Mortgage – HousingWire

Jeffrey Naimon to speak at HW Annual Sept. 27-28

Posted: 21 Sep 2021 12:27 PM PDT

A series of regulatory changes are taking place in housing due to a new political administration and the country's reckoning with racial inequality in homeownership. That's why HousingWire invited attorney Jeffrey Naimon, partner at the Buckley LLP Washington, D.C. office, to HW Annual to explain what these new regulations mean for the housing economy.

Naimon has more than 25 years of experience assisting bank and nonbank financial services providers with regulatory, enforcement and transactional matters. He defends financial services companies that are facing complex examination or enforcement matters before the Consumer Financial Protection Bureau, the Federal Trade Commission and federal and state banking regulators, with a focus on fair lending, unfair, deceptive, or abusive acts and practices (UDAAP), loan servicing, privacy and credit reporting, debt collection, servicemember protections and other consumer protection issues.

At HW Annual, Naimon will join a panel of compliance attorneys and regulatory experts, including Daniella Casseres, partner at Offit Kurman, who will discuss the themes behind recent regulatory news, and how to prepare for changes to come.

HW Annual will focus on All Things Housing, bringing together professionals from real estate, closing, valuations and mortgage to tackle some of the most important topics in the industry, with experts and practitioners to give you the information you can't get anywhere else.

Attendees will also hear from Rachel Robinson, director, collateral policy and product development at Rocket Mortgage, and CoreLogic's Chief Appraiser, Shawn Telford.

The event will also have sessions covering:

Expanding homeownership
The future of valuations
Cybersecurity
How technology is helping to solve servicing challenges
Innovating in a purchase market
And so much more!

HW Annual will be a great time to network as you enjoy the venue, the Omni Frisco, which is situated in a walkable area full of restaurants, bars, and the Star, the site of the Dallas Cowboys practice field. The schedule includes time to discover the latest technology through product demos and time to catch up with peers. Find out all the details here. Our HW+ members get a highly discounted rate and you can take advantage of that by signing up here.

The post Jeffrey Naimon to speak at HW Annual Sept. 27-28 appeared first on HousingWire.

Lenders mandated to use FHA Catalyst for appraisals

Posted: 21 Sep 2021 09:44 AM PDT

Starting March 14, 2022, the Federal Housing Administration (FHA) will require all lenders to use FHA Catalyst for appraisals. The module can also accept appraisals for Home Equity Conversion Mortgages (HECMs), the administration announced last week.

The FHA Catalyst: Electronic Appraisal Delivery module will allow for the administration to expand their data collection and analysis capabilities. Meanwhile, lenders can electronically submit, track and manage single-family property appraisals, the FHA said.

The announcement comes after more than a year's worth of efforts by the FHA to streamline and modernize their FHA loan origination and claims process.

Last year, the module was introduced as a pilot with no set deadline for lenders to transition.

According to the administration, this gave mortgagees and their designated technology service providers time to make "necessary adjustments to their systems and processes, including onboarding activities."

How increased regulation presents a huge opportunity for lenders

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Now the administration is mandating the use of the platform starting next year. For cases with a previous appraisal submission to the legacy EAD, the FHA is allowing for appraisal resubmission to be delivered through the legacy EAD portal until April 15, 2022.

However, after that date, appraisal submissions for all cases, regardless of previous submissions, must be delivered through Catalyst. Meanwhile, lenders with HECM cases may use the module immediately, the administration said.

The FHA Catalyst platform has been a bright spot in the Department of Housing and Urban Development's outdated IT structures.

A HUD Office of Inspector General report published earlier in the year said that "to date, FHA Catalyst has been referenced as the most successful effort due to its increased efficiencies and cost savings results."

Once fully deployed, the platform will allow the decommissioning of at least 11 outdated legacy HUD IT systems, which will save close to $20 million annually, the IG added.

In the report, the IG warned that the success of FHA Catalyst is "dependent upon several factors that pose potential risk", one of those factors being "the leadership transition [that] has resulted in a shift of focus from continued FHA Catalyst module deployments and improvements to other programs office priorities."

"This change not only affects HUD but affects the industry as it has already committed, allocated resources, and begun integrating FHA Catalyst into its business processes," the IG noted.

The post Lenders mandated to use FHA Catalyst for appraisals appeared first on HousingWire.

Loans And Mortgage

Wednesday, September 22, 2021