A federal judge in Texas has vacated the Financial Crimes Enforcement Network’s (FinCEN) nationwide anti-money laundering (AML) rule — creating a legal vacuum and uncertainty among title and real estate professionals. While the ruling eliminates a significant compliance burden that industry groups had criticized, legal observers warn that FinCEN retains broad authority over real estate […]
Washington Gov. Bob Ferguson signed a bill into effect earlier this week that bans noncompete agreements across the state. The move marks a significant shift in employment law that will take effect on June 30, 2027. The measure prohibits contracts that restrict workers from joining or starting competing businesses after leaving a job. Noncompete agreements
Washington just banned noncompete agreements. Will other states follow suit? Read More »
Washington state’s Covenant Homeownership Program is under investigation by the U.S. Department of Housing and Urban Development (HUD) over potential violations of the Fair Housing Act. HUD’s Office of Fair Housing and Equal Opportunity (FHEO) notified the Washington State Housing Finance Commission, which administers the program, of the probe on Tuesday. The investigation comes days
HUD launches probe into Washington state down payment assistance program Read More »
A federal judge in Texas has vacated the Financial Crimes Enforcement Network’s (FinCEN) nationwide anti-money laundering rule requiring title insurance companies to report details of millions of residential real estate transactions. U.S. District Judge Jeremy Kernodle of the Eastern District of Texas decided Thursday that FinCEN exceeded its statutory authority with the rule, which took
FinCEN anti-money laundering rule struck down in court Read More »
President Donald Trump’s executive order targeting mortgages addresses several concerns raised by banks and nonbanks, which have largely welcomed it as a road map for regulatory change. But it’s also receiving pushback from consumer advocates. Friday’s order on “promoting access to mortgage credit” aims to boost lending by community banks (with less than $30 billion
Trump’s mortgage order sets stage for regulatory shift, draws consumer backlash Read More »
A federal judge has ruled that the Consumer Financial Protection Bureau (CFPB) must continue getting its funding from the Federal Reserve, dealing a setback to Trump administration efforts to effectively shut down the agency. The ruling Friday by U.S. District Judge Edward Davila in San Jose blocks acting CFPB Director Russell Vought from using a
Judge rejects bid to cut CFPB funding Read More »
The mortgage industry is starting to work through major changes after a federal law restricting abusive trigger leads took effect this week, limiting when credit bureaus can sell a borrower’s information to competing lenders. The policy stems from the Homebuyers Privacy Protection Act (S.B. 3502), which amends the Fair Credit Reporting Act to curb the
Trigger leads restrictions rewrite mortgage outreach rules Read More »
Nearly two months after three federal housing agencies wrapped up an extended public comment period about the future of two federal reverse mortgage programs, industry stakeholders are waiting to learn what they’ll do next. In October, the U.S. Department of Housing and Urban Development (HUD), the Federal Housing Administration (FHA) and Ginnie Mae announced a
HUD reverse mortgage changes remain unclear Read More »
Eight trade groups representing lenders are urging federal regulators to revise bank capital rules by adopting a more tailored risk weight for mortgages held on balance sheets and by significantly cutting the capital charge applied to mortgage servicing rights (MSRs). In a letter sent Friday to the Federal Reserve, the Federal Deposit Insurance Corp. and the
Trade groups push for lower MSR capital charges, tailored mortgage risk weights Read More »
Regulatory changes to how banks treat mortgage assets — anticipated this week by Federal Reserve Vice Chair Michelle Bowman — may have an impact on the mortgage market over time, analysts said. “The near-term impact on the mortgage market is likely to be somewhat limited,” Keefe, Bruyette & Woods (KBW) analysts wrote in a report
Bank capital relief may not quickly shift mortgage market dynamics Read More »