Regulatory

Which is better for mortgage — FICO or VantageScore?

Credit Score, Fannie Mae, FHFA, FICO, Freddie Mac, HWmember, LendingLife, Mortgage, Origination, Regulatory, VantageScore / Ricky Vasquez

VantageScore and FICO have escalated their rivalry in the mortgage space following the Federal Housing Finance Agency’s (FHFA) decision to allow Fannie Mae and Freddie Mac to purchase loans underwritten with VantageScore 4.0 as an alternative to the Classic FICO score. Both companies published analyses this week from their data scientists. Naturally, each claims their score more […]

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PAVE task force 2.0? Senate Democrat introduces appraisal bias legislation

Appraisals, Appraisals and Valuations, DEI, Discrimination, HWmember, Legislation, Mortgage, Regulatory, Senate, Trump administration / Ricky Vasquez

The Trump administration has “effectively disbanded” the interagency Property Appraisal and Valuation Equity (PAVE) task force, but a Democratic senator wants to revive it. Raphael Warnock of Georgia introduced the Appraisal Modernization Act on Thursday. The legislation seeks to address systemic bias in the appraisal process, effectively writing into law many of the measures the

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Minnesota housing program under federal fraud investigation

Affordable housing, FBI, Housing Crisis, Housing Market, HWmember, Minnesota, Regulatory / Ricky Vasquez

Federal agents are probing what they describe as a massive scheme to defraud Minnesota’s Housing Stabilization Services program, according to a search warrant. Numerous outlets reported that a federal investigation is targeting a Medicaid-funded benefit created in 2020 to assist people with disabilities, mental illnesses, substance use disorders and seniors in securing and maintaining housing.

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VantageScore 4.0 is coming. But much work needs to be done

Bill Pulte, Fannie Mae, FHFA, FICO, Freddie Mac, HWmember, LendingLife, Mortgage, Origination, Regulatory, VantageScore / Ricky Vasquez

In the days following the announcement that VantageScore 4.0 was suddenly in play for conventional mortgages, FinLocker‘s Brian Vieaux had to burst some bubbles. Most of the 15 to 20 loan officers he spoke to were ecstatic about being able to use the new credit scoring model. Millions of new prospective borrowers could be scored

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Federal regulators scrap 2023 CRA rule

Community Reinvestment Act, Federal Deposit Insurance Corporation, Federal Reserve, HWmember, LendingLife, Mortgage, Office of the Comptroller of the Currency, Regulatory, Regulatory Compliance / Ricky Vasquez

Three federal banking regulators announced on Wednesday the rescission of the Community Reinvestment Act (CRA) final rule issued in October 2023. The decision made by the governing boards of the Federal Reserve System, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) will result in the agencies reinstating

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FHFA clarifies key VantageScore 4.0 implementation questions

Bill Pulte, credit report, FHFA, FICO, HWmember, Mortgage, Regulatory, VantageScore / Ricky Vasquez

Mortgage industry professionals had more questions than answers following last week’s bombshell announcement that the government-sponsored enterprises Fannie Mae and Freddie Mac have approved the use of VantageScore 4.0, a new credit scoring model. A week after the initial announcement, Federal Housing Finance Agency (FHFA) Director Bill Pulte answered several key questions. In an FAQ

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OCC drops disparate impact enforcement

disparate impact, Donald Trump, Fair Lending, HWmember, LendingLife, Mortgage, Office of the Comptroller of the Currency, Regulatory, Trump administration / Ricky Vasquez

The Office of the Comptroller of the Currency (OCC) announced Monday that it will no longer enforce disparate impact analysis in fair lending risk assessments, following a directive from the White House issued three months ago. “Consistent with EO 14281, the OCC supervisory process for fair lending compliance no longer includes examining for disparate impact

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Trump administration ‘effectively disbands’ the PAVE task force

Appraisals, Appraisals and Valuations, Biden Administration, Discrimination, HUD, HWmember, Politics, Real Estate, Regulatory, Trump administration / Ricky Vasquez

The Trump administration announced Thursday that it has ended the major policy provisions of the Biden-era Property Appraisal and Valuation Equity (PAVE) task force, “effectively disbanding” a program that sought to eliminate racial bias in the appraisal process. The directive primarily applies to two rules. One required appraisers and mortgage lenders to comply with the

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Trade groups applaud Jonathan Gould’s confirmation to OCC

Bob Broeksmit, Cryptocurrency, HWmember, Mortgage, Mortgage Bankers Association, Office of the Comptroller of the Currency, Regulatory, Senate, Trump administration / Ricky Vasquez

On Thursday, the U.S. Senate confirmed Jonathan Gould as head of the Office of the Comptroller of the Currency (OCC) in a 50-45 vote. The confirmation marks another Trump administration appointee who supports more lenient oversight of the banking sector and a more welcoming stance toward cryptocurrency. Gould previously held roles at the OCC during

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HUD offers foreclosure relief to Texans saddled by floods

Disaster Relief, Flood, Foreclosure, Government Lending, HUD, HWmember, Mortgage, Regulatory, Scott Turner, Texas / Ricky Vasquez

Scott Turner, the secretary of the U.S. Department of Housing and Urban Development (HUD), announced on Tuesday a 90-day foreclosure moratorium for Federal Housing Administration (FHA)-insured single-family mortgages in the areas of Kerr County, Texas, that have been devastated by recent severe storms, including wind and flood damage. The 90-day moratorium prohibits mortgage servicers from

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Which is better for mortgage — FICO or VantageScore?

PAVE task force 2.0? Senate Democrat introduces appraisal bias legislation

Minnesota housing program under federal fraud investigation

VantageScore 4.0 is coming. But much work needs to be done

Federal regulators scrap 2023 CRA rule

FHFA clarifies key VantageScore 4.0 implementation questions

OCC drops disparate impact enforcement

Trump administration ‘effectively disbands’ the PAVE task force

Trade groups applaud Jonathan Gould’s confirmation to OCC

HUD offers foreclosure relief to Texans saddled by floods

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