The American Society of Appraisers (ASA) and 15 other organizations recently sent a letter to several federal agencies—including the Federal Reserve, FDIC, and OCC—requesting that a public meeting be held as part of the process to determine whether to increase the residential appraisal threshold from $250,000 to $400,000.
Read MoreTopics: AMCs, Appraisers, Lenders, residential mortgage industry, Compliance, Regulations
The CFPB recently announced that it has issued its final policy guidance regarding the Home Mortgage Disclosure Act (HMDA) data that was made available to the public on January 1, 2019.
Read MoreTopics: Lenders, Mortgage Companies, Credit Union, CFPB, Compliance, Regulations, residential mortgage industry
The FHA recently announced that it has automated its second-appraisal process for reverse mortgage lenders, which are now required to provide a second appraisal for HECM loans whenever one is flagged by the administration’s system as having potential bias.
Read MoreTopics: Lenders, Mortgage Companies, Credit Union, Compliance, Regulations, Appraisal Process Management, appraisal technology
The FDIC, OCC, and Board of Governors of the Federal Reserve recently issued a proposal that would increase the threshold for residential real estate transactions that require an appraisal to $400,000. As it currently stands, certain residential mortgage originations don’t need a full appraisal if the loan amount is less than $250,000.
Read MoreTopics: Lenders, Mortgage Companies, Credit Union, Compliance, Regulations, Appraisal Process Management, residential mortgage industry, proposals
The Credit Union National Association (CUNA) recently announced that it has selected Quantivate to provide a new technology platform that will act as a comprehensive compliance solution for credit unions.
Read MoreTopics: Credit Union, Compliance, Regulations, technology
The Federal Reserve recently issued a proposal that would ease regulations on larger financial institutions with less than $700 billion in assets and has opened a public comment period regarding said proposal through January 22, 2019.
Read MoreTopics: Lenders, Mortgage Companies, Credit Union, Compliance, Regulations
The National Credit Union Administration’s (NCUA) Board announced that it has approved a proposed rule that would amend the administration’s real estate appraisal requirements for certain transactions.
Read MoreTopics: Credit Union, Appraisal Process Management, Compliance, Regulations, Commercial, AMCs, Appraisers, proposals
In an effort to prevent further losses to its Mutual Mortgage Insurance Fund (MMIF), the FHA recently announced that it will begin requiring lenders originating Home Equity Conversion Mortgages (HECMs) to provide a second property appraisal in cases where the agency determines that there may be inflated valuations.
Read MoreTopics: Lenders, Mortgage Companies, Credit Union, Compliance, Regulations, Appraisal Process Management, residential mortgage industry, AMCs, Appraisers
Senators Mark Warner (D-VA) and Mike Rounds (R-SD) recently introduced bi-partisan legislation that’s designed to help creditworthy borrowers with non-traditional forms of income better qualify for a mortgage.
Read MoreTopics: Lenders, Mortgage Companies, Credit Union, Compliance, Regulations, proposals, Dodd-Frank Act
The CFPB recently announced that it will begin working in collaboration with 11 financial regulators from across the world on fintech regulation efforts – known as the Global Financial Innovation Network (GFIN).
Read MoreTopics: Lenders, AMCs, Mortgage Companies, Credit Union, Appraisers, servicers, CFPB, Compliance, Regulations, technology
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