In Light of Black History Month, We Would Like to Honor the Leaders who Paved the Way.
Throughout history, Black leaders have been instrumental in shaping the mortgage industry, challenging systemic barriers, and advocating for equitable access to homeownership. Their contributions have not only transformed the landscape of finance but have also paved the way for generations to come. As we reflect on the achievements of Maggie Lena Walker, A. Philip Randolph, Dorothy Height, Whitney M. Young Jr., and Barbara Jordan, we are reminded of the ongoing work needed to dismantle systemic barriers and build a more just and inclusive society for all.
FHA's Eliminates the Requirement to Register Each Office Where They Originate FHA Loans
The Federal Housing Administration (FHA) published a Final Rule that eliminates the requirement for FHA lenders to register each of the offices where they originate FHA loans. Here is the reasoning behind the change:
"As the mortgage industry has evolved to better leverage technology and remote service delivery, FHA believes that requiring a mortgagee or lender to register all branches is an unnecessary administrative and cost impediment to program participation. By removing these barriers, FHA hopes to incentivize additional community-based mortgage loan originators, credit unions, and others to offer FHA-insured loan products in branch offices that they did not previously register due to business volume considerations, thus expanding the availability of FHA programs to underserved communities."
It is now optional for lenders to register their branch offices with FHA. Importantly, however, FHA's authority to supervise, audit, and enforce requirements does not change:
"Removing the requirement to register branch offices will not affect HUD’s monitoring of lenders and mortgagees. HUD will continue to maintain oversight and risk management of lenders and mortgagees that remain responsible to FHA for the actions of its branch offices and employees."
The new rule is effective on March 4th, 2024.Read More Here
A Time Traveler Guide to Mortgage Compliance
I've been waiting for a long time for time traveling to be a thing. According to Dr. Emmett Brown (a.k.a. Doc Brown) from Back to the Future, we all thought we would have flying cars by 2015. Although this has not happened yet, we do have autonomous cars. However, according to NASA, time travel is possible. So let’s hop in my DeLorean, and we’ll travel back to the landmarks of mortgage regulations.
AML: Lenders need to have a method in place to report suspicious activity anonymously.
Social Media: Lenders need to use a tool to monitor employee social media accounts.
Fair Lending: Lenders struggle with completing a Fair Lending Regression Analysis. Underwriting and Pricing Exceptions need to be tracked.
Information Technology – Artificial Intelligence: The Lender should consider formalizing policies and procedures regarding the use of Artificial Intelligence software, including customer/employee access, data access, identifying acceptable uses for AI, internal/external controls, and clearly outlining AI’s role in credit decisions (if applicable).
In the spirit of heart health awareness during the month of February, MQMR proudly supported the American Heart Association through a special initiative. As part of our commitment to community well-being, MQMR pledged to donate funds to the American Heart Association for every employee who actively participated by wearing red. We are delighted to announce that our dedicated team embraced this opportunity, contributing not only to their own health but also to the larger cause of promoting heart health across our community. We extend our heartfelt gratitude to all participating employees for making a positive impact on the fight against heart disease. Together, we strive to create a healthier and happier future for everyone.
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