According to the CFPB, SLS failed to send evaluation notices or give ample notification time to certain borrowers who filed loss-mitigation applications...
According to figures compiled by Inside Mortgage Finance, consumers owe $11.168 trillion on their first liens. If the new MBA forbearance reading is applied to that number, $883.3 billion of mortgages are in need of assistance, temporary or otherwise.
Consumers facing pandemic-related financial emergencies can seek modifications or waivers regarding certain waiting period requirements under the TILA-RESPA Integrated Disclosure and Regulation Z rules.
Several trade and consumer groups are lobbying the Federal Communications Commission to exempt robocalls regarding forbearance options during the pandemic from the Telephone Consumer Protection Act.
Applications for purchase mortgages dropped by 27% in the last week of March compared to the first week of the month. The decline was more pronounced among consumers with higher credit scores.
Lawmakers, led by Sen. Sherrod Brown, D-OH, are urging Director Kathy Kraninger to not weaken the bureau’s ability to identify discriminatory lending patterns, particularly during the pandemic.
A former economist at the CFPB on his last day accused Trump appointees at the bureau of manipulating the research process to justify the payday lend-ing rule overhaul, according to a leaked memo.
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