Last month involved several regulatory compliance updates and hot topics in the Mortgage industry. We’ve rounded up some key updates and how they will affect you and your financial institution going forward.
White House to Unveil Steps Aimed at Easing Housing Supply Shortage
Policy changes are being drafted to revamp U.S. infrastructure and as part of the Build Back Better Agenda. To address the supply shortage of entry-level homes and rental properties, historic steps are currently being prepared by the Biden Administration to improve their financing and increase affordability.
- Read the Full Article
- Read the White House FACT SHEET: Biden-Harris Administration Announces Immediate Steps to Increase Affordable Housing Supply
Why Is This Important to Me and My Financial Institution?
Deliberate government actions to encourage the construction of new homes in the coming years will attract new borrowers entering the housing market – and potential opportunities for mortgage lenders to service them.
HUD and FHFA Raise the Focus on Fair Lending
In an interesting announcement last week, HUD and FHFA issued a joint MOU (memorandum of understanding) that enhances efforts to synchronize fair lending policy, enforcement and investigatory activities. This is a rare instance where HUD and the regulator of the GSEs have publicly agreed to attempt to synchronize efforts on such a major policy effort.
Why Is This Important to Me and My Financial Institution?
It is important to acknowledge the efforts of federal regulators aligning on processes. This alignment should establish a heightened regimen of oversight inside all mortgage lenders operations.
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