Even though the CARES Act grants relief from adverse credit reporting, some borrowers in forbearance plans have complained of a drop in their credit scores.
Some trade and consumer groups also expressed concerns over the timing of the request for information, calling upon the CFPB to extend the comment period.
An updated budget proposal does not scale back the funding needed to create a state-level CFPB despite an anticipated drop in revenue due to the coronavirus pandemic.
The proposal allows HELOC lenders and credit card issuers to choose a replacement index that is newly established and has no history, or one that is not new but has a track record.
A district court in Delaware denied a motion for the entry of a consent judgment because the law firm that signed the settlement lacked authority from the defendants.
Mortgage servicers could violate the CARES Act if they require documentation from borrowers to prove financial hardship or deny forbearance once it’s properly requested, warned the CFPB.
The CFPB updates its examination manual for reverse-mortgage servicing; states extend work-from-home guidance for mortgage loan officers; the bureau settles with short-term lenders and more.
The survey was based on responses from 336 lenders, 81% of which are nonbanks. Firms in the study originated, on average, $728 million of loans in 1Q20.
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