The delinquency rate for commercial MBS continued to improve in September, but the “special servicing” rate surged to a seven-year high, signaling that economic fallout from the pandemic is still festering.
It appears the CFPB might still look at whether referrals are being made under MSAs and whether the payments are intended to ‘disguise’ the referral arrangement.
Two major investors in Front Yard Residential have called for liquidation of the real estate investment trust due to its less than satisfactory performance during a robust housing market.
This morning, on the heels of JPM’s results, nonbank United Wholesale Mortgage, reported third quarter originations of $54.2 billion, a sequential gain of 31.8%. UWM also disclosed period earnings of $1.5 billion, a record for the soon-to-be-public company.
Industry experts believe CFPB Director Kathy Kraninger’s job may be on the line if Joe Biden wins the presidential election. A few ongoing rulemakings also could be in trouble.
The legality of marketing service agreements will now depend on how the MSAs are structured and implemented. But has the bureau’s interpretation really changed?