Just how big is Wells Fargo's Ginnie Mae market share? At Sept. 30, the bank controlled 31.53 percent of the market. Its closest competitor was JPMorgan Chase with a mere 11.75 percent.
“Eminent domain may be a local matter, but in the context of seizing mortgages, its use would have national consequences,” the four senators write in their letter to Treasury Secretary Jack Lew.
The top reasons for FHA condo denials include financial instability, pending litigation, insufficient insurance coverage and outdated or missing documentation.
Bureau Faults Financial Services Providers Over Educational Expenditures. A new study from the CFPB claims that the financial services industry spends 25 times as much money annually on marketing financial products and services to consumers each year than on financial education – $17 billion versus $670 million, respectively. According to the bureau’s modeling methodology, that shakes out to about $54 on marketing versus $2 on financial education per person per year. Richard Hunt, president and CEO of the Consumer Bankers...
Members of the House Financial Service Committee are continuing to give the CFPB a hard time over its recent auto fair-lending guidance, which quickly got the industry up in arms. Most recently, in a Nov. 15 letter to CFPB Director Richard Cordray, Rep. Blaine Luetkemeyer, R-MO, challenged the CFPB for failing to study how a shift to flat-fee compensation for dealers could influence the cost of credit to borrowers, especially low‐ and moderate‐income borrowers. “It is imperative that the bureau take the opportunity to conduct an...
Rohit Chopra, CFPB assistant director and student-loan ombudsman, hinted recently that borrower enrollment in repayment programs by servicers might be a likely focus of bureau examinations and investigations once the agency’s student-loan servicer “larger participant” rule is finalized. In comments before the Federal Reserve Bank of St. Louis, Chopra noted some similarities between problems in the mortgage market and the student-loan market – including breakdowns in the servicing sector. “The CFPB has...
Certain online payday lenders and other businesses deemed to present risks to consumers could find themselves banned from the Automatic Clearing House network, thanks to increased scrutiny from the CFPB and other authorities. Speaking before the Clearing House Annual Conference late last month, CFPB Director Richard Cordray invoked the bureau’s mandate to subject nonbank entities to the same level of regulatory scrutiny as banking institutions. “We now have the ability to examine participants in both the bank and nonbank segments of...
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