The bills with endorsements from the MBA marked up by a House committee didn’t garner support from Democrats, making it unlikely that they’ll be signed into law during the Biden administration.
The current loss-mitigation waterfall has dramatically reduced foreclosure liquidations, suggesting lenders could make more loans to riskier borrowers without increasing expected losses.
According to industry attorneys, the updated rule signals that the CFPB will “increasingly encourage, and perhaps pressure, nonbanks to consent to be supervised.”