The Department of Housing and Urban Development is requiring that all automated underwriting systems be linked to the Federal Housing Administration's TOTAL Scorecard by May 1 if they want to continue processing FHA single-family loans."The Total Mortgage Scorecard will replace the existing proprietary scorecards offered by Fannie Mae and Freddie Mac for use on mortgages to be insured by FHA," a HUD mortgagee letter says. (TOTAL stands for technology open to approved lenders.) HUD has been developing its underwriting scorecard for the past five years, and Fannie and individual lenders have been testing it in their AU systems for the past six months. HUD has already issued a technical bulletin and an interim final rule that sets the ground rules for TOTAL Scorecard. The mortgagee letter puts all AU system providers on notice that May 1 is the deadline for connecting to TOTAL Scorecard, according to the Mortgage Bankers Association's Tim Doyle. Lenders can still manually underwrite FHA loans, but any FHA loans going through AU systems have to be scored by TOTAL.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18