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Seila Verdict Raises Doubts Over CFPB Enforcement Actions

July 6, 2020
Yemeng Yang
The Supreme Court has left to the Ninth Circuit Court to decide whether the civil investigative demand that was the core of Seila Law’s argument could be enforced.
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CFPB Rushing to Clear Rulemaking Agenda

July 6, 2020
Yemeng Yang
The CFPB is rushing to get certain rulemakings done this year as the presidential election looms. Most items on the CFPB’s to-do list have deadlines in the fall.
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CFPB Temporarily Loosens Loss-Mitigation Standards

July 6, 2020
Yemeng Yang
A recently issued interim final rule allows mortgage servicers to offer certain COVID-19-related loss-mitigation assistance without a complete borrower application.
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New Supervisory Approach Targets Mortgage Servicers

July 6, 2020
Yemeng Yang
The CFPB has sent out examination notices to mortgage servicers about their COVID-19-related practices, according to industry attorneys tracking the matter.
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CFPB Proposes Escrow Account Exemption

July 6, 2020
Yemeng Yang
Few entities are likely to benefit from the proposal made under the Economic Growth, Regulatory Relief and Consumer Protection Act.
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CFPB Settles With Contract-for-Deed Companies

July 6, 2020
Yemeng Yang
The CFPB has reached a $35,000 settlement with three contract-for-deed companies over credit reporting violations.
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Other News in Brief

July 6, 2020
Yemeng Yang
The CFPB issues interpretive rule for determining "underserved areas" under Regulation Z; the CFPB and the OCC to host joint, virtual innovation office hours on July 29 and 30.
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Originations Up in Second Quarter for Many Lenders

July 6, 2020
Paul Muolo

Finance of America Mortgage funded roughly $5.19 billion in the second quarter, a $1 billion sequential improvement. Other lenders also posted gains.


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FHFA Policies Seen as Helping to Prevent Housing Crash

July 6, 2020
Dennis Hollier

“We didn’t have as much of a housing shock [even] as we had 20 million people laid off,” said Mark Calabria, director of the FHFA.


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Short Takes: Interest Rates Could Go Lower / LoanStream Loosens Non-QM Underwriting / Mergers Completed / NJ Broker Rebrands

July 6, 2020
Brandon Ivey

The average interest rate on 30-year fixed-rate mortgages could fall below 3.00% later this year, according to Freddie Mac's chief economist.


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