Apparently strict overwatch doesn't affect actual production, just product mix.
Hi, I’m Sawyer and I’m here to catch you up on what you may have missed over the last week
Hugh Frater was announced as the interim CEO for Fannie Mae, awaiting FHFHA approval, until a permanent CEO is hired. Frater’s appointment will be effective on October 16th. He has been on Fannie Mae’s board since 2016, and has held a variety of different executive positions throughout his career.
According to a quote from research conducted by the Federal Reserve Bank of New York, “there is no evidence that being subject to CFPB supervision and enforcement has led to lower mortgage lending for affected banks.” They also found that there were no real differences in lending volumes, but that the composition of mortgage lending was affected. Banks under this supervision leaned away from riskier FHA loans, and leaned in to jumbo loans. i don’t know about you, but I feel like being under close supervision, miiiiight affect how I work.
It had previously been announced that Zillow was no longer under investigation by the CFPB, but now the result has been made official. Zillow did win its case against the CFPB regarding the co-marketing program that was alleged to be in violation of RESPA.
That’s all for this week! I’ll see you next time!