Lenders continued to increase loan originator compensation in the first quarter of 2020. However, this party won’t last long as the industry braces for recession, job losses and tighter underwriting.
There is no doubt the CFPB will extend the qualified-mortgage patch, but whether it will push ahead with changes to the framework is another question, according to industry attorneys.
In a statement, MBA SVP Mike Fratantoni noted, “Forbearance requests fell relative to the prior week but remain roughly 100 times greater than the early March baseline. While the pace of job losses have slowed from the astronomical heights of just a few weeks ago, millions of people continue to file for unemployment.”
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