For the first time since QM standards took effect in early 2014, lenders can no longer rely on the government-sponsored enterprises to obtain QM status for a loan.
Members of the House Financial Services Committee voiced different views on a proposal for a government-run credit reporting agency that would compete with the three big private players — Equifax, Experian and TransUnion.
Six months after leaving the bureau, former CFPB Director Kathy Kraninger has some advice for companies: Have a process in place for identifying mistakes before the bureau and state examiners do so.
The companies urged the CFPB to state that disparate impact applies to business models that use AI and to clarify when a disparity is large enough to support a claim of discrimination.
Mortgage lender/servicer violations including redlining, compensation based on product type, deceptive waivers and misrepresentations regarding foreclosure timelines were reported.
The trade group believes the CFPB should not take enforcement actions or conduct investigations of nonbanks unless asked to do so by a state regulator.
Delinquency rates remain at low levels for multifamily mortgages in Ginnie MBS, though modified loans accounted for 18% the outstanding market. (Includes data chart.)
The move will allow Ginnie issuers to offer loan modifications that carry a lower monthly payment than the current 30-year term. Also, the agency can test the waters for such a product in the secondary market.
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