Five Senate Democrats are raising concerns about the potential risks of using unconverted cryptocurrency assets in mortgage underwriting, urging the Federal Housing Finance Agency (FHFA) to tread carefully.
The Federal Housing Administration (FHA) has opened a request for information on buy now, pay later (BNPL) lending as it seeks to understand its implications for housing affordability and stability.
Scott Turner, the secretary of the U.S. Department of Housing and Urban Development (HUD), which oversees the FHA, said in a statement that the rescissions are “bold, necessary and long overdue.”
The companies say the technology will improve appraisal accuracy, automate parts of the review process and help lenders, appraisal management companies (AMCs) and individual appraisers identify errors.