial system

Nonbank, Politics and policy, Private equity, Regulation and compliance /

Key takeaway: The private credit market, with an estimated size of $1.5 to $2 trillion, poses a challenge to regulators tasked with monitoring the sector because data collection is fragmented or locked behind paywalls.  Expert quote: “This web of interlinkages may create challenges for banks in effectively managing their direct and indirect risks. Fragmented oversight

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CFPB ends telework in a move that could cut staff further

CFPB ends telework in a move that could cut staff further

Politics and policy, Regulation and compliance /

Russell Vought, the acting director of the Consumer Financial Protection Bureau, during a hearing on Capitol Hill April 15.Bloomberg News Processing Content Key insight: The CFPB said in a memo that roughly 450 out-of-state workers must relocate to Washington, D.C. — a move that’s seemingly calculated to force mass resignations. What’s at stake: The return-to-office

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Fed’s Cook ‘prepared to raise rates’ if inflation persists

Economy, Inflation, Monetary policy, Politics and policy /

Key insight: Another key policymaker has made the case that inflation has emerged as the central bank’s primary concern as the war in Iran continues to drive up prices.  Expert quote: “After five years of above-target inflation, I am particularly attuned to the risk that elevated inflation will become embedded in price- and wage-setting behavior.

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Securitization standards evolve for mortgages, home equity

Capital markets, MBS, Politics and policy, Secondary markets, Servicing /

The mortgage securitization market is facing two significant shifts: a proposed regulatory change that could reduce risk weights for private-label MBS, and an industry push for due diligence standards aimed at keeping up with surging growth in second-lien products. Processing Content The risk weighting for investment-grade MBS in the private market would fall from 20%

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Why an FHA rule for nonborrowing spouses is making waves now

LOAN PRODUCTS, MARKETING TO BORROWERS, Originations, Politics and policy, Underwriting /

Federal Housing Administration rules in certain states can add a challenge for lower income couples with one spouse who has a credit issue, and a real estate group wants to remove that extra hurdle. Processing Content The concern lies in the fact that an option otherwise available to FHA borrowers, putting the loan in the

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FHA adds automation for spot approvals on condos

Condos and HOAs, Originations, Politics and policy /

The Federal Housing Administration has announced that it has taken steps to streamline its case number assignment process for spot approvals on condo units.  Processing Content The streamlining by the Department of Housing and Urban Development unit is designed to further expedite a process which allows mortgage companies to get a case number for loans

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Kevin Warsh sworn in as Federal Reserve chair

Federal Reserve, Monetary policy, Politics and policy, Regulation and compliance, Trump administration /

Key takeaway: Kevin Warsh, President Donald Trump’s pick to lead the central bank, is now officially the chair of the Federal Reserve.  Expert quote: “I want him to be independent and just do a great job. Don’t look at me, don’t look at anybody, just do your own thing and do a great job.” —

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As inflation rises, Fed’s Waller ready to drop ‘easing bias’

Federal Reserve, Monetary policy, Politics and policy /

Key insight: Federal Reserve Gov. Christopher Waller said Friday that he supports eliminating language in the Federal Open Market Committee’s forward guidance that implies that the central bank is inclined to cut rates, joining three dissents from regional Fed presidents during the last FOMC meeting. Expert quote: “You just can’t look at this data and

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Basel III relief could turn mortgage bankers into bank owners

Capital markets, Politics and policy, Secondary markets, Servicing /

The Basel III endgame proposal’s full benefit related to the capital treatment of servicing rights is not yet clear, but the promise of it is enough for independent mortgage banks to begin running the numbers and what they’re finding could reshape how the industry is structured.    Processing Content “Normally when an IMB gets either

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