Banking regulators believe delinquency rates on HELOCs soon may rise sharply upward as a significant number of second liens reach the end of their draw period.
Nationstar's new filing with the Securities and Exchange Commission offers little in the way of information on the terms of the new $1 billion facility.
The CFPB ordered Chase Bank USA, N.A., and JPMorgan Chase Bank, N.A., to refund an estimated $309 million to more than 2.1 million customers for allegedly enrolling them in credit card “add-on” products without their authorization and for charging them for credit monitoring services that they did not receive, the agency announced late last week. The restitution has already taken place, and most affected cardholders should have received their refunds by Nov. 30, 2012. The bureau also ordered Chase to make a $20 million penalty...
The CFPB recently finalized the amendments and changes it proposed this past June to some of its pending mortgage rulemakings slated to take effect this coming January – mostly having to do with the mortgage servicing and loan originator compensation final rules. The revisions include a handful of changes sought by various industry groups. The amendments “principally address several important questions that have emerged during the implementation process for the mortgage servicing and loan originator compensation rules,”...
The CFPB’s ability-to-repay qualified mortgage rule is steaming full speed ahead with January implementation, and that has anxious lenders appealing to sympathetic ears on Capitol Hill for relief, one way or another. During a hearing earlier this month before the House Financial Services Committee, Rep. Shelley Moore Capito, R-WV, raised with CFPB Director Richard Cordray concerns she’s been hearing from some of her mortgage lender constituents about the bureau’s pending mortgage rules, including the ATR/QM. During a roundtable she held...
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