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FHFA clarifies key VantageScore 4.0 implementation questions

FHFA clarifies key VantageScore 4.0 implementation questions

Bill Pulte, credit report, FHFA, FICO, HWmember, Mortgage, Regulatory, VantageScore /

Mortgage industry professionals had more questions than answers following last week’s bombshell announcement that the government-sponsored enterprises Fannie Mae and Freddie Mac have approved the use of VantageScore 4.0, a new credit scoring model. A week after the initial announcement, Federal Housing Finance Agency (FHFA) Director Bill Pulte answered several key questions. In an FAQ […]

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OCC drops disparate impact enforcement

disparate impact, Donald Trump, Fair Lending, HWmember, LendingLife, Mortgage, Office of the Comptroller of the Currency, Regulatory, Trump administration /

The Office of the Comptroller of the Currency (OCC) announced Monday that it will no longer enforce disparate impact analysis in fair lending risk assessments, following a directive from the White House issued three months ago. “Consistent with EO 14281, the OCC supervisory process for fair lending compliance no longer includes examining for disparate impact

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Trump administration ‘effectively disbands’ the PAVE task force

Appraisals, Appraisals and Valuations, Biden Administration, Discrimination, HUD, HWmember, Politics, Real Estate, Regulatory, Trump administration /

The Trump administration announced Thursday that it has ended the major policy provisions of the Biden-era Property Appraisal and Valuation Equity (PAVE) task force, “effectively disbanding” a program that sought to eliminate racial bias in the appraisal process. The directive primarily applies to two rules. One required appraisers and mortgage lenders to comply with the

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Trade groups applaud Jonathan Gould’s confirmation to OCC

Bob Broeksmit, Cryptocurrency, HWmember, Mortgage, Mortgage Bankers Association, Office of the Comptroller of the Currency, Regulatory, Senate, Trump administration /

On Thursday, the U.S. Senate confirmed Jonathan Gould as head of the Office of the Comptroller of the Currency (OCC) in a 50-45 vote. The confirmation marks another Trump administration appointee who supports more lenient oversight of the banking sector and a more welcoming stance toward cryptocurrency. Gould previously held roles at the OCC during

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HUD offers foreclosure relief to Texans saddled by floods

Disaster Relief, Flood, Foreclosure, Government Lending, HUD, HWmember, Mortgage, Regulatory, Scott Turner, Texas /

Scott Turner, the secretary of the U.S. Department of Housing and Urban Development (HUD), announced on Tuesday a 90-day foreclosure moratorium for Federal Housing Administration (FHA)-insured single-family mortgages in the areas of Kerr County, Texas, that have been devastated by recent severe storms, including wind and flood damage. The 90-day moratorium prohibits mortgage servicers from

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FHA seeks input on buy now, pay later lending

Debt, FHA, FHA loan, Government Lending, HUD, HWmember, LendingLife, Mortgage, Regulatory, Underwriting /

The Federal Housing Administration (FHA) has opened a request for information on buy now, pay later (BNPL) lending as it seeks to understand its implications for housing affordability and stability. Comments are due by Aug. 25. These installment loans — often referred to as “phantom debt” — gained popularity during the COVID-19 pandemic, particularly among

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State AGs oppose HUD’s plan to roll back fair housing marketing rules

Affordable housing, California, Discrimination, Fair Housing, Housing Market, HUD, HWmember, Marketing, Regulatory, Regulatory Compliance /

California Attorney General Rob Bonta — along with a coalition of 20 other attorneys general — is urging the U.S. Department of Housing and Urban Development (HUD) to abandon a proposed rule that would eliminate federal requirements prohibiting discriminatory marketing of affordable housing. In a letter sent to HUD on Thursday, the attorneys general argued

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The CFPB’s budget might be shrinking, but does that even matter?

CFPB, Compliance, Dodd-Frank, Federal Reserve, Housing Market, HWmember, Legislation, Regulatory, Trump administration /

The Trump administration’s “Big Beautiful Bill” may contain many initiatives lauded by the housing industry, but if you’re a federal regulator — namely the Consumer Financial Protection Bureau (CFPB) — you might have a different take.  The multitrillion-dollar bill, which was passed by the U.S. Senate on Tuesday but still awaits approval from the House

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NAMB issues support for CHLA white paper on LO compensation

CFPB, Community Home Lenders of America, HWmember, Loan Officer, Mortgage, NAMB, Regulatory, Regulatory Compliance /

The National Association of Mortgage Brokers (NAMB) on Monday issued a letter of support for the Community Home Lenders of America (CHLA)’s white paper on LO compensation reform. CHLA‘s white paper, released last week, urged Congress to roll back the loan originator compensation rule to focus on its original purpose — a ban on yield

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Are broker-to-broker referral fees next in the real estate hot seat?

Brokerage, Commission Lawsuit, HWmember, Legal, National Association of Realtors, northwest mls, Real Estate, Real Estate Agents, Regulatory /

When the National Association of Realtors’ (NAR) agreed to implement mandatory buyer representation agreements as part of its commission lawsuit settlement agreement, the trade group said it was in the name of increased transparency.  It’s with this same goal in mind that Northwest MLS (NWMLS) said it chose to implement referral fee disclosures. “Northwest MLS

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