What will the mortgage industry look like in 2021? A lot is happening within the mortgage industry and there are worries as well. The COVID-19 pandemic seems to create a boost for the industry but will its effects continue towards 2021? Another thing to consider is the coming election, what will be its impact, and who will win in November? Let us share with you this MORTGAGE INDUSTRY OUTLOOK 2021.
As the election creeps ever closer, there are plenty of forecasts about how it could impact housing. HousingWire has reported on both the fate of the GSEs and the nation’s economic outlook as a red vs blue battle stirs in Washington. But what about the regulatory bodies that will decide the priorities for enforcement over the next four years?
At the HousingWire Annual panel, industry veterans Ed DeMarco, president of the Housing Policy Council, Kris Kully, partner at Mayer Brown, and Richard Andreano, Jr., partner at Ballard Spahr, discussed the future of regulation and enforcement as the industry gears up to run headlong into 2021. Julian Hebron, founder of The Basis Point, moderated the panel.
The most notable topic of discussion was the Consumer Financial Protection Bureau’s recent rescinding of a 2015 compliance bulletin related to marketing services agreements (MSAs), which the bureau said “does not provide the regulatory clarity needed on how to comply with RESPA and Regulation X.” Alongside the rescinding, the CFPB released an FAQ for guidance on the Real Estate Settlement Procedure Act (RESPA), which many companies have been accused of violating over the years – though several of those cases were thrown out.
View the full discussion and podcast about the Mortgage Industry Outlook 2021 from HousingWire at The Daily Download podcast.