The CFPB’s latest regulatory agenda includes some pending priorities and some new ones. Two of the new items would require nonbanks to register with the bureau.
The New York Foreclosure Abuse Prevention Act reverses a court ruling that said the voluntary discontinuance of a foreclosure revoked the acceleration of a mortgage loan and its six-year statute of limitations.
For lenders trying to make bank statement loans that qualify as QMs, a little-noticed addition to a Regulation Z commentary could create uncertainty around whether they’ve properly verified the borrower’s income.
The bureau and the New York Office of the Attorney General are suing Michigan-based auto lender Credit Acceptance Corp. over violations of federal and state consumer protection laws.
Industry trade groups said the bureau’s proposal lacks both a meaningful opportunity for comment and context. Consumer advocates, though, argued that a dataset is necessary and said it should focus primarily on consumer experiences.
During recent congressional hearings, CFPB Director Rohit Chopra said the bureau is weighing whether to issue more credit reporting rules under the Fair Credit Reporting Act.
State AGs weigh in on CFPB’s Supreme Court appeal; HMDA filing period opens; Community Reinvestment Act thresholds updated; CFPB asks for dismissal of UDAAP lawsuit; CFPB, FTC argue furnishers must investigate legal disputes; bureau penalizes remittances provider.
Rate locks declined in December and loan applications fell to levels last seen in 1996. Interest rates are to blame. Economists offer some glimmers of hope for the second half of the year.
Rising interest rates took a bigger bite out of private MI activity than FHA business in the fourth quarter of 2022. On an annual basis, primary MI activity fell, based on agency MBS issuance, though issuance volume involving loans without MI was off by even more. (Includes two data charts.)
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