The added cost associated with servicing a mortgage in forbearance gives servicers an incentive “not to follow the mandates of the CARES Act and implementing guidance,” investigators said.
Wade takes the helm of the government’s mortgage insurer at a tumultuous time: FHA production is strong but the COVID-19-related forbearance rate on such loans are beginning to inch up as the employment picture worsens.
The CFPB says that between 2014 and 2017, Townstone made statements about African Americans and predominantly black neighborhoods that discouraged prospective black applicants...
JPMorgan's Jamie Dimon welcomed the FSOC news, saying during a Q&A session, “We’ve been very consistent that mortgages, believe it or not, are more – far more costly than they should be. Normally, you’d be looking at – if you looked at the 10-year [Treasury] rate which is what, 60 basis points, the mortgage take should be 1.6% or 1.8% instead of 3.3%.”