The CFPB this week issued a report regarding numerous “junk fees” charged by mortgage servicers. The servicers were generally ordered to refund the fees and change their practices.
The two resignations in less than two months and in a presidential election year have created some uncertainty over the future of other political appointees in the federal housing sector.
Potential homebuyers are showing stronger demand for mortgages than they were a year ago, even though interest rates are higher now. Economists at Fannie Mae revised their projections for mortgage originations upward last week.
Lenders, servicers and others in the housing market should work together to educate consumers on the financial impact of climate change, according to participants at a conference last week.
The bills with endorsements from the MBA marked up by a House committee didn’t garner support from Democrats, making it unlikely that they’ll be signed into law during the Biden administration.
The current loss-mitigation waterfall has dramatically reduced foreclosure liquidations, suggesting lenders could make more loans to riskier borrowers without increasing expected losses.
According to industry attorneys, the updated rule signals that the CFPB will “increasingly encourage, and perhaps pressure, nonbanks to consent to be supervised.”