WASHINGTON — All eyes will soon be on Mark Calabria.

The Trump administration’s nominee to serve as director of the Federal Housing Finance Agency, Calabria is set to testify Thursday before the Senate Banking Committee. The nomination hearing could provide an important window into the White House's plans for a future housing finance system, including how reforms might be carried out.

Senators almost certainly will grill Calabria on what he knows about an administrative framework that acting FHFA Director Joseph Otting has promised is forthcoming, but he will likely have to convince lawmakers that Congress still has a role in reforming the government-sponsored enterprises if he hopes to secure his confirmation.

Calabria will also have a tall order in tempering past criticisms of Fannie Mae and Freddie Mac, especially if the administration ultimately seeks to recapitalize the GSEs under his watch. Before joining the Trump administration as Vice President Mike Pence’s chief economist, Calabria was the director of financial regulation studies at the Cato Institute, where he regularly advocated for constraining the footprint of Fannie and Freddie.

"As the members of the Committee are perhaps aware, I have an extensive record of writings in the area of mortgage finance. I have on a few occasions expressed strong opinions on the history and future of our mortgage finance system," Calabria said in his written testimony, published on Wednesday in advance of the hearing. "I have most definitely expressed, and express here today, a frustration with the current state of our mortgage system and the need for reform."

The upcoming URLA changes include complete redesigns of the mortgage application input workflow, updates to documents and forms, compliance with the Uniform Loan Application Dataset (ULAD) and more.

What does this mean for you?

This will impact ANY lender whose business model involves the origination and sale of loans to GSEs.

As part of the industry transition, the Government Sponsored Enterprises (GSEs) will first allow lenders to use the new URLA starting July 1, 2019.  The required usage date for new applications is February 1, 2020.

Ellie Mae has developed an URLA Resource Center that includes a list of tools and training options to help you make a seamless transition. Visit today and join the “I Love URLA” email list for the latest updates.

Ellie Mae has put together a Frequently Asked Questions (FAQ) document regarding the new 1003, click here to review it.

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, the Agencies) are issuing this joint statement to encourage banks1 to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations, in order to further strengthen the financial system against illicit financial activity.

The Agencies recognize that private sector innovation, including new ways of using existing tools or adopting new technologies, can help banks identify and report money laundering, terrorist financing, and other illicit financial activity by enhancing the effectiveness and efficiency of banks’ BSA/AML compliance programs.  To assist banks in this effort, the Agencies are committed to continued engagement with the private sector and other interested parties.

The Agencies will not penalize or criticize banks that maintain effective BSA/AML compliance programs commensurate with their risk profiles but choose not to pursue innovative approaches. While banks are expected to maintain effective BSA/AML compliance programs, the Agencies will not advocate a particular method or technology for banks to comply with BSA/AML requirements.

Nearly two years into his administration, President Donald Trump will finally have his own permanent nominee running the Consumer Financial Protection Bureau, a controversial agency that Republicans say has stifled economic growth by burdening banks with red tape.

The Senate voted 50-to-49 Thursday to confirm Kathy Kraninger, a little-known Office and Management Budget official, as the consumer watchdog’s permanent director. She will succeed her boss, White House Budget Director Mick Mulvaney, who has been leading the CFPB part-time for more than a year.

No Democrats voted in favor of Kraninger’s confirmation.

Kraninger will take over an agency created by the 2010 Dodd-Frank Act that regulates everything from credit cards to mortgages. The CFPB has been a political football throughout its existence, with Democrats regularly praising it as the crown jewel of post-crisis reforms and Republicans arguing that it’s a stark example of government overreach.

Details Borrowers’ Experiences Obtaining a Mortgage

WASHINGTON, D.C. — The Bureau of Consumer Financial Protection (BCFP) and the Federal Housing Finance Agency (FHFA) today released for public use a new loan-level dataset collected through the National Survey of Mortgage Originations (NSMO) that provides insights into borrowers’ experiences in getting a residential mortgage.

The NSMO is a component of the National Mortgage Database (NMDB®), the first comprehensive repository of detailed mortgage loan information designed to support policymaking and research efforts and to help regulators better understand emerging mortgage and housing market trends. The NMDB was launched by FHFA and the BCFP in 2012.

In each quarter since 2014, FHFA and the BCFP sent surveys to borrowers who had recently obtained mortgages to gather feedback on their experiences during the process of getting a mortgage, their perception of the mortgage market, and their future expectations. FHFA and the BCFP have been compiling the NSMO survey data and this dataset is the first public release.