Compliance & Regulation

A White House-backed effort to free mortgage giants Fannie Mae and Freddie Mac from government control has been cast into doubt by former Vice President Joe Biden’s victory over President Trump.

With a Democrat set to take the White House in January, the agenda for agencies like the CFPB could undergo a rapid transformation, housing finance reform could be turned on its head and progressive banking ideas that were unthinkable over the past four years could gain traction.

Also: Waterstone Financial hires its fourth head of mortgage in two years.

For most of the underwriters it was a strong quarter, but concerns remain over government-sponsored enterprise reform and potential claims after forbearances end.

The company is finding it challenging to ramp originations back up after spending most of the second quarter on the sidelines.

The ballot measure, which would allow local jurisdictions to expand rent control, had concerned mortgage companies who worried the law would result in a patchwork of different policies that could complicate underwriting and discourage lending.

While Rocket reaches near $1 per share, Fannie Mae and Freddie Mac are seeing declines as their planned exit of conservatorship remains tied to the presidential race.

Staying in compliance with the Secure and Fair Enforcement for Mortgage Licensing Act has been a difficult task for lenders while employees work from home for months on end.

But both fell short under the Duty to Serve goals in rural housing.

The agency’s final rule modernizing the Fair Debt Collection Practice Act limits calls to seven per week, but collectors won stronger protections from liability claims and other key changes to the original proposal.