The so-called rent-a-bank scheme allowed nonbanks to get around state caps on interest rates, according to Democratic lawmakers.

The fund provides grants to help struggling borrowers cover mortgage payments, loan modifications and housing expenses.

Nondepositories may not object to the anti-redlining regulations if they come with bank-like privileges.

Federal Reserve Chair Jerome Powell suggested expanding the Community Reinvestment Act to include nondepository financial institutions but said Congress will have to make that decision.

Many industry analysts believe the tax incentive, given a lack of housing inventory, would act as a subsidy to sellers rather than an aid to homebuyers.

Critics argue that the goals, as currently structured, don’t offer much assistance to low- and moderate-income borrowers or mortgagors of color.

At a Senate committee hearing this week, consumer advocates called for stronger enforcement, industry representatives picked on the CFPB and Republicans and Democrats pushed different priorities.

Plush with record earnings, loanDepot is building an inhouse servicing system, which means its current vendor, eventually, will lose business. Meanwhile, is GSE reform a possibility once again?

The proposed rule would require the GSEs to write living wills that include no government support. However, their PSPA with Treasury includes letters of credit with an outstanding balance of $254 billion.

The $1.9 trillion COVID-19 relief bill on its way to President Biden’s desk includes only one provision specific to the residential mortgage industry.