Mortgage credit supply in August fell to its lowest level in six year, driven by a reduction in supply from both conventional and government segments t, according to a recent tally by the Mortgage Bankers Association.
The FHA lowered payment history requirements for borrowers with previous forbearance to refinance their loans in order to aid the housing market. The changes are for purchase and rate-term refi loans.
Some industry groups are concerned that the CFPB’s proposal to revise general QM standards contains unclear underwriting standards and legal uncertainties. They support the development of self-governance standards for the non-agency market.
Over the past few months, the CFPB has levied formal charges against seven mortgage firms for false advertising tied to VA loans. A trend? Looks that way.