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Installment Lender Settles Unfairness Claim Over Interest Refunds

June 12, 2023
Sam Manas
The CFPB accused OneMain Financial of misleading consumers into signing up for optional add-on products and failing to refund interest charges when consumers canceled those products.
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CFPB Notes Digital Payment Apps Lack Federal Insurance

June 12, 2023
Sam Manas
The CFPB cautioned consumers against storing funds in digital payment apps, citing lack of federal deposit insurance on such accounts.
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Other News in Brief

June 12, 2023
Sam Manas
CFPB settles with Indianapolis debt collector; CFPB extends data broker RFI comment deadline to July 15.
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Shift to FICO 10T and VantageScore 4.0 Ramps Up

June 9, 2023
Dennis Hollier
GSE officials recently outlined the timeline for implementing the new credit score models and some of the challenges that implementation poses for mortgage industry stakeholders.
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Criticism of LLPAs Expands to Include Conservatorship

June 9, 2023
Dennis Hollier
FHFA recently changed the upfront fees charged by Fannie and Freddie, in part to help meet the highly conservative capital requirements imposed on them by former Director Mark Calabria. Now, critics of the fees have joined critics of the conservatorship.
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The Growing Debate Over Reconsiderations of Value

June 9, 2023
Dennis Hollier
As the Biden administration focuses on ending discrimination in appraisals, trade groups and industry advocates call for standards on reconsiderations of value.
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Fannie Loosens Standards for Certain Loans

June 9, 2023
Dennis Hollier
Fannie has updated its selling guide to provide modest flexibilities on manufactured home loans, adjustable-rate mortgages and cash-out refinances.
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GSEs Update Disclosure of Valuation Methods

June 9, 2023
Dennis Hollier
New MBS disclosures from Fannie and Freddie reflect changes in property valuation methods.
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New Area Median Incomes Set to Go into Effect

June 9, 2023
Dennis Hollier
Implementation of the new AMI limits took place this week in Loan Product Advisor and will take place next week in Desktop Underwriter.
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Risk Expert Ragavan Joins Fannie Board

June 9, 2023
Dennis Hollier
Former Voya Financial Chief Risk Officer Chetlur Ragavan will sit on the board’s risk management committee.
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