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Volume 25 - Number 9

April 28, 2014

CFPB, FHFA Paying Borrowers For Participating in Database Survey

The CFPB and the Federal Housing Finance Agency apparently are mailing $5 bills as “a small token of appreciation” to new homeowners to encourage them to participate in a survey associated with the agencies’ joint project to develop a national mortgage database, Inside the CFPB has learned. “I am writing to ask for your help with an important national survey of consumers about their mortgage loan experiences,” says a joint sample letter prepared with CFPB letterhead, with room for a signature for a representative from both agencies. “I understand that in the last 12 months you obtained a mortgage for your home (or a residence that is rented or otherwise occupied by others). Your recent experience is very important to...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

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