Compliance & Regulation

In the continued absence of legislation, Fannie Mae and Freddie Mac’s regulator announced work on a new capital framework.

Republican Bob Corker of Tennessee and Democrat Mark Warner of Virginia are acknowledging the legislative efforts to end government control of Fannie Mae and Freddie Mac are dead, at least for now.

As the mortgage industry moves farther past the housing crisis, access to credit remains tight, especially for first-time homebuyers.

The bill passed by the House took a more cautious approach to relief than prior legislative proposals but has still been hailed by banking industry groups.

Attorney General Peter F. Kilmartin joined housing advocates — as well as the mayors of Providence, Pawtucket and Warwick — to urge the General Assembly to extend the state's Foreclosure Mediation Act, set to expire on July 1.

The CFPB is looking to rescind Obama-era policy that allowed it to punish banks and financial firms for unintentional discrimination.

Reducing unnecessary compliance burdens will pave the way for economic growth, larger job creation and wage increases, and re-evaluating technology will play an important role in doing so, according to Craig Phillips, counselor to the secretary at the Department of the Treasury.

JPMorgan Chase has largely sat on the sidelines of Federal Housing Administration lending due to compliance concerns. But recent regulatory relief efforts have Chase Home Mortgage CEO Mike Weinbach eyeing an opportunity to jump back in.

The increased regulatory burden created by the Dodd-Frank Act restricted bank residential lending in 2017, especially when it came to non-qualified mortgages, according to an American Bankers Association survey.

Although the Consumer Financial Protection Bureau is loosening certain mortgage rules, others such as restrictions on loan officer compensation and state-level regulation will likely persist, according to industry attorneys.