How Climate Change Could Cause a Home Insurance Meltdown

Mixed Results on YoY Home Price Appreciation The S&P CoreLogic Case-Shiller Indices posted an annual decline in home prices for the second straight month in May while the Housing Price Index provided by the Federal Housing Finance Agency (FHFA) continues to show annual appreciation . Cas... (read more)

FHFA Finds House Prices Up 0.7% in May; 2.8% from Last Year U.S. house prices rose in May, up 0.7 percent from April, the Federal Housing Finance Agency’s seasonally adjusted monthly House Price Index reported.

Home Equity Lending Volume Rose in 2022 as Home Renovations Drive Demand Originations of open-ended Home Equity Lines of Credit and closed-end home equity loans increased 50% in 2022 compared to two years earlier. This is according to the Mortgage Bankers Association’s Home Equity Lending Study, released for the first time since 2020.

Mortgage Originations Continue To Contract, Analysts Say The mortgage origination market will continue to contract dramatically through the remainder of 2023. That's the consensus of two prominent experts who closely follow the mortgage industry.

NMP Magazine - July

The National Association of Mortgage Brokers Announces Support of Congresswoman Elise Stefanik’s Legislation: Military Families and Surviving Spouses Benefits Enhancement Act. 

Mortgage Banker Magazine



Scotsman Guide - Residential Magazine

NOTICE OF REQUIREMENT TO SUBMIT NOTICE OF CYBERSECURITY EVENT

Cybersecurity continues to be a prevalent and increasingly important issue in the financial services sector. In previous communications, we have highlighted the importance of institutions implementing the Safeguards Rule and having in place an adequate information security program and incident response plan. It is important institutions closely monitor and update their program and plan in the constantly evolving cybersecurity risk environment. 

In the event of a cybersecurity incident or breach, it is also important that potentially impacted consumers and the institution’s primary regulator are notified of the incident or breach. Accordingly, in addition to the consumer notification requirement under Section 12 of the Michigan Identity Theft Protection Act, MCL 445.72, in the event of a cybersecurity incident or breach, licensees and registrants under the Consumer Financial Services Act (CFSA), Mortgage Brokers, Lenders, and Servicers Licensing (MBLSLA), Motor Vehicle Sales Finance Act (MVSFA), Regulatory Loan Act (RLA), the Secondary Mortgage Loan Act (SMLA), and the Mortgage Loan Originator Licensing Act (MLOLA), effective immediately, are required to also submit a Notice of Cybersecurity Event  to DIFS as soon as possible after suspecting and/or determining a cybersecurity event has occurred involving nonpublic information.

The required notice can be found on DIFS website here.

The requirement to submit the Notice of Cybersecurity Event is made pursuant to authority to require special reports under Section 12(1) of the CFSA, Section 21(3) of the MBLSLA, Section 10(c) of the MVSFA, Section 10(2) of the RLA, Section 6a of the SMLA, and Section 33(3) of the MLOLA.

Questions or inquiries regarding this notice may be sent to difs-fin-info@michigan.gov.