NMN MBA Annual 2022

Regulators are raising alarm over the design applications that can manipulate consumers into buying products or services or compromise their personal information.

Ongoing weakness in housing markets and the economy has now driven purchase activity to its lowest level since 2015, while overall application numbers decreased for the 10th time in 11 weeks.

In the first two quarters of the year, the channel's lenders lost an average of 35 basis points for each origination.

"The main threat we see is coming from the CFPB, where the single director can act as judge, jury, and executioner, all in one," said Bob Broeksmit, president of the Mortgage Bankers Association

Fannie Mae announced a pilot rollout of a new special-purpose credit program, while Freddie Mac said it is expediting review of similar new programs from lenders during the Mortgage Bankers Association conference this week.

The regulator believes this transparency into the Uniform Appraisal Dataset records will help combat valuation bias.

However, Julia Gordon is now on the record saying that the agency is actively analyzing whether or not to do so, and it's considering the potential magnitude and composition of a reduction.

The agency expects one in five borrowers to be eligible for the new pricing benefits.

The government agency, an arm of the Department of Housing and Urban Development, plans to implement the change by no later than the first quarter of 2023.