The nation's top thrift regulator says the mortgage application and settlement process is so "convoluted and non-understandable" to consumers that it needs to be changed.James Gilleran, director of the Office of Thrift Supervision, told the Exchequer Club that he supports the Department of Housing and Urban Development's effort to reform its Real Estate Settlement Procedures Act rules. The OTS director remarked that Fannie Mae chairman and chief executive Franklin Raines had admitted privately that he couldn't understand the process when he recently refinanced his own home. "If Frank Raines doesn't understand it -- who does?" Mr. Gilleran said. "We have devised a system that doesn't make sense, and it should be changed." A Fannie Mae spokeswoman said Mr. Raines could not be reached for comment by MortgageWire's deadline.
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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