Trade groups representing smaller nonbank seller/servicers say it’s the larger nondepositories, with nearly 70% of the market, that pose the biggest risk to Fannie and Freddie.
Rather than encouraging lending in flood-prone areas, mandatory flood insurance requirements limit mortgage originations for borrowers with low income or low credit scores, researchers at the NY Fed found.
The Biden administration’s move to reduce the impact of medical debt from consumer credit reporting will make it easier for some homebuyers to qualify for government-backed mortgages.
Is the worst of the mortgage rate increases over? Hard to say. Meanwhile, publicly traded nonbanks may be forced to curtail their dividend payments to common shareholders.
After three quarters of steady declines, the number of mortgage-related complaints received by the CFPB rose again in the first quarter of 2022. Mr. Cooper Group was the most frequent target of customer ire. (Includestwo data charts.)
Although CFPB Director Rohit Chopra’s tenure so far has been unusually quiet on the mortgage front, industry attorneys and executives said other actions indicate there’s enforcement on the horizon.
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