These are the most important and latest government-sponsored enterpise moves, mortgage banking pol legislative proposals affecting the secondary mortgage market. New or updated items are marked.Topic: Action: What's NeFlood Insurance The House Banking Subcommittee on Consumer Credit and Bill mayReform Insurance passed legislation, H.R. 3191, requiring lenders to House Ban escrow flood insurance funds, even if no escrow account has been this week set up for taxes, insurance and the like. It also requires lenders to will reac perform flood zone recertifications for loans sold or transferred. floor thiFreddie Mac Freddie Mac announced Sept. 7 that it will only accept seasoned SeasonedSeasoned mortgages, home mortgages closed within one year of delivery to be sold tMortgages Freddie, on a negotiated basis. The process may require lenders to the Dec.Policy provide Freddie with more detailed information about the borrowers later off credit history as well as updated property appraisals. be negotiHigh-Yield Legislation marked up by the Senate Banking Committee Sept. 21 Bill headMortgage imposes much greater disclosure requirements on high yield floor wheDisclosures mortgages. The bill, Community Development, Credit Enhancement likely to and Regulatory Improvement Act, S. 1275, is aimed at nonbank lenders who invest loans into high-yield instruments.* UPDATE: The Mortgage Bankers Association and the Federal Reserve are The HouseSecondary Market pressing Congress to implement changes that would limit the CommitteeCommercial potential power of the Treasury before the Business, Commercial, view theReal Estate and Community Development Secondary Market Development reach theMortgages Act, H.R. 2600, reaches the Banking Committee. this sess
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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