Though the CFPB wants to allow lenders to continue to use the patch for another 18 months, the PSPA requires Fannie and Freddie to cease buying patch loans as of July 1.
Researchers looking at proprietary Freddie Mac data found that the wealthiest 10% of borrowers saved $5 billion more on their mortgage refinances in 2020 than all other borrowers combined.
In a sign of frustration, on Tuesday the MBA turned up the volume, asking members of the Mortgage Action Alliance, its main lobbying arm, to call their congressman...
Under previous Director Kathy Kraninger, the CFPB claimed the impact from these changes would be minimal. According to the bureau, the vast majority of loans that received QM status due to the patch would also meet the new standards.