Among the top 10 lenders for the first nine months, six were nonbanks and four were federally insured depositories. However, the number-10 ranked Bank of America is in danger of being overtaken by Guaranteed Rate.
David Brickman, Frater’s counterpart at Freddie, expressed similar sentiments: “Costs have changed. Risks have changed. We’ve put in place an appropriate and prudent response to that change in the external environment for us to support struggling homeowners.”
In 3Q20, Quicken Loans was the origination king at roughly $84 billion, followed by Wells Fargo ($62 billion) and United Wholesale Mortgage ($54 billion).
Between July and September, the bureau entered into consent orders with eight VA lenders over deceptive marketing practices. Overall, the CFPB assessed $2.8 million in civil penalties but provided no restitution to harmed consumers.
During the comment process, industry groups suggested the CFPB create an overlapping period of three to six months between the sunset date of the patch and the implementation of its replacement. However, the CFPB did not adopt the suggestion...
Commenting on the stubbornly high Ginnie measurement, MBA's Fratantoni noted it shows that recovery is not uniform “and that many are still struggling to gain their footing.”
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