MBA: “Compared to the last two months, more homeowners exiting forbearance are using a modification – a sign that they have not been able to fully get back on their feet, even if they are working again.”
The “alternative methods for documenting income” for self-employed borrowers includes the use of unaudited income statements. But borrowers will now have to provide three months of bank statements instead of the traditional two.
The CARES Act established a mandate for forbearance but the Conference of State Bank Supervisors said it’s not clear when residential servicers should stop offering new relief plans.
Under the new language, a loan meets the general QM definition if its annual percentage rate exceeds the average prime offer rate (APOR) for a comparable transaction by less than 2.25 percentage points.
Justice Stephen Breyer raised eyebrows by characterizing the net worth sweep as a nationalization of the enterprises. “That’s what they did,” he said. “If you look at their giving the net worth to Treasury, it’s nationalizing the company.”
First elected to Congress in 2008, the African-American legislator began her public career in the Cuyahoga County Prosecutor’s Office in Ohio. She is not a member of the House Financial Services Committee...
In June, community advocacy groups, including the NCRC, brought a lawsuit against the Office of the Comptroller of the Currency over its final CRA rule...
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