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.”
Consumer complaints filed with the CFPB reached a record high in the first quarter of 2020 driven by a surge in credit reporting complaints, according to a new analysis by Inside the CFPB. (Includes data chart.)
Amid talk about regulatory delays due to the lockdown, the CFPB finalized a rule on collecting and reporting data under the Home Mortgage Disclosure Act. More rulemaking could follow.
Banks can delay getting an appraisal for certain real estate-related transactions for up to 120 days after a mortgage closes. The leeway applies only to portfolio loans.
The CFPB has called upon borrowers to exercise caution before requesting forbearance, noting that they will have to repay any missed or reduced payments.
CFPB advisory committees to meet May 1; borrowers with DTI ratios exceeding 43% barred from California Housing Finance Agency programs; forbearance and foreclosure requirements in Massachusetts.
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