The much-anticipated IPO of origination market leader Rocket Companies commenced Thursday morning but at a reduced offering price. Surprising? Not really, but some analysts are worried about lending volumes for 2021 and beyond.
Democratic lawmakers have called for the resignation of CFPB Director Kathy Kraninger over the bureau's handling of the response to the coronavirus pandemic, particularly its oversight of mortgage servicers.
The idea behind the proposed pricing approach is to prevent market disruption and extend mortgage credit to consumers who are currently excluded due to strict underwriting requirements.
The increase was driven by a double-digit jump in gripes related to mortgage applications. Criticisms regarding servicing and loan modifications, on the other hand, dropped. (Includes two data charts.)
Section 1033 of the Dodd-Frank Act ensures consumers have access to, and the ability to leverage, data in their records. The question is how much data consumer-authorized third parties can access from bank accounts.
The goal is to prevent credit discrimination under the Equal Credit Opportunity Act. The bureau also seeks input on its approach to the disparate-impact rule.
More than a dozen Democratic senators, led by Sen. Sherrod Brown, OH, have urged acting Comptroller Brian Brooks to confirm the OCC’s fair lending responsibilities.
The CFPB is facing legal challenges from fair lending advocacy groups over its Home Mortgage Disclosure Act final rule that raises reporting thresholds for mortgage lenders.
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