OCC

The comptroller of the currency also addressed, in his role as acting FHFA head, whether Congress or the Trump administration will spearhead GSE reform.

Federal Reserve Board Gov. Lael Brainard said public comments demonstrate a desire among stakeholders for reforms to be implemented consistently across the Fed, OCC and FDIC.

Some hopeful souls in Washington believe the commercial banking industry will return to originating and servicing higher-risk mortgages, but most banks are more likely to continue withdrawing from the sector.

As suspense builds over which firm will be the first to seek the special-purpose charter, a side discussion has emerged over which financial services sector has the most to gain — or lose — from the new option.

Fintechs must be held to the same standards as regulated financial institutions, a letter from the National Association of Federally-Insured Credit Unions stated that used Zillow's entrance into the mortgage business as an example.

The agencies are weighing a plan to reduce the scope of residential real estate transactions requiring an appraisal, but appraisers have warned that the proposal could have consequences.

The White House said that Comptroller of the Currency Joseph Otting will serve as acting director of the Federal Housing Finance Agency beginning Jan. 6, after Director Mel Watt’s term ends.

A proposal issued over a year ago by federal banking agencies to simplify risk-based capital rules and ease compliance burdens for community banks has still not been finalized, and mortgage brokers and bankers are calling on them to do just that.

A proposal allowing more lenders to skip outside appraisals could remove a hurdle to quick closings, but appraisers say they could be collateral damage.

An agency report said servicing portfolios have shrunk by nearly half in 10 years as much of the mortgage market has shifted to nonbanks.