Category Archives: Industry Updates

The New Tax Bill & The Home Lending Industry | Changes to Mortgage Interest Deduction

After the Trump Administration’s passage of what has been called a ‘sweeping’ new tax bill on December 22, the mortgage industry has had time to digest changes and react to their effects. Upon release of initial drafts of the bill, several key industry advocacy groups voiced concern for the consequences of many of the bill’s Read More

Updates on CFPB Acting Director Power Struggle | Leandra English Seeks Appeal

After conflict in November regarding the successor of Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB), former Chief of Staff and claimant of the director position, Leandra English, seeks an appeal in what will be the issue’s third court appearance. Although judges have thus far ruled to allow Mick Mulvaney’s appointment as Read More

FHFA Considers Changing Credit Scoring Model | Will It Make A Difference?

In what on the surface seems to be a good faith effort to expand homeownership opportunities, the Federal Housing Finance Agency recently evaluated the possibility of switching credit score requirements from classic FICO to either FICO 9 or VantageScore 3.0. Critics of the proposed adjustment argue that changing requirements will do little to expand the Read More

Increased IRS Data Security Slows Mortgage Application Process

After the Equifax breach this past fall in which hackers stole the personal information of 143 million U.S. consumers, the credit reporting industry is going to greater length to protect consumer data from cybersecurity threats. In an effort to safeguard sensitive data, the Internal Revenue Service recently beefed up security of their Income Verification Express Read More

Trump Moves to Stop Insuring Mortgages With PACE Loans

On December 7, the Trump administration announced the reversal of the Obama era rule allowing the Federal Housing Administration to insure mortgages with additional liens from the Property Assessed Clean Energy program (PACE). Several major housing industry groups, including the Mortgage Bankers Association and National Association of Realtors, have voiced support for the policy change. Read More

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