The Conference of State Bank Supervisors’ fintech initiatives, while focusing mainly on consumer lending, will ultimately benefit nonbank mortgage firms.
The next few years might be even more challenging for mall loans backing commercial MBS, with refinancing seen as difficult and delinquencies ticking up, according to rating agencies.
Mortgage industry stakeholders reacted differently to California Gov. Gavin Newsom’s plan to create a state-level CFPB aiming to fill the vacuum left by a rollback at the federal level.
The new department will be modeled after the Consumer Financial Protection Bureau to “provide consumers with more protection against unfair, deceptive, and abusive practices.”
Issuance of marketplace lending ABS is expected to increase slightly, led by optimism in the economy and improved underwriting criteria, according to rating services.
Mortgage firms must remain vigilant over possible cyber attacks by Iranian hackers in retaliation for the killing of the country’s top military commander, U.S. financial regulators warn.
New Jersey clarified that investors in mortgage servicing rights must obtain a “servicer” license in the state even if they do not handle the monthly processing chores.