The third meeting this year between officials of the CFPB and the CMLA focused on the loan originator compensation rule. The trade group noted that bureau Director Kathy Kraninger is open to industry feedback.
A broker agreed to pay roughly $275,000 to settle allegations related to pension scams in a proposed consent order with the CFPB and the Arkansas State Attorney General.
The CFPB will allow the GSE “patch” to expire as scheduled in January 2021. Industry stakeholders demand a transition plan to avoid a disruption in the market.
CFPB Releases Small Entity Compliance Guide for Payday Rule; CFPB Updates List of Rural and Under-served Counties; CFPB Seeks Assistant Director for the Office of Regulations.
The CFPB, in an assessment report last week, underscored the need to resolve the status of the temporary government-sponsored enterprises “patch” under the ability-to-repay and qualified mortgage rule.
Self-employed households have been slower to recover from the financial crisis even though they make more money than salaried households, according to a new study from The Urban Institute. The study attributes the situation partly to the fact that incomes for self-employed households are still below pre-crisis levels while incomes for salaried households have largely recovered. Also, mortgage use and the homeownership rate have largely declined more for self-employed ...
The spread between interest rates for qualified mortgages and similar non-QMs has narrowed somewhat this year. The lower premium placed on non-QMs suggests that lenders are getting more comfortable with the liability associated with the loans. The findings were detailed recently by two economists at the Federal Reserve who had access to loan-level data from Optimal Blue. The data comprised loan applications and mortgage locks from January 2013 through September 2018 ...
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