As New Jersey loan broker Brian Benjamin put it, “Most lenders I see now want a paystub within 30 days of closing and a verbal VOE [verification of employment] within five days of closing.”
Keefe, Bruyette & Woods said the dividend cut is in line with expectations. "However, we think investor focus remains on the company's ability to finance its non-agency MBS."
The CFPB has eased reporting of quarterly HMDA data. Nevertheless, the bureau is continuing with its supervisory activities and other essential functions.
Industry stakeholders have 30 more days to submit their feedback on a proposed rule that would require debt collectors to make certain disclosures under the Fair Debt Collection Practices Act.
Federal agencies will give “favorable consideration” under the Community Reinvestment Act to banks that help low- and moderate-income borrowers offset the economic impact of the coronavirus.
The CFPB, along with other federal and state regulators, will not criticize financial institutions for certain loan modifications offered to borrowers facing coronavirus-related economic hardships.
Mortgage lenders and servicers are facing compliance challenges due to a patchwork of coronavirus-related forbearance efforts at the federal, state and local levels, according to industry attorneys.
The full Fifth Circuit Court will review the constitutionality of the CFPB’s leadership structure, vacating a panel decision issued earlier in the month.
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