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No Significant COVID Impact on Mortgages, Says CFPB

September 14, 2020
Yemeng Yang
Based on credit record data, the CFPB found that new delinquencies on mortgages declined between March and June, though a spike occurred in April during the height of the pandemic.
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Consumer Groups Accuse CFPB of Hiding Complaint Narratives

September 14, 2020
Yemeng Yang
Consumers need to scroll down the left menu of the complaint database to nearly the end to find what they’re looking for. Intentional by design?
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Bad Players in VA Lending Target of CFPB Crackdown

September 14, 2020
Yemeng Yang
The tally of enforcement actions by the regulator tied to deceptive VA mortgage advertisements reached seven this month, with more than $2 million in assessed penalties.
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BofA Faces RESPA Charges, Wells Sued Over Fair Lending

September 14, 2020
Yemeng Yang
A Maryland court grants class action certification to mortgage borrowers against Bank of America for illegal kickbacks; Ninth Circuit allows Oakland, CA, to sue Wells Fargo for discriminatory lending practices.
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California Passes Two Bills with Impacts on Mortgage Industry

September 14, 2020
Yemeng Yang
One of the bills imposes new COVID-19-related forbearance obligations on mortgage servicers while the other gives the Golden State its own CFPB.
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Other News in Brief

September 14, 2020
Yemeng Yang
The CFPB to host first Tech Sprint in October; agency task force on federal consumer financial law to hold listening session on Tuesday; the CFPB sues Encore Capital for violation of 2015 consent order.
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CFPB Getting Tough on VA Lenders for Misleading Ads

September 11, 2020
Yemeng Yang
So far, the CFPB has fined seven VA lenders a total of $2.02 million for false and misleading advertisements. It demonstrates the bureau’s interest in protecting servicemembers and veterans, according to attorneys.
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Lodging and Retail Loans Still Most Impacted by COVID-19

September 11, 2020
Yemeng Yang
Though most commercial mortgages are doing well, performance varies starkly among property types, according to the MBA.
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Millennial Veterans Fueling VA Purchase Market

September 11, 2020
Maria Volkova
Veterans United’s data show refinances among millennial veterans grew by 603% in the first three quarters of fiscal 2020.
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Agencies Authorize Relief for Recent Natural Disasters

September 11, 2020
Maria Volkova
HUD issued a 90-day moratorium on foreclosures on FHA-insured homes in the presidentially declared disaster areas ravaged by Hurricane Laura.
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