Why the mortgage industry remains closed to legal cannabis workers

Cannabis businesses are legal in 29 states, but compliance questions on the federal level are keeping mortgage lenders from making loans to the industry's workers.

Article Meeting compliance regs while maintaining budgets

As compliance gets more complicated, servicers are looking for alternative ways to efficiently exceed regulatory standards.

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Mortgages September 1
FHFA to seek public input on alternative GSE credit score model

Federal Housing Finance Agency Director Mel Watt said the agency is poised to examine alternatives to how a Fannie Mae and Freddie Mac assess creditworthiness of home buyers, including seeking public comment on the issue later this fall.

GSE reform John Heltman 31m ago
Fannie Mae diversifies Day 1 Certainty report suppliers

Fannie Mae is authorizing additional suppliers of reports that can give lenders immediate representation and warranty relief on certain data, diversifying beyond an exclusive partnership with Equifax in one category.

GSEs 3h ago
New MBA Chair: 'Regulation by enforcement' isn't helping

The CFPB's practice of "regulation by enforcement" forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, said David Motley, the new chairman of the Mortgage Bankers Association.

Enforcement Elina Tarkazikis 6h ago

The Latest

State's economic strength boosts Bank of Hawaii profits

Hawaii's booming economy contributed to the Honolulu bank's 10% increase in loans and 9% increase in deposits in the third quarter.

Earnings Laura Alix 3h ago

Earnings Laura Alix 3h ago
Treasury says CFPB arbitration rule hurts consumers

The Treasury Department released an 18-page report saying the rule would “impose extraordinary costs” including legal fees mostly for lawyers that bring class-action lawsuits.

Arbitration Ian McKendry 5h ago

Arbitration Ian McKendry 5h ago
Video Bringing mortgage into the 21st Century

In this exclusive video from Digital Mortgage, Simon Moir from eOriginal discusses the key characteristics of a digital mortgage, shifting trends and meeting industry demands.

Insights from Digital Mortgage 1h ago

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Insights from Digital Mortgage 1h ago
Language question added to the loan app against lenders' wishes

The Federal Housing Finance Agency added a language preference question to the loan application, rejecting the mortgage industry's wishes.

Compliance Brad Finkelstein October 20

Compliance Brad Finkelstein October 20
Opinion Ban origination fees on VA refis to curb veteran mortgage churn

Joseph Murin
Vice Chairman Chrysalis Holdings

To protect veterans from predatory lending practices, Ginnie Mae and the Department of Veterans Affairs should remove lenders' financial incentive for originating Interest Rate Reduction Refinance Loans.

Refinance October 20

Refinance October 20
Equifax restoring The Work Number portal with beefed-up security

Equifax continues work to add new security features and restore full access to The Work Number following a report highlighting potential security vulnerabilities in a browser-based portal of its employment verification service.

Data breaches Bonnie Sinnock October 20

Data breaches Bonnie Sinnock October 20
Mortgage deduction alternative emerges in tax reform talks

Some housing groups are warming to an idea that they say could help more Americans benefit from housing-related subsidies than the mortgage interest deduction.

Tax Ian McKendry October 20

Tax Ian McKendry October 20

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Voices

Ban origination fees on VA refis to curb veteran mortgage churn

Joseph Murin
Vice Chairman
Chrysalis Holdings

To protect veterans from predatory lending practices, Ginnie Mae and the Department of Veterans Affairs should remove lenders' financial incentive for originating Interest Rate Reduction Refinance Loans.

Refinance October 20
Hurricane damage can be costly, but housing market recovery is swift

Ralph DeFranco
Global Chief Economist
Arch Capital Services

While the scale of destruction and suffering caused by Hurricanes Harvey and Irma is staggering, history suggests the local economy and housing markets in the affected areas will bounce back relatively quickly.

Hurricane Harvey October 11
Regulatory playing field for banks, nonbanks is anything but level

Scott Olson
Executive Director
Community Home Lenders Association

The Consumer Financial Protection Bureau was created in part to ensure that nonbanks are subject to federal oversight, but the fact is that 99% of banks are exempt from CFPB supervision.

CFPB October 11
Texas tax-lien transfers: Maligned and misunderstood

Thomas Mackie III
Founder and Director of Business Development
Clear Tax

Although property tax loans raise concerns for the mortgage industry, there is a way for property tax lenders and mortgage companies to co-exist.

Tax liens October 6

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Multimedia

7 things to look for at #MBAAnnual17

From debating the future compliance landscape to developing a digital mortgage strategy, here's a preview of the top issues, ideas and themes on tap when the industry convenes in Denver for the Mortgage Bankers Association's Annual Convention & Expo.

8 opportunities and challenges for mortgage brokers on the rebound

From recruitment strategies to leveraging technology without losing the personal touch, here's a look at four challenges and opportunities for the resurgent mortgage broker channel.

Resources

White Paper Reduce risk associated with disasters

Assessing and addressing the impact on property used as collateral when a disaster occurs.

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Risk analysis October 4
White Paper Third-party service provider oversight: How to navigate the pitfalls

Lenders and servicers continue to shift critical functions to third party service providers in order to lower costs and focus on core competencies. However, effectively managing third party service providers can be very challenging from a compliance, operational and technological perspective. While this has always been the case, it is about to become more important as federal regulators have indicated that they are going to increase their supervision of service providers.

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Servicing systems September 22
Web Seminar Meeting great expectations: best practices for accurate loan estimates

Quality property tax estimation is critical to completing the required Loan Estimate (LE) provided to the borrower.

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