Navigating Challenges in the Current Mortgage Market

May 2, 2023

Read Time: 1 min

Mortgage leaders are hiring new talent, creating incentive programs, making forward builder commitments, and executing marketing agreements with realtors — what are the direct risks to banks? What do FHA revisions mean for rate buydowns and the trend of hiring realtors as permanent part-time loan originator employees?

Member Jim Milano (Washington, DC) will join a panel, “Navigating Challenges in the Current Mortgage Market,” at the American Mortgage Conference in Isle of Palms, SC, on May 2, 2023. This panel will help attendees understand key market and competition challenges. It will also include updates on Ability to Repay issues, using the new Qualified Mortgage expansions, and avoiding mistakes lenders make.

Insights

Published Article

Agencies Propose Quality Control Standards for AVMs

August 16, 2023

Mortgage originators and secondary market issuers use automated valuation models (AVMs) in determining the worth of collateral securing mortgages on consumers’ principal dwellings.

Published Article

New Opportunities for Lenders and Borrowers under Special Purpose Programs

August 16, 2023

Problems with lack of affordability and access to housing are longstanding in the U.S. The CFPB has indicated that “minority households… continue to lack fair and equitable access to credit,” including mortgage lending.

Presentation

Increasing Access to Alternatives to Stick Built Housing

May 25, 2023

Member Jim Milano (Washington, DC) will join a panel, "Increasing Access to Alternatives to Stick Built Housing," at the Forum on Affordable Housing & Community Development Law 2023 Annual Meeting on May 25, 2023, in Washington, DC.

Presentation

U.S. Supreme Court’s Review of the CFPB’s Funding: Constitutional or Not?

May 23, 2023

Member Jim Milano (Washington, DC) will join a panel "US Supreme Court's Review of the CFPB's Funding: Constitutional or Not?" at the Real Estate Services Providers Council (RESPRO)'s RESPRO30 on May 23, 2023, in Lake Tahoe, Utah.

Published Article

HUD Implements 40-Year Loan Modification Option

April 3, 2023

On March 8, 2023, the Department of Housing and Urban Development (“HUD”) published a final rule allowing mortgagees to modify a Federal Housing Administration (“FHA”) insured mortgage by recasting the total unpaid loan for a new term limit of up to 480 months—up from the previous limit of 360 months—to cure a borrower’s default. The effective date of the final rule is May 8, 2023.

In the Media

What Mortgage Servicers Need to Know About CFPB’s Junk Fees Update

April 4, 2023

Member Jim Sandy's (Cleveland) article "What Mortgage Servicers Need to Know About the CFPB’s Junk Fees Update" was republished in Westlaw Today.

In the Media

Mortgage Lending-Focused Partner Joins McGlinchey In DC

March 28, 2023

Member Jim Milano (Washington, DC) was profiled by Law360 on March 28, 2023 on his recent move to McGlinchey. “I have very deep and long relationships with many McGlinchey attorneys that go back, in some cases, 35 years or more,” he said. Moving to McGlinchey will also give him and his clients the chance to take advantageMore

News Release

Milano Joins McGlinchey’s Financial Institutions Compliance Group in DC

March 27, 2023

ce that experienced regulatory compliance attorney James (Jim) Milano has joined the firm’s Financial Institutions Compliance practice group as a Member (Partner) in the Washington, D.C. office.