The inspector general of the Federal Housing Finance Agency has reportedly been ousted, leaving vacant a key internal overseer. Acting IG Joe Allen is being removed from his role, Reuters reported Monday afternoon, citing four unnamed sources. Allen, the Office of Inspector General’s chief counsel and a longtime Department of Justice employee, replaced former Biden […]
FHFA’s internal watchdog reportedly ousted Read More »
Mortgage industry trade groups quickly expressed support for the Trump administration’s elimination of two nonbank registry rules, including a reporting requirement that first went into effect last year. Leaders welcomed the decision, citing the additional headaches it presented to mortgage lenders with little to no benefit in return. “Rescinding these two requirements just makes sense,”
Mortgage groups praise rollbacks of CFPB nonbank rules Read More »
A coalition of lenders, servicers and lienholders are challenging a new state law on zombie seconds, arguing it will increase the cost of financing and limit homeowners’ access to equity. The California Mortgage Association and 11 other plaintiffs sued California Attorney General Rob Bonta in September, asking a federal judge to halt enforcement of the
Mortgage groups sue California over zombie seconds law Read More »
Key insight: Inflation cooled slightly but continued upward in September, climbing 0.3% after August’s 0.4% gain. Supporting data: Prices rose 3.0% year over year, tracking with the increase in core CPI. Gasoline jumped 4.1%, while shelter rose 0.2%, its smallest gain since early 2021. Forward look: The results reinforce expectations that the Fed will proceed
Inflation up modestly in September; Fed on track for cut Read More »
Andrew Harrer/Bloomberg Key Insight: The Federal Reserve’s proposal would release the central bank’s back-end stress testing models, and is out for public comment through Jan. 22, 2026. Expert Quote: “The Board’s stress testing program has operated with limited transparency, unreasonable year-over-year volatility, and the absence of any meaningful appeals process.” — Fed Vice Chair for
Fed proposal would publish full stress test models Read More »
Key insight: The Department of Justice filed a motion opposing a Consumer Financial Protection Bureau employee union’s appeal of a DC Circuit ruling allowing the administration to fire hundreds of agency workers. What’s at stake: The CFPB employee union has been arguing that the administration is seeking to shut down the agency, something that only
DOJ opposes CFPB union’s request for rehearing on firings Read More »
A new tech showcase is in the works that aims to provide guidance and clarity to the mortgage industry as it tries to uniformly address shared residential lending compliance issues. A cooperative effort between the Conference of State Bank Supervisors and the Mortgage Industry Standards Maintenance Organization, the tech sprint will kick off with a
Mortgage industry groups announce new tech sprint Read More »
Lenders can expect to see a concrete milestone reached in credit scoring changes by early next year, a Mortgage Bankers Association official said at the 2025 MBA Annual conference in Las Vegas on Monday. Sasha Hewlett, associate vice president of secondary and capital markets at the MBA, said regulators are currently weighing credit score change
Credit score update coming early 2026, MBA says Read More »
Key insight: The trade association letter urges the White House to reverse cuts to the congressionally mandated program. Supporting data: The Office of Management and Budget has let go CDFI Fund staff as part of a reduction in force across the government, and the administration has singled out the program for cuts to the extent
Banks urge Trump admin to restore CDFI Fund staff, funding Read More »
A Southern California mortgage brokerage has reached a settlement with four states over claims of wrongdoing that included several allegations of unlicensed lending activity. E Mortgage Capital, based in Irvine, California, agreed to settle with banking supervisors of Hawaii, Idaho, Oregon and Texas in late September following a multistate investigation that began in late 2023.
California broker fined for unlicensed activity Read More »