New standards for nonbank mortgage servicers will go into effect in Iowa on July 1. While only a handful of states have adopted the CSBS model standards, substantially all large nonbank servicers are covered.
Temporary foreclosure delays instituted by the CFPB during the pandemic helped both borrowers and the economy, according to a new paper presented at a CFPB conference last week.
The loan officers are accused of defrauding banks and the nonbank lender they worked for by falsifying borrowers’ occupancy status on mortgage applications.
Texas district court ordered to make quick ruling in CFPB credit card late fee lawsuit; the American Bankers Association pushes back on CFPB report targeting fees associated with health savings accounts; former Nutter Home Loans executive launches regulatory management firm.
Mortgage deliveries to the mortgage-backed securities platforms of Fannie Mae and Freddie Mac rose in April, but credit trends suggest these were seasonal increases rather than a start of a new trend. (Includes two data tables.)
Even though Fannie Mae and Freddie Mac maintained healthy profits in a tough market in the first quarter, their capital shortfalls under the ERCF remained absurdly high. (Includes data table.)
Although some non-agency players may see Freddie’s plan to purchase closed-end seconds as competition, many lenders see a way to create more liquidity in the sector.