Washington just banned noncompete agreements. Will other states follow suit?
Washington state is banning noncompetes effective June 30, 2027, and requires written notice to void existing clauses by Oct. 1, 2027.
Regulatory
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Bill Pulte targets Letitia James with new criminal referrals
FHFA Director Bill Pulte filed DOJ referrals alleging insurance fraud by New York AG Letitia James involving Florida and Illinois properties.
The GSEs updated their rules for condo loans. Will they be helpful or harmful?
Fannie Mae and Freddie Mac revised condo project and insurance rules, easing some costs but tightening reserve and review requirements.
HUD launches probe into Washington state down payment assistance program
Washington State’s Covenant Homeownership Program is under investigation by HUD over potential violations of the Fair Housing Act.
Trump’s AI policy framework calls for single federal standard
Trump’s AI framework lists six priorities and urges one national standard, as mortgage tech leaders cite delays from state-by-state rules.
Trump’s mortgage order sets stage for regulatory shift, draws consumer backlash
President Donald Trump’s executive order targeting mortgages addresses several concerns raised by banks and nonbanks, which have largely welcomed it as a road map for regulatory change. But it’s also receiving pushback from consumer advocates.
Banks eye bigger role in mortgages as regulators reconsider capital rules
Top banks in the mortgage space have relied on a similar playbook for years, but they say they could become more aggressive if upcoming changes to capital rules provide more flexibility.
Trump executive orders target housing supply and mortgage credit
The executive orders arrive a few weeks after Trump’s State of the Union address to Congress in which the president offered limited details about his housing affordability proposals.
Mortgage trade groups urge VA to revise elements of proposed partial claim rules
MBA and CHLA asked VA to revise its partial claim and loss-mitigation proposal, pushing for a simpler waterfall and a 180-day lead time.
Trade groups push for lower MSR capital charges, tailored mortgage risk weights
Eight trade groups representing lenders are urging federal regulators to revise bank capital rules by adopting a more tailored risk weight for mortgages held on balance sheets and by significantly cutting the capital charge applied to mortgage servicing rights.