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The current funding for the National Flood Insurance Program expires at midnight December 16, 2022. On the evening of December 14, the House voted to continue funding for one week. The Senate is expected to pass the bill today and send it to the President for signature. Then we will go through the same mess again next week. For one week loans may be closed with appropriate flood insurance in place. We suspect that next

Yesterday, the CFPB issued a Notice rescinding its 2020, Home Mortgage Disclosure Act (HMDA) Final Rule changing the loan volume reporting threshold for closed-end mortgage loans.  This comes on the heels of a ruling by the United States District Court for the District of Columbia, in September of this year.  The ruling stated the CFPB did not have the authority to change the original reporting threshold from 25 to 100. The April 2020, the CFPB’s

On November 2, 2022 the Federal Housing Finance Agency (FHFA) released the Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File and Dashboard. The UAD: Documents appraisal bias. Is derived from more than 47 million appraisals conducted between 2013 and June 30, 2022. Lenders selling loans to Fannie Mae and Freddie Mac must submit appraisal information in the UAD format. Standardizes various data elements regarding an appraisal. Undervaluation Rates The 2021 FHFA appraisal statistics reflect a

In early November, the National Community Reinvestment Coalition (NCRC) filed two complaints against appraisers with the Department of Housing and Urban Development asserting different treatment based on race in violation of the Fair Housing Act. The first complaint, against RMC Appraisal Services, asserts different service levels based on race; and The second complaint, against Atlantic Appraisers & Associates, addresses home valuations that differ based on race. Mystery Shoppers The Complaints evolved from mystery-shopping regarding appraisals

On November 16, 2022, the Consumer Financial Protection Bureau (CFPB) released the Fall 2022 Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The key findings of the Report are elaborated upon below. Inaccurate Credit Reports CFPB examiners found that one or more of the nationwide consumer reporting companies failed to report to the CFPB the outcome of their reviews of complaints about inaccuracies on consumers’