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Court grants debtors’ motion on escrow deficiency

Monday, January 23, 2023

In a bankruptcy case out of Kansas, a bank-mortgagee did not file a response to debtors’ notice of final cure payment at the end of their Chapter 13 plan. Instead, it sent a letter to them seeking increased monthly payments because of an escrow deficiency. The court considers which party should be responsible for the escrow account shortage.

HUD issues NPR to address affordable housing crisis

Monday, January 23, 2023

U.S. Department of Housing and Urban Development Secretary Marcia Fudge said an imminent notice of proposed rulemaking will remedy the effects of discrimination in housing and help to foster affordable housing opportunities. The proposed rule will simplify required fair housing analysis, emphasize goal-setting, increase transparency for public review and comment, and provide mechanisms for regular program evaluations and greater accountability.

Wells Fargo to shift gears on home lending

Monday, January 23, 2023

Wells Fargo announced it will be exiting the correspondent lending business and it will be reducing the size of its servicing portfolio. This is part of its plan to focus its home lending business on serving bank customers as well as individuals and families in minority communities.


	Enterprise reduction in fees sparks reactions from officials, interest groups Monday, January 23, 2023 The Federal Housing Finance Agency announced Fannie Mae and Freddie Mac (the Enterprises) would be making changes to their single-family pricing framework by redesigning and recalibrating upfront fee matrices for purchase, rate-term finance, and cash-out refinance loans. Of note, it was announced the upfront fee for commingled securities would be reduced starting May 1. Read more >>

Income discrimination has racial implications in Memphis

Monday, January 23, 2023

The National Fair Housing Alliance examined economic and racial discrimination in housing and how it impacted accessibility to affordable housing in Memphis, Tenn. The report was issued in collaboration with the NAACP Legal Defense Fund. Conducted over three years, it found issues such as “no Section 8” policies, voucher tenant quotas, and steering.

Sourcepoint named ‘leader’ in market segment

Monday, January 23, 2023

Sourcepoint, a fintech company that provides products and services for the mortgage industry, was recognized as a leader by NelsonHall’s assessment of mortgage services providers. “All credit goes to our incredible team for this recognition, which highlights our expertise across the mortgage origination and servicing lifecycle,” Sameer Ahluwalia, Sourcepoint president and global head of its BFS vertical, said.

Monday, January 23, 2023

The Federal Housing Finance Agency announced Fannie Mae and Freddie Mac (the Enterprises) would be making changes to their single-family pricing framework by redesigning and recalibrating upfront fee matrices for purchase, rate-term finance, and cash-out refinance loans. Of note, it was announced the upfront fee for commingled securities would be reduced starting May 1.

CFSA files opposition to CFPB cert, cross petition with SCOTUS

Thursday, January 19, 2023

Community Financial Services Association of America Ltd., the named plaintiff from the Fifth Circuit decision holding the Consumer Financial Protection Bureau’s (CFPB) funding structure as unconstitutional, filed a motion in opposition to the bureau’s petition for writ of certiorari and filed its own cross petition. Instead of focusing on the question related to whether Congress unconstitutionally abdicated its appropriations power to the CFPB, the interest group requested the Supreme Court address different reasons why the Payday Lending rule should be vacated.

Court considers servicer’s plea to reinstate property lien

Thursday, January 19, 2023

In a bankruptcy proceeding out of the middle district of Alabama, the U.S. Court of Appeals for the 11th Circuit heard the argument of a mortgage servicer whose property lien was extinguished despite the total amount owed not being paid. The debtor’s bankruptcy plan purportedly eradicated all remaining outstanding payments on her mortgage beyond the servicer’s claims for past-due arrearages, calling to question whether the bankruptcy code’s anti-modification provision superseded one on finality.

Contracts awarded to orgs to advance racial equity in housing

Thursday, January 19, 2023

Five organizations received delivery-based contracts from Fannie Mae as part of its Sustainable Communities Innovation Challenge, a competition to help advance racial equity in housing. The challenge is part of Fannie Mae’s initiative to develop collaborative, cross-sector approaches to advance sustainable communities and generate solutions for housing issues.

Black real estate agents, brokers discuss discrimination

Thursday, January 19, 2023

While racial equity is frequently discussed in terms of borrowers and homeowners, Black real estate agents and brokers share the challenges they face “selling houses while Black.” Their stories include police arriving when showing a home, being snubbed at open houses by potential buyers, and how they combat prejudice in their industry.

CFPB updates servicer examination procedures

Thursday, January 19, 2023

The Consumer Financial Protection Bureau’s mortgage servicing examination procedures were updated for the first time since 2016. These updates cover forbearance, streamlined loss mitigations options, and integrate focus areas from the bureau’s supervisory highlights findings.

CFPB provides insight to newly supervised entities

Monday, January 16, 2023

The Consumer Financial Protection Bureau provided a bird’s eye view of its examination process for entities being supervised by the agency for the first time. In this communication, the bureau discussed the reasons for supervision, the benefits, and a general description of the process.