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.
There is no doubt the CFPB will extend the qualified-mortgage patch, but whether it will push ahead with changes to the framework is another question, according to industry attorneys.
Consumer complaints filed with the CFPB reached a record high in the first quarter of 2020 driven by a surge in credit reporting complaints, according to a new analysis by Inside the CFPB. (Includes data chart.)
Amid talk about regulatory delays due to the lockdown, the CFPB finalized a rule on collecting and reporting data under the Home Mortgage Disclosure Act. More rulemaking could follow.
Banks can delay getting an appraisal for certain real estate-related transactions for up to 120 days after a mortgage closes. The leeway applies only to portfolio loans.
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