But regulators are concerned about their ability to identify violations and a reduction in an important source of state revenue — branch licensing fees.
Originations of expanded-credit mortgages are up in 2020 despite a pullback by nonbanks that dominated the top-10 lender ranking in 2019. The increase this year was led by banks.
So far, the CFPB has fined seven VA lenders a total of $2.02 million for false and misleading advertisements. It demonstrates the bureau’s interest in protecting servicemembers and veterans, according to attorneys.
The supply of home-equity debt outstanding declined at an accelerated rate and new HEL lending fell sharply. Credit unions held their own. (Includes three data charts.)
The purchase-mortgage share of loans sold to Fannie, Freddie and Ginnie gained slightly in August, and there was some rebound in correspondent activity.
The CFPB’s proposal to replace the 43% DTI ratio limit for determining QMs with a price-based approach has received support from industry participants.
Fewer borrowers are staying with their previous lender/servicers post mortgage refinancing. Quicken Loans stands out with an exceptionally high retention rate.
One of the key functions of the GSEs is to pool risk nationally for the benefit of underserved borrowers, and any capital framework for the enterprises has to build in this cross-subsidy, according to housing advocates.
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